Piyush Jain, Co-Founder and CEO, CarePal Group & Khushboo Jain, Co-Founder, and COO, CarePal Group explain about three innovative solutions that possess the potential to transform healthcare accessibility for the middle class in India
India’s middle-class population faces numerous pressing issues, among which the lack of access to quality healthcare stands out as a key concern. With approximately one in every three Indians falling within the definition of the middle class, ensuring healthcare accessibility becomes a significant challenge as they are excluded from most government-sponsored healthcare schemes. Compounding this challenge is the fact that 63 per cent of total healthcare expenditures in India are covered through out-of-pocket payments. Hence, it becomes crucial to explore innovative solutions that can bridge the healthcare divide.
Here’s a look at three innovative solutions that possess the potential to transform healthcare accessibility for the middle class in India.
Medical crowdfunding: A community-driven approach
Medical crowdfunding has emerged as a powerful tool to help patients access quality healthcare. This concept banks upon the power of giving to make an impact. Backed by a community-driven approach, medical crowdfunding leverages the power of social media to tap into the generosity of donors and raise funds for medical treatments.
Leading crowdfunding platforms in India have successfully helped thousands of patients raise funds for critical illnesses, including cancer, organ transplant procedures, cardiac surgeries, accidents, etc. Furthermore, these platforms have helped patients raise funds for the treatment of rare diseases like Spinal Muscular Atrophy (SMA), raising as much as Rs 16.5 cr for a single patient.
Ensuring healthcare accessibility through lending
Healthcare lending solution is another key aspect that can positively reduce the healthcare accessibility gap in India. Patients can tap into healthcare lending solutions to cover a wide range of medical treatments and surgeries.
This can be achieved if financial institutions and intermediaries collaborate to provide customized offerings that will meet the specific requirements of the patients. Furthermore, these lending marketplaces can go above and beyond to also offer loans for non-critical treatments, such as orthopedic surgeries, skin & cosmetic surgeries, IVF & maternal treatment, dental care, etc. However, the success of such a solution will also depend on the extent to which flexibility will be provided by these institutions – in terms of low-interest rates and easy repayment options.
Providing a safety net through health insurance
The health insurance penetration in the country is very low. For instance, over 500 million of the Indian middle-class population are not covered by health insurance. The vast majority have inadequate health insurance with a typical sum assured of under Rs 5 lakhs.
Indeed, health insurance policies have been in existence for decades. But it’s important for insurance providers to design health protection and benefit plans that meet the needs and financial criteria of the Indian middle class, with a keen focus on diagnostic and pharmacy costs. A synergy between insurance, healthcare providers, and new-age health tech players to create customised offerings can go a long way in mitigating the healthcare affordability gap in the country.
To conclude
Providing quality and affordable healthcare to the Indian middle-class population will ensure equitable and inclusive healthcare delivery. An integrated approach involving medical crowdfunding, healthcare lending, and insurance can transform the lives of millions by providing the right avenues for financial support. This will, in turn, ensure a healthier and more resilient middle-class that drives India’s progress in the years to come.
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