Financial Health: How Innovative Fintech Solutions can Transform Healthcare Finance

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.