LENDABLE

Patients seek care in an emergency department (ED) for various reasons- injury from a fall or accident; infection that cannot wait for treatment during regular business hours; or a critical scenario that requires emergent care.  These are all valid reasons to visit the ED; however, cost for treatment remains significant even with insurance.  These high costs serve as a deterrent to patients seeking timely, appropriate care.  Lendable is a microlending service that assists individuals who have been treated in the ED and cannot afford to pay their emergency department bills immediately. 

There were a total of 131 million emergency room visits in the United States in 2017, equating to roughly 20% of Americans having one or more ED visits per year. Of the total number of visits, patients sought treatment for injury-related ED visits 40.2 million times which is 30.7%  of all ED visits. Another 18.3% of visits are for critical care or hospital admission.   This means that 49% of ED traffic did not have a choice to seek care or present to a less expensive facility for services: the ED was the appropriate, if costly, location.

Additionally, most patients who visit the emergency room have some type of health insurance.  The data demonstrate that 29% of patients have private insurance, 25% with Medicaid or Children's Health Insurance Program policies, 18% have Medicare, 13% were unknown, and 14% did not have insurance at all. (5) In total, 85% of patients that present to the ED have some type of insurance.  Recent studies determined that insurance plans with co-pays and high deductibles required patients to pay an average of $1,217 before insurance coverage kicks in. (1)  Such costs exert a substantial financial penalty for using the ED despite patient needs; furthermore, even with medical insurance, the visit is not affordable. 

Affordability is a key factor to obtain treatment.  Studies show one in ten patients ignore early symptoms due to the fear of healthcare costs even though treatment of early symptoms reduces mortality, avoids preventable complications, and decreases permanent debilitation. (8)(9)  Early treatment also drives down the overall cost of healthcare for all patients.  Conversely, tools to decrease patient hesitance on seeking treatment potentially decrease the cost of care for all.

As the need for ED services and incumbent costs to patients continues to grow, so does the demand for creative solutions to help those in need pay their ED bills and eliminate the fear of seeking care due to cost. Lendable is a microlending service that pushes the boundaries of medical debt by crowdfunding loans and unlocking capital for the underinsured, improving the quality and cost of medical services, and addressing the underlying barriers to seek care for services.  By lending $25 at a time through Lendable, you can be part a centralized solution to reduce the fear of seeking care due to personal finances.

Lendable is a tool for patients to take charge of their healthcare -- instead of avoiding care.  That potentially means better outcomes for all of us.