FinTech is undoubtedly shaping the face of the healthcare industry. FinTech companies leverage powerful innovations blockchain, artificial intelligence, and machine learning to eliminate the inefficiencies and knowledge gaps endemic to most healthcare payment plans.
The COVID-19 pandemic has spotlighted many of the inefficiencies and archaic processes across the current healthcare system. The healthcare industry witnesses several FinTech-driven changes including better engagement with customers, price or treatment cost transparency, patient financing, management of unplanned medical expenses, better claim settlement experience, professional and fast payment systems convenience in terms of better clinical care, digital payments, reimbursement methods, and customized medical loans, etc.
Here is a list of 5 U.S. FinTech startups reimagining the health care industry:
SmartHealth PayCard (2019)
SmartHealth PayCard – A Financial Cure for Healthcare, is a FinTech empowering individuals and families with financial solutions and resources to simplify the direction of care and healthcare expenses. Its SmartHealth PayCard Mastercard, a credit card dedicated to healthcare, provides members with affordable payment choices and unprecedented benefits to pay for urgent care, telehealth, high deductibles, copays, preventative care, dental, mental health, medicines, and more. The company’s complete solution includes a line of credit, cardholder website, secure online tracking, and record-keeping, SMS messaging, and email account alerts.
Cedar provides smart ways for hospitals, health systems, and medical groups to manage the patient payment ecosystem. It combines the best techniques of FinTech, ad tech, consumer, and healthcare to help providers understand and engage patients more effectively. Its platform delivers modern intelligence to alleviate collections challenges, improves billing operations, and ensure a personalized billing experience for patients. The firm has raised $151 million in funding to date.
WellPay is driven by the singular mission of building solutions that empower consumers to deal with rising healthcare cost responsibilities leading to skipped care and reduction in the efficacy of population wellness. The company in April has rolled out its beta to everyone to assist people burdened by medical bills brought on by the COVID-19 crisis and has plans to launch a national rollout later this year.
Wellpay’s FinTech platform is powered by machine learning, and it enables patients to secure their medical bills or upload medical bills they wish to pay over time. It then negotiates, facilitates disputes, or provides a zero-interest, zero-fees plan. The platform will manage payment plans, bill management, and communication.
Medxoom helps companies and their employees save 10% or more on healthcare through powerful pricing, payment & mobile CRM solutions. The firm brings comparative shopping, unified bill payments, and CRM to healthcare.
Medxoom helps bend the healthcare cost curve by continually analyzing & steering Members to the optimal doctors and facilities. It offers powerful payment features, plan to provider payments, integrated net due payments, payment card, and financing options. The FinTech enables both members and employers to save when consumers are empowered—integrating a variety of strategies, including member steerage, direct provider contracts, reference-based pricing, and paid-in-full payment methods. Medxoom is backed by leading venture funds Las Olas Venture Capital and TTV Capital.
Bend Financial (2017)
Bend Financial is revolutionizing health savings accounts (HSAs). The technology and services company provides HSA and financial wellness solutions to individuals, employers, and organizations in the group benefits distribution market. The FinTech offers automated, paperless HSA enrollment for employees and leverage the latest technologies, including Artificial Intelligence and Machine Learning, to offer an entirely new and truly unique approach to engagement, funding, saving, and payment.
Source: IBS Intelligence