In most countries, the process of paying for health coverage is not just costly, but complicated, stressful, and time consuming. It also prohibits people from accessing care.
If exorbitant prescription drug prices and out of pocket expenses were not already enough, healthcare consumers must also navigate payment systems known for their obscurity and susceptibility to error. These systems not only overwhelm current users, but also discourages new ones from finding the coverage that is right for them.
The relationship between a healthcare consumer and their healthcare financing should not—and does not—have to be so fraught. As health services becoming increasingly digital, more opportunities open up for companies to stage data driven interventions that can modernize, and hopefully revitalize, our fragmented healthcare networks.
Such is the aim of fintech, or financial technology, that brings new and improved digital financial service models into the healthcare space.
Originally Published on Forbes (November 21, 2019)