Fintech has catapulted the financial market by giving the next generation of customers a convenient way of handling money through digital platforms, mobile apps. Even though the traditional brick and mortar financial institutions still provide the conventional money handling services, Fintech is working revolutions in the world of digital financing. From analytics indicator apps that provides ways of how to identify reversals to easy intraday trading, Fintech has a solution for all. One of the major sectors that is majorly impacted is Medtech.
- Easy financing for patients and doctors: Despite the median income of doctors being quite high, many of them struggle to reach the stage, and need easy access to financing just as their patients. The growing need in this sector is being targeted by the Fintech startups for identifying ways of providing easy financing to medical professionals.
- Accessible health insurance: Health insurance are one of the most important and difficult to access industry available. In countries such as US patients suffer without due to preexisting conditions and high insurance premiums, whereas in markets like India the penetration level of the industry is pretty low. Health insurance startups are waking up to the challenge of providing innovative coverages like senior citizen, maternity, diabetes and overall health insurance, which could revolutionize the industry.
- Financial Assistance for patients: The rising cost of healthcare is one of the biggest concern to patients suffering from chronic conditions, or in need of surgery. The post operation care is equally expensive. Without pre planned financing, patients end up opting for operational procedures or surgeries without any financial plan without any option as they run out of time. At the end, the patients end up paying much more than they could afford, which could have been avoided with preplanning services, advising on how to save on a day to day basis.