Fintech Revolutionizing Healthcare: Making Treatments Affordable and Accessible

Image Source: Jorie Al

The intersection of financial technology (fintech) and healthcare is revolutionizing the way patients deal with medical bills, making treatments affordable and accessible. By incorporating new payment technologies, credit facilities, and digital platforms, fintech is solving the issues of exorbitant healthcare expenses and inadequate insurance coverage. Here's a detailed analysis:

Simplified Payment Systems:

Fintech firms are bringing payment systems into healthcare-specialized mobile applications, providing facilities such as digital wallets, UPI, and credit/debit cards.
These facilitate smooth, cashless payments within hospitals, clinics, and pharmacies.

Healthcare Credit Lines:

No-cost EMIs facility-based specialized credit lines are facilitating patients to pay for treatments in installments.
Firms such as Fibe and Bajaj Finserv are collaborating with hospitals and pharmacies to offer interest-free credit facilities.

Crowdfunding and Micro-Loans

Platforms are empowering patients to crowdfund for medical emergencies.
Micro-loans specific to healthcare requirements are offering immediate monetary assistance to families.

Government Support:

Programs such as the Unified Payments Interface (UPI) and RBI policies are improving the security and ease of digital transactions.
The Ministry of Health and Family Welfare has given approval to digital payment channels to facilitate healthcare payments.

Impact on Accessibility:

Fintech innovations are alleviating the financial costs for uninsured or underinsured patients to receive medical care in a timely manner.
The benefits of fintech solutions are most applicable to non-emergency health and wellness services.

Future Outlook:

The convergence of healthcare and fintech will continue to expand, with additional innovations designed to advance affordability and financial inclusion.
This revolutionary symbiosis between healthcare and fintech not only makes payment simpler but also makes good quality medical treatment affordable for the masses.

Sources: YourStory, India Herald, Express Computer