Tue, Nov 14, 2023 4:08 AM
PHILADELPHIA & HANOVER, N.H.--(BUSINESS WIRE)--Nov 14, 2023--
Nearly one-third of Americans’ are dealing with health care-related debt and about half of individuals’ medical debt exceeds $2,000. To lessen the burden of health care costs for small businesses employees, health benefits startup, StretchDollar, has teamed up with Resolve Medical Bills, a medical debt solution company.
“Access to affordable health benefits is just one part of our promise to our small business customers,” said Marshall Darr, Co-Founder and CEO of StretchDollar. “We also want to make the health insurance experience better for small businesses. A big step in that direction is finding ways to reduce healthcare expenses for their people.”
While 92% of Americans have some form of health insurance, more than half of all adults between 19 and 64 years old find it very or somewhat difficult to afford their health care costs, according to Commonwealth Fund’s Health Care Affordability Survey.
Resolve has saved customers nearly $40 million on medical bills and on average saves each customer 50+ hours on frustrating communication. According to Resolve, the top three offenders when it comes to medical bills are: hospital price inflation, wrongfully denied claims, and billing mistakes.
“When dealing with a medical crisis, your focus should be on recovery, not the bill," said Braden Pan, CEO of Resolve, "Our goal is to ease the financial and time burden, so that people can concentrate on what matters most – getting well.”
How it Works with StretchDollar-Resolve
Resolve lowers medical bills for StretchDollar customers in just three steps:
- An employee submits the medical invoice to the StretchDollar-Resolve portal.
- A Resolve Advocate creates a customized plan that may include taking over communications with the employee’s providers’ and insurance company.
- A new discounted bill is sent to the employee.
All employees enrolled in StretchDollar health benefits will have access to Resolve medical debt solutions. If Resolve successfully reduces the medical bill, the employee will be billed a small percentage of the total savings.
StretchDollar launched in 2023 with the aim of making health benefits simpler and more affordable for small businesses, startups and nonprofits. With StretchDollar, employers can give a pre-tax, fixed contribution to employees to pay for the premiums of health plans they buy and own with help, if needed, from StretchDollar’s brokers.
To learn more about StretchDollar health benefits visit www.stretchdollar.com.
StretchDollar is on a mission to make health benefits simpler and more affordable for the more than five million U.S. small employers. The company is headquartered in San Francisco, California, and Philadelphia, Pennsylvania. Learn more at StretchDollar.com or email [email protected].
About Resolve Medical Bills
Resolve provides a stress-free solution to help patients easily lower their medical bills. They work on behalf of their patients through a combination of negotiating costs, overturning insurance denials, and securing financial aid to save their patients an average of 65% off their bills. Best of all, their service is free if they don’t successfully lower your bills. To date, they’ve helped thousands of people save almost $40M.
View source version on businesswire.com:https://www.businesswire.com/news/home/20231114956292/en/
CONTACT: Ellen Decareau
Head of Communications
[email protected] Handy
Director of Partnerships
KEYWORD: UNITED STATES NORTH AMERICA NEW HAMPSHIRE PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH SMALL BUSINESS TECHNOLOGY HEALTH INSURANCE SOFTWARE FINANCE
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PUB: 11/14/2023 07:07 AM/DISC: 11/14/2023 07:08 AM