Future Of Healthcare: How Embedded Finance Is Transforming Patient Experience

The ever-evolving landscape of healthcare continues to be permeated by disparity in accessing equitable healthcare, marked by a lack of robust financial aid. Despite the availability of medical insurance, the penetration remains meagre with only a few people being able to access the high packages. 

Apart from the low penetration, the current medical insurance landscape is fraught with plaguing issues like under insurance, wherein a plethora of diseases, and secondary, and elective surgeries are not covered by the same. 

In tandem with the prevalent gaps in healthcare accessibility and the fragmented medical insurance market, the emergence of embedded finance has proven to be formidable. Redefining conventional financial models where a patient has to pay all the fees up-front, embedded finance is rooted in delivering robust financial support at the point of care. 

The transformation of the healthcare payment system is actively opening new avenues to address operational inefficiencies in diverse financial aspects. Striving to offer innovative healthcare-centric financial solutions, the industry is expected to grow at a CAGR of 30.4%, reaching $21.1 Bn by 2029.                        

Innovative Payment Solution 

Embedded finance has emerged as a catalyst for empowering patients, as it delivers underserved segments tailored financing options for out-of-pocket health expenses. Emphasising on delivering enhanced patient experience, fintech platforms offer an array of financing solutions at the point of care like zero-cost EMI, which are specifically curated to cater to diverse portfolios, thereby reducing the likelihood of financial onus. 

Dynamic fintech platforms have imbued this innovative payment solution with a completely digital process, and quick loan disbursals, making healthcare services more accessible and affordable. As a result, this also ensures necessary care is not hindered by financial constraints.

Streamlined Operations All The Way 

Transcending to a stage where it acts more than just a financing tool, embedded finance has opened new avenues to streamlined processing, like completely digital KYC verification which is completed within minutes. 

Further, featuring instant credit approvals and payouts, embedded finance maximises operational efficiency, whilst expanding the patient base which alleviates financial burdens. 

Additionally, with embedded finance platforms’ in-house tech and user flow, patients can avail credit at the point of care with partner clinics, thereby allowing for more enhanced service capabilities and customer satisfaction.             

Technological Integration For A User-Friendly Experience

For so long, technology has been the bedrock of innovation, spanning every aspect of diverse industries. Leaving no exception, technology has made an indelible mark in the healthcare and finance space, by making sure embedded finance platforms deliver a seamless and intuitive user experience for patients. 

Furthermore, these platforms strategically integrate with digital infrastructure like Aadhar and NSDL to enhance efficiency and security, promoting streamlined interactions within the broader digital ecosystem.

Cultivating A Thriving Healthcare Ecosystem 

It’s an understatement that embedded finance solutions have significantly contributed towards building a thriving healthcare ecosystem. 

With three out of four Indians being either uninsured or underinsured, a majority of patients routinely had to pay for non-critical medical procedures from their pockets, but advanced fintech solutions like zero-cost loans at the point of care and insurance add-ons have helped in covering out-of-pocket expenses. 

Additionally, embedded finance has carved a distinctive niche in the healthcare landscape by creating a comprehensive system for effectively managing healthcare payments, financing, and health-related savings. 

Empowering Public Healthcare Systems

Within the intricate relationship between embedded finance and public healthcare systems, the former has indirectly contributed to alleviating strain on public healthcare facilities by enabling individuals to access private healthcare services through flexible financing options. 

Additionally, this redistribution of patient volume has not only ensured better service for those relying on public facilities but has also played a pivotal role in enhancing the overall efficiency of the collective healthcare systems- be it private or public. 

Building a Future Marked with Continued Innovation

Undoubtedly, the future of embedded finance is poised to experience an exponential growth trajectory. An increasing number of industries, including healthcare are leveraging its seamless financing model to revolutionise the healthcare space. 

Holding immense promise for continued innovation, the industry will be characterised by adaptation to meet evolving customer needs. 

Driven by strategic partnerships and technological advancements, embedded finance will continue to offer accessible and affordable financing solutions to diverse patients, paving the way for creating an inclusive healthcare ecosystem.