Soaring premiums. Higher deductibles and copays. Unaffordable prescription drugs.
Americans are paying more than ever for healthcare, and the financial burden impacts patients and providers alike.
On the patient side, individuals and families faced with financial hardships are deciding to delay or forgo care entirely, leading to undesirable health outcomes. On the provider side, healthcare debt is making it hard for healthcare providers to adequately staff and pursue new treatments and technology.
Although the high cost of healthcare is a multifaceted problem with many actors involved, fintechs in healthcare are doing their best to provide innovative solutions.
A mashup of the words finance and technology, “fintech” refers to the innovative use of technology with respect to financial services. It can also refer to a company that provides this type of technology.
The COVID-19 pandemic revealed a number of shortcomings in the financial services industry, which led to the quick rise of fintech companies and solutions, particularly for digital and contactless payments.
In the banking industry, fintech has already demonstrated its power to reach underserved segments of the population, making financial services more accessible to all.
In the healthcare sector, technology is slowly being used to accomplish many of the same objectives, as it helps make services and patient payments more convenient, accessible, and affordable.
Fintech in healthcare has the power to revolutionize healthcare revenue cycles, as well as foster a better patient experience, from care to payment. In an industry where efficiency means improving the well-being of more patients, the adoption of fintech is an absolute must.
Impact of Fintech on Healthcare
Affordability is a chief concern across the healthcare industry.
While prices remain high, there’s not much providers can do to improve patient satisfaction. Reducing costs is the only sustainable way to move forward.
Fintech is leading the way in mitigating the problem—here’s how:
1. Improved Patient Payments
Dealing with one’s health can be stressful enough—paying for healthcare services should be a breeze.
Confusing patient portals and paper statements have stifled patient payments for decades, creating lags in revenue for healthcare providers.
Thanks to innovative patient payments solutions, paying becomes a seamless digital experience. Patients can easily pay from their mobile devices, wherever they are, in a quick and convenient way. For healthcare providers, this means getting paid faster, with less administrative costs.
2. Enhanced Patient Financial Experience
If the digital revolution has taught us anything, it’s that the user experience reigns supreme.
With easy-to-use apps and digital platforms, fintech has transformed what was once a laggy and fragmented payments experience into a seamless one.
Best-in-class technology allows patients to easily view their financial situation with a healthcare provider, make payments without friction, and even view and enroll in financing options in a few taps or clicks.
A digital experience that puts patients first does wonders in fostering loyalty between patients and providers.
3. Innovative Financing Solutions
Payments financing has long been a patient priority in healthcare: 60% of respondents to our recent survey said that they want affordable monthly payment options.
For patients who might not qualify for traditional financial assistance but still need financial help, offering flexible and 0% interest rates is the only way to guarantee access to healthcare.
Flexible financing solutions alleviate financial stress, and ultimately foster patient engagement and trust, by empowering patients to confidently get the care they need.
4. Increased Price Transparency
Buy now, pay later retail fintechs attribute their success to radical transparency.
Consumers want to know what they can expect to pay, and patients are demanding the same transparency in healthcare.
Unexpected medical bills deteriorate trust and the overall relationship between patients and providers—fintech helps to completely eliminate surprise bills.
Fintechs allow healthcare organizations to present accurate pricing and relevant data to patients based on their insurance and history. This enables patients to better plan for their healthcare and make more informed decisions.
5. Strengthened Data Security
Hospitals account for 30% of all large-scale data security incidents.
Legacy and paper systems have been scrutinized for their susceptibility to breaches. By means of blockchain and secure, encrypted platforms, fintech not only makes patient payments faster and easier, but also keeps sensitive patient data safe.
Here, automation is critical to maximizing security. In fact, organizations that deploy security automation can save over $3 million, compared to companies that do not.
What the Future Holds: Healthcare Fintech Trends to Watch
In the pursuit of affordable and accessible healthcare, fintech is leading the way.
The digital health revolution has exploded since the pandemic, with the healthcare fintech industry expected to reach over $1 trillion in value by 2030.
Fintech in healthcare has the potential to solve healthcare’s most pressing issues, from minimizing medical debt to drastically improving patient satisfaction.
This is what the future holds for the industry.
- Mobile payments: around 25% of worldwide consumers have already adopted mobile payments, as they deliver the transparency, clarity, and ease that they are after—mobile patient payments solutions can’t lag behind.
- Value-based care: these models aim to balance the scale for what providers earn against the service they provide. A positive outcome relies heavily on obtaining the most accurate data, which only fintech can provide.
- Gamification: wearable technology like FitBit and Apple Watch has already penetrated the market, but there’s more to come. Monitoring chronic diseases in an engaging manner can inspire behavior change and allow providers to engage regularly with higher risk patient populations.
- Empowered consumers: individuals are taking control of their healthcare experience—as they become more conscientious of health benefits and costs, providers must adopt technology to meet expectations.
- Embedded finance: by integrating patient payments into holistic interfaces like apps, digital wallets, or portals, users can view and pay bills swiftly in the same place where they see their health data..
- AI and ML: artificial intelligence and machine learning can help revenue cycle management staff streamline workflows and automate repetitive tasks, while collecting and analyzing large data sets to improve patient health outcomes.
While these are just some of the trends for fintech in healthcare, they effectively highlight the transformative impact of fintech on the industry.
Ultimately, fintech is going to improve access, affordability, and efficiency of healthcare services for patients, while driving RCM efficiency and security for providers.
Drive Down Costs With AccessOne
In a world where costs continue to rise, and healthcare is becoming increasingly inaccessible, fintech stands out as a beacon of potential and progress.
Through its ability to enhance patient payments, increase transparency, offer innovative financing solutions, and secure sensitive data, fintech is not only alleviating the burdens of costs but also refining the patient experience and fostering trust.
Fintech is ensuring that healthcare remains a right, not a privilege, making services more affordable, accessible, and secure.
By embracing fintech solutions like AccessOne, healthcare providers can enhance patient satisfaction, streamline revenue management, and effectively mitigate the costs of healthcare. It’s not just about financial transformation; it’s about fostering a healthcare environment where everyone wins.
Book your demo with AccessOne to see how easy it is to get started with healthcare fintech.