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Financial technology, or fintech, is a prominent part of every industry. In healthcare, digital finance systems may just mean the difference between accessible payment outcomes for patients or a continuation of the complexity and difficulties that have plagued the system.
Advancements in fintech are making a world of innovations possible. These advancements mean a revolutionized future for healthcare financial management, one any patient or care provider can get excited about.
Here’s what you should know.
Fintech Advancements in Healthcare
Technology is far from stagnant. Innovations in everything from data storage systems to the currencies with which we pay for our care and supplies speed changes to the healthcare industry.
We’ve seen such rampant innovation clearly in the use of health tracking applications that give patients greater power over their own preventative health management. Such applications see more than 3.2 billion downloads per year. The result is a growing integration of tech, healthcare records, and trust in digital solutions for healthcare problems.
But harnessing the power of data management requires financial solutions as well as patient accessibility. Healthcare in many nations and communities is defined by its complexity and lack of clarity in terms of costs and payments. Fintech looks to change this unfortunate reality.
With the following groundbreaking trends in digital healthcare, fintech is asserting its place in the future of healthcare as a whole:
- Blockchain systems. Blockchains are decentralized and highly secure databases that are growing in popularity across all kinds of industries. For healthcare, the potential of valuable private data stored within cryptographic links means better security and privacy for patients as well as revolutionized data analysis potential for medical professionals.
Blockchain has already made its way to healthcare in the form of platforms like GemOS that provide healthcare networks with a secure method of sharing data between themselves and with patients. This is critical in creating the kind of transparency that medical payment systems desperately need.
- Mobile-based health savings accounts. Health savings accounts (HSA) are increasingly common as a cost-effective way of managing healthcare costs. These patient-owned accounts allow users to hold money tax-free for medical spending purposes, giving them unprecedented levels of control over their healthcare finances.
- Patient-centric platforms. Much like the aforementioned systems, all kinds of mobile and patient-focused platforms are emerging as the standard in healthcare fintech. These systems are defined by their transparency and patient accessibility, allowing for clarity of funds and fees through comprehensive dashboards.
Flywire is one example of such a system, promising increases in payment satisfaction through the availability of information and ease of use. The future of fintech in healthcare will undoubtedly be defined by these patient-centric approaches to financial data, further empowered by HSAs and blockchains.
These are just a few of the innovations in fintech that will make a difference in the future of healthcare. In the meantime, care providers must examine the benefits that such systems can offer their practices and consult with their patients.
The Future of Fintech in Healthcare
Right now, healthcare payments are defined by confusion and obfuscation. From insurance providers to coded billing, it is extremely difficult for the average patient to understand what they are paying for and why leading to delinquent payments and higher debt for patients. For example, many patients may not understand the issues that come in simply trying to pay medical bills with a credit card.
However, the patient-focused aspect of fintech trends will revolutionize the consumer-unfriendly practices of the modern healthcare industry. Streamline your healthcare business’s financial systems with the use of these trends now. As a result, you’ll build greater patient satisfaction and revenue-generating outcomes for your practice.
For patients, the future means the kind of care and transparency we have only dreamed of.