Aniruddha Sen, Co-Founder, Kenko Health highlights that fintech platforms have made a considerable impact on patient journeys in India. By harnessing technology, they use the power of AI and ML to predict health trends, helping people to make informed decisions regarding investment, thereby bringing down the financial burden on them. This has also spurred healthcare providers to expand their services, all culminating in better health outcomes
India embarked on the journey of achieving Universal Health Coverage to extend comprehensive health security to its people in its 12th five-year plan. As per the plan, the state should provide adequate food, appropriate medical care, safe drinking water, proper sanitation, education and health-related information for good health. However, we have not made much progress towards the goal and there is still much to be accomplished.
Healthcare system in India grapples with several challenges such as less than adequate resources, lack of investment in infrastructure, medical inflation, and low accessibility and affordability. While physical infrastructure is at the core of a robust healthcare sector, there is a need to expand the ecosystem integrating virtual and financial health service providers. The World Economic Forum also emphatically emphasises on the need to go beyond capital-intensive, hospital-centric healthcare delivery models and to create new opportunities to advance the use of data-enabled systems and virtual care. It is vital for increasing the effectiveness and efficiency of the healthcare system. However, another major impediment that calls for attention is the question of affordable health services. While health insurance continues to grow in India, witnessing a 13.3 per cent growth in GDPI in FY21, the coverage has been patchy comprising critical/curative care whereas preventive care, including out-patient care is largely unaccounted for. Hence, the country is in need of comprehensive financial solutions to cover all aspects of healthcare.
Bridging the gap: Bringing focus on out-patient care
The digital revolution in India has made it possible to integrate new tools and services to improve patient care. Today, digitally empowered fintech companies are playing a particularly crucial role in addressing some of these most glaring issues by offering convenient medical financing methods. Offering a range of services including loans, insurance, and investment opportunities these platforms are revolutionising healthcare by providing much-needed financial assistance for those who cannot afford healthcare. Utilising digital payment options, the lengthy waiting times and complex payment processes that hospitals and patients often face while availing cashless facilities or reimbursements are being simplified. Thus, healthcare practitioners can focus on delivering better services, while patients can enjoy a smoother experience when paying for medical services.
One often ignored aspect of healthcare is the Outpatient Department (OPD) bills. Outpatient healthcare is crucial for public health and disease prevention through routine check-ups, consultations, diagnostics, and treatments. These bills were not financed earlier, even though they account for most of the out-of-pocket expenses. Several healthtech startups realise the potential of this untapped market and have thus come forward with financing options for OPD bills.
Current state of outpatient healthcare in India
India has a mixed healthcare delivery system comprising both public and private healthcare providers. While the public health system provides preventive and curative health care, the private sector is playing a prominent role in the sector offering a significant portion of outpatient and in-patient services.
Despite this, the quality of care, accessibility and affordability of healthcare services, especially on doctor consultation, diagnostics and medicines remain a challenge in India.
While efforts are being made to improve accessibility, the healthcare system still struggles to provide adequate outpatient care to a large section of its populace. It is true that lack of adequate infrastructure limits access to healthcare services especially in rural and remote areas, but there is also an acute shortage of healthcare professionals–doctors, nurses, and medical technicians, which further exacerbates the issue. Additionally, inadequate health insurance coverage is a major barrier to accessing quality outpatient care.
To address these challenges, the government has taken several measures. One such initiative-Ayushman Bharat, seeks to stimulate healthcare and enhance outcomes. While initiatives such as these are important in realising the dream of a strong, sustainable and equitable healthcare system, there is much to be done in order to make it truly efficient and effective.
Digital financing platforms
Digital financing platforms have emerged as a panacea for outpatient healthcare in India. These platforms offer a range of services, such as health loans, health insurance, and telemedicine services, designed to make healthcare more accessible, affordable, inclusive and democratised.
Here’s a look at some key benefits of these new-age fintech platforms for outpatient healthcare:
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Health loans offered by these platforms allow patients to fund medical expenses, making necessary treatments and procedures more accessible.
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Fintech-driven health insurance plans provide an additional safety net, protecting patients from unexpected healthcare expenses.
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Telemedicine services allow patients to access healthcare remotely, reducing wait times and improving the overall patient experience.
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Such platforms often offer lower interest rates, reducing the burden of medical debt and making healthcare more affordable.
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Greater transparency in the financing process enables patients to make informed decisions about their healthcare financing options.
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Digital financing platforms are more accessible than traditional healthcare financing methods, increasing healthcare accessibility and affordability for a wider range of patients.
In addition to the benefits listed above, fintech platforms have made a considerable impact on patient journeys in India. By harnessing technology, they use the power of AI and ML to predict health trends, helping people to make informed decisions regarding investment, thereby bringing down the financial burden on them. This has also spurred healthcare providers to expand their services, all culminating in better health outcomes.
The integration of digital financing platforms in India’s outpatient healthcare industry is undoubtedly set to bring about transformative outcomes. With a growing demand for affordable and accessible healthcare services, there is a pressing need for innovative solutions that can bridge the gap between patients and healthcare providers. The potential for digital financing platforms to transform the way healthcare is accessed and delivered in India lies in the array of services they offer. Thus, these platforms have significant opportunities for growth and expansion, particularly as the government and private sector continue to invest in healthcare infrastructure and technology. By leveraging technology to democratise healthcare, digital financing platforms can play a pivotal role in shaping the future of outpatient healthcare in India, promoting better health outcomes for all.