Medical Bills On SteroidsDECEMBER 3, 2007 | The Business Week -- News You Need to Know | Harry Mauer & Cristina Linblad
How would you like to pay 27% interest on the portion of your medical bill not covered by insurance? That's what some Americans are facing. Hospitals and other health-care providers are converting bills of uninsured and underinsured patients into consumer debts in a bid to boost payment. Finance outfits, including big banks and credit-card companies, acquire the debts for a discount, then charge double-digit rates on past due bills. Hospitals get paid quickly, but the practice can leave lower-income patients in a worse financial bind.
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