‘Health is wealth’ but who has health without their wealth?
Technological innovations in the financial sector have brought about a global bloom in the industry.
In the past three years, the industry has managed to amass US$31 billion and remains promising.
Similarly, the healthcare industry is also looking to advance in technology to bring about innovations in its service.
In our current climate, it is obvious that the rich are getting richer and the poor are living paycheck to paycheck — finding it increasingly harder to pay off loans.
That is why fintech should aim to solve the unaffordable healthcare crisis.
The parallels between fintech and healthcare
The financial environment has changed significantly.
This is due to the increasing popularity of decentralized currencies, tech payment options, digital wallets offered by companies like Apple, Samsung, Google, and online reviews.
The traditional financial institutions like banks are now struggling to prove their ongoing value to the consumers and strive to provide high-quality services at a low price.
On the other hand, the healthcare industry has been reluctant to embrace such technology at a similar magnitude.
However, fintech has the ability to bring significant change in this sector and make healthcare more accessible and affordable for the masses.
It can help the patients as well as the medical staff in the following ways:
Data and performance tracking
The worldwide wearables market is increasing by 16.9 per cent every year. Around 310.4 million wearable devices are sold in a year, generating a revenue of US$30.5 billion.
This success is owed to the monitoring of personal health and wellness.
The relationship between tracking fitness and the larger health issues is undeniable and the success of such products has direct implications on the healthcare sector.
Access to information
Providing 24 hours of access to important information has been exclusive for financial institutions — until now.
But its importance cannot be denied in other sectors too, thus, fintech should be utilized to introduce this in healthcare as well.
Through blockchain applications, one can store data, improve functioning with the help of AI, and help individuals in accessing the data.
Removing confusions from billing systems
The payments and billing systems in the healthcare industry are full of trouble, so a change is not just desirable but necessary here.
Fintech startups should help in finding ways to facilitate payments by offering online billing and bill payments.
The interest of the masses is to create a retail kind of experience in healthcare and introduce blockchain for easier and facilitated transactions.
As individuals have become more open about sharing their personal details and lifestyle choices, it’s possible to formulate personalized programs.
Depending on your age and health condition, these programs can actually lead you to a healthier lifestyle and help in keeping the problem areas under control.
Healthcare should be innovating itself with time and must be working for the betterment of the individuals.
Serving the health-related needs of individuals should be prioritized by different industries and they must work together to ease up the healthcare processes.
Image Credits: jjvallee
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