Digital financing platforms have emerged as a solution to address the challenges faced by the healthcare system in India. These platforms offer health loans, insurance, and telemedicine services, making healthcare more accessible and affordable. By utilizing AI and ML to forecast health trends and lessen the financial burden on patients, they have a tremendous impact on the patient journey. These platforms can play a crucial role in influencing the future of outpatient healthcare in India and encouraging improved health outcomes for everybody due to the increased need for affordable and accessible healthcare services.
India has been making steady progress towards achieving Universal Health Coverage by providing adequate food, appropriate medical care, safe drinking water, proper sanitation, education, and health-related information for good health. However, the healthcare system in India still grapples with several challenges such as less than adequate resources, lack of investment in infrastructure, medical inflation, and low accessibility and affordability. While physical infrastructure is at the core of a robust healthcare sector, there is a need to expand the ecosystem by integrating virtual and financial health service providers. The World Economic Forum also emphatically emphasizes the need to go beyond capital-intensive, hospital-centric healthcare delivery models and to create new opportunities to advance the use of data-enabled systems and virtual care. It is vital for increasing the effectiveness and efficiency of the healthcare system.
One major impediment that calls for attention is the question of affordable health services. While health insurance continues to grow in India, witnessing a 13.3 percent growth in GDPI in FY21, Critical or curative care is included in the coverage, but it has been uneven when it comes to preventative care, which includes outpatient care. Hence, the country needs comprehensive financial solutions to cover all aspects of healthcare.
The digital revolution in India has enabled the incorporation of new technologies and services to enhance patient care. By providing easy medical finance options, digitally empowered fintech companies are today playing a particularly important role in addressing some of these most obvious concerns. These platforms are revolutionizing the healthcare industry by offering a variety of services like loans, insurance, and investment opportunities for those who cannot afford to pay for healthcare. Utilizing digital payment options, the lengthy waiting times and complex payment processes that hospitals and patients often face while availing of cashless facilities or reimbursements are being simplified. Thus, healthcare practitioners can focus on delivering better services, while patients can enjoy a smoother experience when paying for medical services.
One often ignored aspect of healthcare is the Outpatient Department (OPD) bills. Outpatient healthcare is crucial for public health and disease prevention through routine check-ups, consultations, diagnostics, and treatments. These bills were not financed earlier, even though they account for most of the out-of-pocket expenses. Several health-tech startups realize the potential of this untapped market and have thus come forward with financing options for OPD bills.
Digital financing platforms have emerged as a panacea for outpatient healthcare in India. These platforms offer a range of services, such as health loans, health insurance, and telemedicine services, designed to make healthcare more accessible, affordable, inclusive, and democratized.
Benefits of digital financing platforms for outpatient healthcare in India:
- Health loans offered by these platforms allow patients to fund medical expenses, making necessary treatments and procedures more accessible.
- Fintech-driven health insurance plans provide an additional safety net, protecting patients from unexpected healthcare expenses.
- Telemedicine services allow patients to access healthcare remotely, reducing wait times and improving the overall patient experience.
- Such platforms often offer lower interest rates, reducing the burden of medical debt and making healthcare more affordable.
- Greater transparency in the financing process enables patients to make informed decisions about their healthcare financing options.
- Digital financing platforms are more accessible than traditional healthcare financing methods, increasing healthcare accessibility and affordability for a wider range of patients.
In addition to the benefits listed above, fintech platforms have made a considerable impact on patient journeys in India. By harnessing technology, they use the power of AI and ML to predict health trends, helping people to make informed investment decisions, thereby bringing down the financial burden on them. This has also spurred healthcare providers to expand their services, all culminating in better health outcomes.
