How Can Fintech Make Healthcare More Efficient?

fintech

We live in an era where digitalization is transforming, bit by bit, every industry out there. From manufacturing to marketing, retail, and banking, technology is helping various sectors improve their operations. However, these industries were always keen on technology and are perceived as the early adopters of digital solutions.

The healthcare sector, on the other hand, despite benefiting greatly from technological advancements, has been slow to adopt them until the early 2000s. Things seem to have changed now, as the industry relies heavily on technology-driven equipment to diagnose and treat patients.

Still, there are plenty of other technologies that can help the healthcare system become more efficient, both for the patients and the medical teams involved. Take, for example, digital payments and how they are helping hospitals and doctors simplify doctor-patient relationships.

If we are to look at statistics, there is no doubt that digital payments are the way of the future. More than 46% of people use only digital channels for their financial needs, and over 32% of millennials think financial transactions are going to be entirely cashless in the near future.

It is predicted that the healthcare system will reach $6 trillion in spending by 2027, and while payers are willing to use new tech that makes the payment process more convenient, healthcare facilities are still working to adapt to new technologies.

One method to facilitate the management of finances in the healthcare sector is by using Fintech solutions. The benefits of integrating fintech solutions into the healthcare industry are bigger than we think. Below are just some examples of how Fintech can help improve efficiency in the healthcare system.

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Accelerating payment processes

The payment process has always been an obstacle in the healthcare sector and a point where many human errors were bound to happen, such as misplaced receipts and payment verification issues. Fortunately, even though the pace is slow, things have started to change in the past few years.

Completing payments for healthcare services is now easier than it ever was thanks to fintech solutions. They have done a tremendous job accelerating the payment process and making thing easier for both the patients and healthcare facilities.

This makes things easier for people seeking compensation for the wrongdoings of certain medical personnel. Because of the increased transparency around payments, patients making compensation claims can much easily prove their financial losses and issues that happened. This, paired with other tech solutions such as an online injury compensation calculator, makes the process much more efficient and ensure the victims receive the compensation they deserve.

Making payment schemes more accessible

Fintech helps patients navigate complex payment processes in a much more streamlined way, and the same thing goes for the employers and institutions that have to manage these payments. These advancements are causing positive disruptions in the healthcare industry, even if they don’t happen as fast as they should be.

Complex payment schemes that left patients unable to get access to the medication they need due to long waiting times are now more accessible than they ever were. This opens the door to much better treatment options and simplified procedures that were beyond the reach of certain patients until now.

Besides streamlined payment methods, patients now have access to an array of fintech tools that can make their lives easier. This includes mobile-based health savings accounts, loans with low interests, and money transfer tools used explicitly for healthcare needs.

Improving data security

One of the greatest concerns of the healthcare sector is keeping patient data protected. Oftentimes, patient data includes private information that should not get into the wrong hands, putting a lot of pressure on healthcare facilities to invest in cybersecurity. These issues become even more difficult to prevent when data is handled by untrained or undertrained personnel.

By integrating fintech solutions into their processes, healthcare facilities can provide patients with improved data protection and security. Fintech software uses blockchain and other secure environments to successfully keep patient information such as name, address, credit card details, and phone numbers protected, reducing the risk for malicious activities.

These solutions can be integrated with other data-oriented technologies that help gather, store, and analyze important information. The results can then be used to improve fintech services, discover more about patient needs and struggles, improving both healthcare and financial services.

Data sharing between healthcare facilities are also becoming faster and more secure through the sue of specific infrastructures and tools.

Better financial solutions

The healthcare industry is already supposed to have a patient-centric approach, but integrating fintech solutions into everything can perfect this approach and improve patient satisfaction.

Fintech technologies allow for personalized payment plans that work based on the needs of patients. This helps rebuilt trust between patients and healthcare providers, restoring the sense of value and freedom of choice patients were lacking in the past.

These technologies bring forward the ways of the future, in which financial institutions, data companies, and healthcare providers work together to fulfil the particular needs of patients.

Leveraging new technology to help the less fortunate

Fintech integration into healthcare brings tremendous benefits, especially for those with limited access to healthcare solutions. They are the ones who need to make use of these technologies more than people from developed countries such as the United Kingdom or the United States.

Take, for example, less-developed regions such as India. Studies show that only 10% of people in the country have medical insurance. Fintech solutions can provide access to loans, not only for the patients but for their families as well. These loans have lower interest rates that range from 0 to 6 percent, making payments much more accessible for patients.

Because the process is much more simplified, the loan reaches the hospital directly, reducing waiting times and grating patients access to much-needed treatment in a timely manner. These loans are granted in one or two days, and some hospitals are involved in programs that allow them to grand subventions for up to 9% of the loan amount.