The integration of technology in the healthcare financing sector is not just revolutionizing the industry, but also empowering patients, service providers, lenders, and insurers alike.
The technological advancements in the past few decades have revolutionized every major sector, and healthcare remains no exception. The healthcare financing industry, in particular, has benefitted from the deployment of cutting-edge technology. Subsequently, every key stakeholder in the healthcare financing ecosystem, viz patients, healthcare providers, insurance players, and lending institutions tends to benefit. Here’s how.
Harnessing medical crowdfunding potential through tech
Patients in need of funds for their medical treatments have the option of seeking medical crowdfunding support. This concept relies on the generosity of a large pool of donors coming together to donate towards a cause.
Creating and managing medical crowdfunding campaigns has become easy and user-friendly with the growing prominence of technology. Medical crowdfunding platforms are now deployed with in-built tools to create campaigns instantly.
Furthermore, medical crowdfunding platforms leverage the power of social media by sharing compelling stories of patients in need of funds, thereby ensuring a wider reach. The collaborative reach of medical crowdfunding platforms and social media is magnificent, considering the average monthly social media user base of 470.1 million in India.
Innovative insurance models
Health insurance policies can be availed with the click of a smartphone, all thanks to the integration of technology. Furthermore, policyholders can easily access insurance information, track their claims, and manage payments through a user-friendly interface.
Healthcare financing solutions can also be made more flexible and personalized by leveraging technology. Traditionally, health insurance has been perceived as rigid, with standardized policies that follow the one-size-fits-all approach. This can be understood from the fact that several providers have now come up with health insurance and protection benefits which cover pharmacy and diagnostic costs too.
However, the integration of technology makes it possible for health insurance providers to offer customized plans based on individual health data and behavior. For instance, data from health monitoring apps, synced with wearable devices can be used by insurance providers to incentivize healthy living in the form of reward programs or lower premiums.
Financing treatments through flexible lending options
Traditional lending models came with their own set of limitations and posed several challenges for patients to seek loans for their treatments. However, technology has brought to the fore the concept of ‘digital lending’, in which all the processes, right from the application, approval, disbursal, to repayment can be undertaken digitally, over the web, or through mobile apps.
Furthermore, tech-driven lending platforms leverage data and credit scoring models to assess borrowers’ creditworthiness accurately. This analysis helps lenders with making informed decisions regarding loan approvals and interest rates. This data-driven approach facilitates a more objective and efficient lending process.
To conclude
The integration of technology in the healthcare financing sector is not just revolutionizing the industry, but also empowering patients, service providers, lenders, and insurers alike. These advancements will go a long way in improving efficiency and contributing to better patient outcomes along with a more sustainable healthcare system.
(This article is authored by Vikas Kaul, Co-Founder and Chief Product and Growth Officer, CarePal Group)
