How FinTech Can Contribute To Healthcare

8 December 2019
How FinTech Can Contribute To Healthcare

The subject of fast & easy access to healthcare in most countries is a controversial one, to say the least. Add the frustration of high costs with some unexpected complications and the result is an off-putting experience to a very crucial aspect of life.

Traditional healthcare processes demand that customers navigate mundane payment systems that are prone to errors and high queueing times, which eventually overwhelms the people in current need of health coverage and discourages new ones from understanding which plan is right for them.

With health services quickly catching up with the rest of the digital world, opportunities arise quickly and the modernization of healthcare is almost inevitable; specifically enabled by FinTech companies. FinTech entities are bringing innovative financial models to every table, and healthcare is no exception. The use of artificial intelligence (AI), Machine Learning (ML) and similar technologies are progressively eliminating the inefficiencies and knowledge gaps associated with traditional healthcare services, and the mere ability to provide a seamless flow of information between patients and healthcare providers is in and of itself a huge time-and-effort-saving mechanism.

Data-centric FinTech solutions that simplify & streamline health payment processes have a great impact on the industry, using technology to accelerate healthcare data much faster and in greater quantities. Another example is healthcare-oriented, mobile-based health savings accounts and remittances. Combinations of innovative tech can be used as well, such as empowering blockchain-based FinTech platforms with AI tools to create an all-encompassing futuristic solution to data processing automation and the generation of recommendations for patients. Platforms like Simplee that provide tailored health payment options to match patient preferences is a good example of a FinTech service that focuses on patient satisfaction.

Patient engagement is where the future is heading; a future that compels healthcare networks and associated services to create personalized payment plans that deliver value and comfort to healthcare consumers, allowing to rebuild trust between them and their health services providers. FinTech has been facilitating processes for some time now, and it’s high time that healthcare benefits from the fast and reliable nature of digitized payment networks.

 

Tags

Health, Healthcare, Simplee, Medicine, artificial intelligence, AI, machine learning, ML, Blockchain, e-payment

FinTech Newsletter

Sign up to our newsletter to stay up-to-date on the latest fintech news and events.

Subscribe