By Tomer Shoval, CEO of Simplee
Late last year, the Wall Street Journal’s Chris Mims wrote that “Every Company is Now a Tech Company.” For fintech entrepreneurs, a similar realization that every hospital is now a fintech company has created an opening in healthcare to apply artificial intelligence, machine learning and more to address affordability and transparency concerns.
In today’s healthcare system, financial care is nearly as important as medical care. Not only are a patient’s financial considerations the first and last interactions with a hospital – “How much will this cost?” and “How will I afford this?” – but studies show a patient’s financial experience often colors their lasting impressions and ratings of a hospital stay.
But the state of patient financial care remains in disarray. Affordability is the number one issue concern Americans, with 40 percent having skipped a recommended medical test or treatment due to price concerns. And more than two-thirds of patients are not paying their bills in full, draining a hospital’s bottom line.
Fintech leaders have a chance to step in with meaningful, proven solutions that can be applied in novel ways to healthcare. But first, they must understand the needs driving this shift and how to position new technologies as solutions.[Read more…] about Every Hospital is Now a FinTech Company