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Fintech Start-ups to Provide Personalized Healthcare Services

By ESOutlook | Tuesday, November 27, 2018

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Entrepreneurs look for different ways in which fintech start-ups are advancing in healthcare. Fintech startup adviser, Affordplan, is an investment-based company used to expand the team that focus on sales, marketing, and technology functions to increase the network of hospitals. Loans can be made available for both doctors and patients. Patients feel difficult to bear the expenses for their operations or other procedures. Fintech companies have extended a helping hand to patients and medical professionals. Medtech start-ups are also continuing their operations to have a fintech wing which can provide financial assistance for patients. In India, Practo is partnering with fintechs that offer loans to doctors and patients.

Blockchain can revolutionize the healthcare industry helping pharmacists and doctors. A blockchain is a decentralized digital ledger that is distributed across many users, and it is not possible to change the ledger once data has been recorded. Blockchain technology has broader applications in healthcare, where multiple health records are stored and made accessible to different providers. This technology helps to securely transfer the information among doctors creating possibilities for doctors to collaborate and work together. Despite the sickness, rising cost of surgeries would be an added tension for the patients or their family. Affordplan had offered a policy to manage finances that focus on non-emergency medical services and also provide planning about how patients can save on an every-day basis. Fintechs have focused on how they can facilitate payments in the healthcare industry. Simplee is a SaaS-based startup that provides payment solutions in healthcare internationally. Some startups also have the option to view their bills online while other startups like Moneygram allow payments online.

Providing insurance to patients can help them to overcome the expense barrier. Bigger insurance companies also come up with innovative insurance plans to compete with the startups. Ideal Insurance had launched 121policy.com to maintain an advisory gap between insurer and consumer. The policy also produces products like maternity cover, diabetic cover, and corporate health insurance. Fintech startups have created new customer experiences with instinct decisions for a reasonable range of prices and offers. Financial technology lays a foundation for financial services innovation and transformation. Still, they are yet to overcome the financial barriers to spread business adoption. 

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