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The concept of financial technology, as applied in the world today, is gradually affecting virtually every industry of importance in our lives. From healthcare to general business and agriculture, financial technology (fintech) is a revolutionary tool that generally boosts our ability to lead an operationally seamless life. Out of the many industries that fintech is impacting, the healthcare sector is the latest addition to the industries that have been positively affected by the new innovative technologies.  

Digitization of Financial Transactions

The healthcare sector was among the first industries where general technology and digitization of operations took effect. Patients do not have to manually submit their details at the reception desk for them to be served in the rest of the departments within a healthcare facility where they may need services, thus making things much more efficient for the patient as well as the office. A loophole, however, existed in the bid to digitize the entire healthcare sector, especially given the fact that patients had to submit payments in hard cash forms.

Financial technology has rapidly eradicated that loophole by making it possible for healthcare facilities and patients to achieve seamless transactions. This concept is proving a game-changer in helping the healthcare sector to achieve its core purpose of seamlessly serving patients through fintech. In this regard, the amount of time spent serving one patient in a facility has been drastically slashed down.

Bridging the Gap in Healthcare Service Provision

Fintech is particularly helpful in serving all persons in the society, irrespective of their social and economic capacities. The concept is, however, more relevant and conveniently suitable for persons living in rural areas as well as Tier 1 and Tier 2 cities. These cities and social groups are characteristic of poor access to healthcare services. In instances where such services are available locals have to walk long distances for them to access them.

Fintech has come as a viable solution that helps bridge the gap between healthcare service providers and the social-economically challenged in the society. Fintech solutions such as mobile-based applications come in handy in helping persons take charge of their finances as far as access to healthcare services is concerned. In most cases, patients have an opportunity to visualize the kind of service they will go after and how much it would cost them, thereby giving them a chance to appropriately plan and budget before visiting the facility.