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Financial protection is achieved when direct out-of-pocket payments for health services do not expose people to financial hardship or cause them to ‘give up’ on payments before they’ve even started. Numerous alternative lenders globally are working to mitigate this crisis by issuing loans for healthcare seekers short of available funds. But there are other options out there, like point-of-sale (POS) financing from regulated banks and lenders, which insert responsible financial products (for varying customer credit profiles, ticket sizes, and use cases) within a patient’s journey. This approach to healthcare financing can harmonize the interests of patients, lenders, and healthcare providers for healthy outcomes for all. The U.S. healthcare system does not provide universal coverage and there is a mix of publicly-financed government coverage and privately-financed health coverage. This healthcare financing gap brings a unique opportunity for banks and other regulated lenders to address the economic challenges associated with medical expenses.
With a proven responsible lending system in place and the secure storage of customer information, healthcare providers can dramatically improve patient satisfaction and loyalty. Meanwhile, patients gain access to personalized financing solutions that can reduce their debt in the long-term and ensure that they are financially healthy.Healthcare providers can also access valuable data insights about patient preferences and behavior, enabling data-driven decisions and hyper-personalization of financing programs.
Continue reading at healthcareittoday.com
In the fall of 2020, NYC Health + Hospitals and the New York City Department of Social Services launched an effort to provide homeless shelter residents access to the health system’s Virtual …
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