IncrediTools has vetted the best services in these industries, click to view:

How FinTech Can Help the Healthcare Industry

The digital era is transforming every industry for the better. From marketing to retail, manufacturing, and banking, technology is aiding many sectors to enhance their operations. But, unlike the healthcare sector, these industries were keen on technology and were the initial adopters of digital solutions.

On the other hand, despite greatly benefiting from technological advancements, the health sector lagged in adopting digital solutions until the early 2000s. However, the situation has changed as the healthcare industry relies heavily on technology to treat and diagnose patients. Another way the healthcare sector utilizes technology is by integrating fintech solutions to manage finances.

What Is Fintech, and Why It’s Important for Health?

Financial technology (FinTech) is a term that describes technological innovation that seeks to automate and improve the use and delivery of financial services. Fintech is used to help consumers, business owners, and companies, better manage their financial processes, operations, and lives through customized algorithms and software used primarily on computers and smartphones.

blake wisz Xn5FbEM9564 unsplash

In the healthcare industry, Fintech brings new and enhanced financial service models. Fintech companies use powerful innovations, machine learning, artificial intelligence, and blockchain to eradicate the knowledge gaps and inefficiencies prevalent in many healthcare payment plans. Fintech healthcare services streamline the flow of money and information between patients and healthcare providers, saving precious time and effort for everyone.

Innovations in Fintech Helping Healthcare Sector

Several fintech technologies are helping the healthcare sector deliver improved services. They include:

1. Blockchain Databases

A blockchain database is used to exchange and preserve patient data through physicians, pharmacy firms, diagnostic laboratories, and hospitals. Blockchain applications accurately identify serious and dangerous mistakes in the medical field.

Therefore, they improve the security, performance, and transparency of sharing medical information. This is an essential technology to medical institutions as it helps them enhance the analysis and gain insight into medical records.

2. AI-Driven Data Analysis

To obtain maximum benefits from raw data, it must undergo computerized analysis. Furthermore, AI-based algorithms improve in-depth data analysis to assist healthcare further in improving medical processes that require time-consuming calculations. This makes data analysis affordable and more manageable, helps timely identify conditions, and suggests correct medical procedures. Trained medical staff and AI across healthcare organizations can improve the healthcare sector.

3. Digital Financial Service

Digital financial services (DFS) for health include insurance, banking, and payment services accessible through digital technologies. These services are essential in achieving universal health coverage in the middle- and low-income countries.

DFS for health consists of:

• Vouchers for healthcare

• Loans and remittances for health purposes

• Transfers

• Credit

• Health savings accounts

• Digital health insurance

• Payments for health insurance and care

• Bulk payments and purchases

• Payments to health workers

pexels andrea piacquadio 3823488

4. Increased Data Security

Although the health sector has seen fewer data breaches than the financial sector, it is still crucial to safeguard the information that doctors and hospitals use. Using suitable data security measures through adopting Fintech can enable healthcare organizations to protect patient’s personal information from data thieves, hackers, and fraudsters.

One way to attain this is through two-step security protocols to secure data transfers, more so when a patient is referred to an independent doctor or another hospital. Fintech for health is a protective shield for patient data. Therefore, no exchange of information, digitally or in paper form, without the approval of the patient or their family. This helps build more trust in the healthcare industry.

The Benefits of Fintech for Healthcare

Fintech has benefited the healthcare industry in the following ways.

Access to Information. The success of Fintech is in adopting disruptive approaches through innovative mobile-first technology. Applications have empowered customers by providing 24-hour access to their information, which had previously been under financial institutions’ control. Customers can now access private banking and investment services, contactless payments, and money transfers.

Data Tracking and Performance. Wearable technology has made it possible to improve and track personal wellness through performance. Fintech has leveraged this trend by empowering people to fine-tune performance in all areas, from investment portfolios to managing budgets. While finance keeps track of money, biometric wearables in the fitness industry can record and monitor steps and active minutes, sleep, calories burned, and heart rate.

Adoption of Telemedicine. The adoption of technological innovation in healthcare met numerous barriers, including inadequate payment tools, the inefficiency of virtual treatments, limited patient privacy, and low digital literacy levels. But, Fintech is transforming the financial element of telemedicine by providing informal payment solutions such as customized apps and credit cards that enable patients to create personalized payment plans remotely.

Mobile Health Savings Account. Patients have been operating health savings accounts for years, which help them save money for medical expenses. Fintech solutions enable patients to take control of their savings through mobile health savings accounts. The innovative solutions have varied features such as adjustable settings, healthcare bill recording options, and communication tools.

Conclusion

Healthcare is in transition. While the merits of innovation and disturbance in the financial sector benefit institutions, businesses, and individuals, similar expectations demand innovative products and services in access to information, performance, empowerment, personalization, and services.

Healthcare providers can use Fintech to implement digital payments for healthcare services, harness technology, manage disruption, design valuable customer experiences to empower patients and provide meaningful healthcare services for everyone.

Fintech tools help patients regain control of their health and finances and allow them to make more informed decisions. They also allow patients to consider special, indirect care costs and lifestyle needs, often not accounted for or considered by providers when providing payment plans.

Facebook
Twitter
LinkedIn