For companies all around the country, the pandemic has been difficult. The terms ‘Finance’ and ‘Technology’ merge together to form ‘FinTech’ and mostly refers to the technical enabler of monetary administrations. FinTech companies are financial startups with adequate technology foundations and innovation in this field. FinTech has grown into a $31 billion global boom industry as a result of the success of technology improvements in the financial sector over the past years. What role does Fintech organisations play in terms of offering quality and affordable healthcare to Indians? The answer is, a significant one. Suppliers can immensely benefit from FinTech as the medical field increasingly looks to technology to bring about administrative breakthroughs, resulting in an enhanced delivery of healthcare.
How FinTech’s aid can improve healthcare
FinTech is assisting the medical care sector in developing a number of innovative solutions that are changing the foundation of the Indian medical business and enabling improved amenities to be made available to the populace. Recent technological advancements like artificial intelligence (AI), the internet of things (IoT), improved mechanics, and information analysis are helping to tackle long-standing issues with affordable, accessible, and quality-driven medical services. If HealthTech and FinTech are combined, the Indian audience might stand to gain significantly. Here’s how FinTech can help amp up healthcare delivery and help both hospitals and patients.
FinTech can offer GOP based working capital for small and medium hospitals
Small and medium scale hospitals often have to bear the brunt of delayed recovery of insurance payment. As long as for about two to three months and this significantly affects their working capital that proves to be a deterrent for quality and timely healthcare delivery. FinTech can provide working capital to hospitals to run their day-to-day show based on Gross Operating Profit (GOP).
FinTech can offer solutions to cover unexpected bills for patients who are unable to claim a loan
For certain patients from middle or low income backgrounds like several daily wage workers and delivery boys, an expensive emergency medical bill can be overwhelming as most of them may not have the eligibility or credit scores to apply for a loan and not everyone of them can afford a medical insurance. FinTech can play a crucial role here and come up with a solution to cover these unexpected costs of treatments. It can help patients from middle and low income groups to a great extent.
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How FinTech is already transforming healthcare
FinTech is transforming the medical care landscape in ways that we are only now beginning to fully understand. The following advantages come from the fusion of health technology with financial technology:
FinTech makes it easier to pay for healthcare services
One of the key benefits of financial innovation in health technology through fintech is that paying for medical services is becoming easier. In order to provide quick, secure online payments, blockchain companies are creating financial frameworks for businesses. To increase accessibility and payment convenience for electronic invoices, more providers are leveraging FinTech capabilities.
Provides easy access to healthcare services
FinTech companies can collaborate with HealthTech companies to offer digital payment solutions for healthcare services. This can help to make healthcare services more accessible to people, especially those who are unable to afford expensive treatments.
Offers hassle free health insurance
FinTech companies can partner with HealthTech companies to offer affordable health insurance plans to people. This can help to improve access to healthcare services and ensure that people have access to quality healthcare without worrying about the cost.
With the help of HealthTech and FinTech, telemedicine services can be provided to people in remote areas. This can help to improve access to healthcare services for people. Who live in areas where there are no hospitals or clinics.
Provides healthcare financing solutions
FinTech companies can offer healthcare financing solutions to people. This can help to reduce the financial burden on people who need to pay for expensive treatments.
Provides data analytics
FinTech companies can use data analytics to identify trends in healthcare spending and usage. This can help to develop more efficient and effective healthcare solutions.
The merger of HealthTech and FinTech can help to improve the quality of healthcare services in India. By combining their capabilities, these sectors can help to improve access to healthcare services. Meanwhile reducing costs, and improve the overall healthcare experience for patients.