The overall goal is to ensure that digital technologies improve the life of every citizen, expand India’s digital economy, create investment and employment opportunities and create digital technological capabilities in India.
Digital India has considerably reduced the distance between the Government and citizens. It has also helped in the delivery of substantial services directly to the beneficiaries in a transparent and corruption-free manner. In the process, India has emerged as one of the pre-eminent nations of the world to use technology to transform the lives of its citizens.
Digital India programme has brought tremendous changes in the health care sector of India. Initiatives like Ayushman Bharat Digital Mission, CoWIN App, Aarogya Setu, e-Sanjeevani, e-Hospital have made health care facilities and services reach every corner of India. These initiatives bridge the existing gap among different stakeholders of the healthcare ecosystem through digital highways.
How Affordplan is Making Healthcare Affordable in India
Out-of-pocket expenditure on healthcare in India is high, reaching a share of 48.2%, with states like Uttar Pradesh accounting for as high as 71% of total expenditure towards health. Medical inflation is already at 14%, the highest among Asian countries, with a further 10% inflation expected. Medical inflation and out-of-pocket expenses (OOPE) in healthcare are closely connected. When healthcare costs rise due to factors like advanced technology and increased demand (medical inflation), individuals often face higher direct expenses (OOPE) such as copayments and deductibles. This can create a significant financial burden on patients and potentially limit their access to essential healthcare services. What exactly does medical inflation imply? In simple words, a healthcare bill that costs us 6 lakhs today could cost us 7.5 lakhs 5 years down the line. Patients must also choose more expensive private institutions due to factors such as poor healthcare infrastructure, doctors and nurses are unwilling to work in rural areas due to a lack of resources. The following are the roles of Financial Technology healthcare platforms in making the journey more affordable:
Digital Health Wallet
These health wallets, which are specifically created for medical bills, are a wonderful way to save money ahead of time. For surgeries that cost us an arm and a leg, we can store money in our wallets and spend it on the day of the surgery. Even tiny medical costs, such as over-the-counter medications and pharmacy pharmaceutical bills, can be paid by Digital Health wallet without causing undue stress to the patients.
In a survey conducted in 2020, it was found that over 70% of healthcare leaders and professionals believed that digital health wallets could significantly improve the patient experience and reduce financial stress. The ability to save and allocate funds for medical expenses in advance is seen as a practical way to manage healthcare costs more effectively.
Medical Insurance & Loans
These healthcare platforms provide us with rapid and simple medical insurance and loans. Which provides us with our financial status in 24 hours without having to wait in long queues and also allows us to upload our documents using our phones without the assistance of anybody else, Such platforms often offer lower interest rates, reducing the burden of medical debt and making healthcare more affordable.These platforms offers Maternity loans, pregnancy loans, medical emergency loan, etc. at different price points that suits everybody’s budget. In some cases, individuals have reported receiving their financial status within just a few hours, revolutionizing the traditional process of accessing medical funds.
Medication Delivery
Drug distribution and aids in making medicines affordable and accessible to all Indians, reaching even the most remote areas of the country. This not only saves patients time and effort, but it also assures that they receive medicines at reasonable pricing. Patients are more likely to stick to their prescribed treatment plans when medicines are delivered directly to their doorsteps, leading to better health outcomes.
Efficient for Healthcare Providers
healthcare providers by reducing paperwork, manual data entry, and other overhead costs. This efficiency can lead to cost savings that can be passed on to patients. The healthcare institutions adopting FinTech solutions experienced an average administrative cost reduction of around 28%, enabling them to allocate resources more effectively and enhance patient care.
Price Transparency and Comparison
nformation about medical procedure costs and enable patients to compare prices at different healthcare facilities. This encourages price competition and helps patients make informed decisions about where to seek treatment.
An intriguing fact is that according to a 2020 study, patients who utilized healthcare FinTech platforms for price comparison saved around 20% on average for medical procedures. This showcases how technology-driven transparency can lead to significant cost savings in healthcare.
FAQs
Is it feasible to offer all healthcare services on a single platform?
Yes, it’s feasible with proper planning and integration of various healthcare specialties and services.
What role does technology play in providing healthcare services on one platform?
Technology enables telemedicine, digital health solutions, automation of administrative tasks, and efficient communication, contributing to affordability and accessibility.
How can such a platform ensure affordability?
Affordability can be achieved through efficient resource utilization, telemedicine solutions, preventive care emphasis, innovative payment models, and government support.
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