Nupur Khandelwal, Co-founder, CarePay explains how fintech intervention has become imperative in healthcare
The healthcare landscape is a dynamic environment, constantly evolving with periodic changes. The rallying call for price transparency and patient-centric policies has emphasised the need for a seismic transformation. Amid the ongoing discourse on healthcare, centred around affordability, accessibility and enhanced patient care, the integration of fintech into healthcare systems acts as a catalyst for change.
As we stand at the threshold of the shifting dynamics between patients, payors and providers, Fintech intervention has become imperative in healthcare. Leveraging the fintech playbook, the world can cultivate a healthcare culture that is collaborative, digitised, accelerated and most importantly human-centric.
Refined finance structure
Post-pandemic, India witnessed a surge in the cost of medical services in increased OOP expense. Regrettably, 6 out of every 10 patients are forced to delay payment due to financial constraints. Dynamic fintech platforms have come to the rescue by offering feasible healthcare insurance that curbs the problem of inaccessibility, and high expense. In the absence of healthcare insurance, fintech delivers a well-integrated finance model, which offers zero to low-cost credit to patients for medical services enabling them to split their expenses in multiple EMIs.
Streamlined payment ecosystem
Fintech companies have disrupted the healthcare insurance industry by leveraging open banking to access a broad spectrum of financial data, bringing forth innovative solutions like personalised plan recommendations or instant loan approvals. Going a step further in this revolutionary trend, fintech platforms have made significant strides in building a streamlined and expedited payment network. By integrating patient payments into holistic interfaces like mobile banking apps, digital wallets, or portals, fintechs have allowed users to view and pay bills swiftly, paving the way for a streamlined and patient-centric payment system.
Value-based care
A transformative shift from ‘Fee-for-Service’ to ‘Value-based Care’ is underway in the healthcare sector, where providers are billing patients on the outcome rather than the conventional model which capitalised on billing patients on individual procedures. This departure from lack of price transparency, which often deters individuals from seeking healthcare services, is being addressed by fintech companies. With the aid of AI, they have curated a consolidated billing experience that clearly enlists each procedure, eliminating the possibility of fraud and laying down the foundation for enhanced patient experience.
Accelerated patient health outcome
For a long period, the healthcare sector has been dominated with billing issue and inconsistent management, often resulting in fraud and eroding the trust of patients in the healthcare system. In the age of data analytics and ML, fintechs utilise the potential of these new-age technologies to improve the revenue cycle by improving the data aggregation process- from patient onboarding to release .This ensures that patients not only receive top quality treatment but also benefit from improved overall service experience.
Curbing chronic illness with gamification
One of the largest problems significantly impacting patient health is the steady rise of chronic diseases, which affects the global population. With people getting sicker for a prolonged period, there has been a drastic increase in the spending budget on healthcare. Fintech platforms have come up with a revolutionary solution that harmoniously blends behavioural economics with gamification. This approach incentivises and encourages patients to adopt healthy habits, effectively curbing chronic diseases and associated costs.
Bottomline
This timeless convergence between healthcare and fintech to be a significant catalyst in bringing revolution by addressing pressing issues in the healthcare ecosystem. Rebuilding trust between patients, providers and payers, fintech is the key role in fostering robust relationships. In tandem with fintech intervention, the healthcare landscape is poised to witness the development of reshaped healthcare platforms, prioritising accessibility, affordability, and effective care, thereby paving the way for inclusive development.