How the Healthcare Industry is Benefiting in a Big Way from Fintech Start-Ups

Updated on October 27, 2020

The healthcare industry is one that has gone through all kinds of changes over the past decade thanks to innovation and technology. Now it seems the revolution taking place in the industry is being driven by those in the fintech, or financial technology industry. More and more fintech start-ups have their sights set on the healthcare industry with big plans on how they can make their mark. For more information on Fintech, call atd-solutions.

Giving Patients Easier Ways to Pay

One of the biggest complaints from both patients and those on the administrative side of the healthcare industry is just how confusing and difficult the billing and paying system is. Change is not only welcome, it is needed at this point. Fintech start-ups are now looking at ways they can work to facilitate payments such as offering online billing and bill payments.

There is also the other side to bill payments and that has more to do with offering assistance when it comes to financial planning for patients. We all know that medical care isn’t cheap, and not everyone has insurance coverage. Fintech companies are now looking at products they can offer that help patients to better plan and budget their finances so that they can indeed pay for the medical services.

Currently there is a lot of interest in creating more of a retail experience when it comes to healthcare. What this means is looking at patients more as healthcare consumers who are shopping for products and services. This also means that there is an opportunity for add-on services, online “ordering” and payments, and a large emphasis on customer satisfaction.

Possible Loans for Medical Staff

Another interesting angle that some of these fintech start-ups are looking at is providing loans to doctors and those in the medical field. The goal is to make accessing funds easier and faster, so many different options are now being explored. All you have to do is take a look at what the typical CNA salary is in the US, which is $25,420, and it’s incredibly clear that having access to funds could be quite beneficial.

According to the salary of a CNA is usually lower than other careers in the nursing field because there is less training involved in order to land the job. Regardless of the reason, getting by on a CNA salary can be challenging at best, yet the healthcare industry can’t afford to lose these valuable employees.

A Reduction in Payment Fraud

Payment fraud is a very real problem in the healthcare industry, and this is another area where these fintech start-ups are proving to be helpful. Payment fraud is responsible for driving up healthcare costs, making it even more expensive for patients. Finding ways to reduce the amount of payment fraud taking place is beneficial to all.

Making its Mark on the Healthcare Industry

The goal of these fintech companies in the healthcare industry is not only to reduce costs to patients and the healthcare industry itself, but to also work to improve the quality of care through various technology improvements and changes.

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