CarePay harnesses Tech for a Vast Healthcare Transaction Platform

Mumbai, Apr 25: In recent years, the Indian healthcare sector has come a long way in strengthening its coverage, services and increasing public and private expenditure. The Indian MedTech industry alone is projected to reach $50 Bn by 2025. This presents a remarkable opportunity for the healthcare sector to unlock exponential growth, especially with the integration of cutting-edge technologies that offers the potential to nurture a more collaborative, digitised, and patient-centric healthcare ecosystem.

When it comes to fintech, this industry has been the sole sector to move the needle on traditional financial institutions, offering lending a whole new revitalised outlook altogether. From open banking, embedded finance, smart contracts, to decentralised finance all are a testament of fintech’s revolutionary capacity to bring forth a fresh wave of innovations that are actively changing the way the world transacts. Having been instrumental in reducing the redundancies of the payment architecture, the world of fintech has actively made its mark into the tapestry of healthcare.

“With a promise to make healthcare more affordable and accessible, the interplay between fintech and healthcare is expected to deepen further, especially after the optimal results that have been unlocked all thanks to this association. While the country has already witnessed the launch of no-cost EMI and on-demand credit, moving forward the nation is likely to see the explosion of health wallets and cashless claim financing which will once again set the healthcare industry ablaz,” says Gaurav Gupta, CEO of CarePay.

Despite the tremendous progress that has been made in changing the healthcare sector into an inclusive space, there are certain impediments that need to be addressed, to nurture a disparity-free healthcare landscap, he said.

The Indian healthcare sector is one of the fastest growing and one of the biggest sectors of the Indian economy and yet it is underpenetrated when it comes to healthcare insurance. Unfortunately, in a country of more than 1.3 Bn people, a healthcare insurance policy isn’t considered crucial until something unfortunate or a medical emergency happens. This stark reality becomes more clear than ever, as nearly 400 million individuals are devoid of health insurance coverage or protection, he said.

As this disparity becomes more and more evident, highlighting the significant gap in the healthcare system with patients and their families struggling with delivery issues due to insufficient and inadequate funds, the government has taken active responsibility to shift the dynamics. In tandem, the advent of schemes like ‘Ayushman Bharat’ represent an opportunity to make significant strides towards Universal Health Coverage, serving the uninsured and underinsured segments of the population.

All the concerns plaguing the healthcare ecosystem, from the increased OOP expenses which have forced 6 out of 10 people to delay the medical treatment to the inability to access credit, all have found their redressal in the interplay of healthcare and fintech. Having said that, new-age fintech platforms deliver a well-integrated financing model which is actively being embedded with an array of healthcare services. Designed to make healthcare more accessible, fintech lending platforms capitalise their focus on zero to low cost credits, which enables patients to access medical care, whilst enhancing their financial security by splitting expenses in varied EMI options.

The timeless convergence between fintech and healthcare, has also paved the way for innovative financing models, which has facilitated the proliferation of health insurance, as it allows patients to avail immediate medical treatment without having to incur any OOP expenses, as the bill amount is paid directly by the insurer. At the same time, fintech platforms leverage data-driven insights which helps the providers make informed-decision, and also enable patients to avail tailored services, expanding the pool of medical treatment, whilst expediting the process of billing and collection.

“Patients in India need innovative solutions that can help them with their out of pocket expenses problems. There are new and innovative technology solutions that can solve many such problems. A fintech platform that offers an instant, digital-credit to patients. The patient simply has to visit a participating healthcare provider and scan the CarePay QR code displayed at the clinic’s reception and fill in the relevant information. The patients get the desired EMI plan (3, 6 or 18 months) and get real-time loan approval to proceed with the treatment without any delay,”

Furthemore, fintech-powered healthcare financing platforms today are actively recognising the need of strategic integration, for which they are embedding key components of the digital public infrastructure, namely Aadhar and National Securities Depository Limited (NSDL). With these pivotal integrations, the healthcare landscape is expected to achieve enhanced efficiency and security, robust identity verifications, and most importantly streamlined interactions within the overall digital ecosystem.

When it comes to the technological dynamics of the healthcare industry, the role of fintech cannot be overlooked. In regards, platforms like CarePay have jumped on the technological bandwagon to craft a unique user flow that places simplicity and ease of use at the forefront of patient experience. With custom-built technologies crafting a new narrative in the history of healthcare, the guarantee of seamless and intuitive experience becomes more assured.

India has immense potential to become the leading medical destination, with innovations driving the industry's success on every front. Fueled by fintech, the nation stands a chance to build a transparent, affordable, and accessible healthcare ecosystem, which elevates the notion of hospital revolution. As the reformed future of healthcare continues to take shape, embedding patient satisfaction at the foremost pedestal will be its very ethos.

"The convergence of fintech and healthcare is a true revolution. Traditionally, healthcare financing has been a complex and often opaque process. CarePay is at the forefront of this exciting change. Our platform integrates seamlessly with healthcare providers, offering a collaborative and accessible ecosystem for patients. This synergy between finance and healthcare is paving the way for a future where affordability and quality care go hand-in-hand", concluded he.