Fintech paving the way to affordable healthcare for all

January 15, 2024
1 min read

Fintech innovations have become imperative in driving accessible and affordable healthcare, according to Nupur Khandelwal, the co-founder of CarePay. In the post-pandemic landscape, there has been an increase in the cost of medical services, leading to financial constraints that force many patients to delay payment. Fintech platforms have stepped in by offering healthcare insurance and integrated financial models that provide credit options and split expenses into multiple installments. Fintech companies have disrupted the healthcare insurance industry by leveraging open banking and financial data to offer personalized plan recommendations and instant loan approvals. They have also built streamlined payment networks by integrating patient payments into mobile banking apps, digital wallets, and portals.

A significant shift from fee-for-service to value-based care is underway in the healthcare sector, with providers now billing patients based on outcomes rather than individual procedures. This shift has been facilitated by fintech companies, who use AI to curate consolidated billing experiences that provide transparency and eliminate fraud. Fintechs also leverage data analytics and machine learning to improve the revenue cycle and enhance overall service experiences for patients. Additionally, fintech platforms have introduced gamification techniques to encourage patients to adopt healthy habits and curb chronic diseases.

Overall, the convergence between healthcare and fintech is revolutionizing the healthcare ecosystem by addressing affordability, accessibility, and effective care. Fintech intervention is rebuilding trust between patients, providers, and payers and fostering robust relationships. As a result, the healthcare landscape is witnessing the development of reshaped healthcare platforms that prioritize inclusive development, affordability, and accessibility.

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