How Financial Technology can help the Healthcare Industry

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Regardless of your occupation, country of origin or lifestyle choices, healthcare is something we should all keep at the back of our minds at all times. Given the digitalization of banking and personal finance management we’ve experienced in recent years, it goes without saying that the healthcare industry could benefit from adopting recent trends into their servicing portfolio.

According to Fortunly, over 46% of people exclusively use digital channels for their financial needs, with 24% of global businesses stating that they are very familiar with blockchain technology and continue to find new ways to utilize it for the benefit of their stakeholders. In addition, data published by Finances Online estimates that 90% of mobile users worldwide will use at least one banking platform on the go by 2020, while 32% of millennials firmly believe that the future is bound to be cashless, instead of relying on digital banking and cryptocurrency transactions.

Whether you find yourself working in a healthcare institution or in the financial sector side of the equation, it’s worth noting that a merger of these two industries would prove highly beneficial not only for patients and medical staff but also for the financial businesses involved. With that in mind, let’s take a look at several concrete ways in which fintech can help the healthcare industry and ensure that patients have a much easier and comfortable way of covering their medical expenses going forward.

Digital-First Transactions

As we’ve previously mentioned, the financial industry has seen a boom in digital-first payment methods with mobile banking and digital currencies over the years. Given the nature of medical billing (both recurrent and one-time), the healthcare industry could adopt the payment methodology quite easily in the future.

Patients would be able to cover their own bills, medical expenses, medicine and other healthcare requirements without cash on hand, through secure and reliable digital means such as the aforementioned mobile banking. This would effectively eliminate physical currency from healthcare and allow for much safer, greener and straightforward billing and payments in healthcare regardless of the price point or medical service in question.

Blockchain Databases

Financial institutions across the globe, worldwide banks and fintech startups respectively, have begun an extensive process of implementing blockchain into their business models. While blockchain begun as a means to track cryptocurrency exchange, it has quickly garnered wider appeal as a database management methodology.

The healthcare industry represents a vast network of hospitals, private offices, pharmacies and other institutions which should facilitate the needs of their patients regardless of where the individual might come from at any given moment. By introducing networked blockchain databases into healthcare, medical institutions would have a much easier time tracking each patient’s records, history, requirements and other information.

Cryptocurrency-Friendly Billing

Regardless of how you may feel about them at the moment, cryptocurrencies have slowly become popular with the global introduction of dedicated ATMs and the worldwide appeal of their exchange. As such, their introduction into medical billing should come as no surprise in the next few years, opening new doors for private clinics and government institutions alike to accommodate patients with cryptocurrency wallets.

While some payment standardization and regulation is bound to happen as a result of cryptocurrencies’ disruptive nature compared to traditional currencies, more and more people will approach healthcare institutions with the intent to pay for their expenses via digital wallets. As such, healthcare institutions can benefit from gathering their own coins online, trading them as necessary over time.

AI-Driven Data Analysis

While the opinions of medical experts remain unprecedented, raw data still requires computerized analysis and visualization to make sense. Furthermore, data comparison and in-depth analysis can also benefit from introducing AI-driven algorithms into healthcare as a means to streamline and improve analytical medical processes.

Additionally, this can lead not only to more affordable and easier-to-handle data analysis but also to early condition detection and more precise medical recommendations. Combined with blockchain databases and trained medical staff, AI can significantly improve the state of healthcare across the globe, just as it did with fintech only a few short years ago.

Increased Data Security

Lastly, even though the medical industry isn’t under constant threat of data breach and social engineering intrusions as fintech, the confidential nature of its information should be protected at all costs. Introducing data security measures present in fintech, such as personal patient information, from attempts of fraud and digital theft can significantly improve public trust in the industry.

Security protocols which require multi-step identity verification can allow for much safer data requests and sharing between institutions for cases in which patients have to switch doctors or facilities for a number of reasons. As a result, no piece of information about any given patient will be available to the public, physically or digitally, without the explicit consent of the patient or caretaker, building further trust in the industry worldwide.

Drawing Parallels (Conclusion)

Given the rapid development of fintech over the past years, its global disruption can provide industries such as healthcare with very relevant ideas and technologies. Contrary to other industries, healthcare is one in which all of us have a stake in regardless of how well we might feel at the moment.

Putting time and resources into technological innovation which can lead to better patient treatments, data analysis, streamlined expenses and increased security is thus a worthwhile investment. What better way to move forward as a civilization than by applying what we’ve achieved in one aspect of society to another, thus improving the livelihood of everyone involved as a result.

Author-Bio Angela Baker is a self-driven specialist who is currently working as a freelance writer at writing services such as Top Essay Writing, Classy Essay and Be Graded respectively. She is always seeking new ways of personal and professional growth through best online essay writing services review and is convinced that it’s always important to broaden horizons. That's why Angela develops and improves her skills throughout the writing process to help to inspire people. Also, she writes for LiveInspiredMagazine, rounding out her professional writing career.

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