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Cryptocurrencies and Medical Bills: The New Way to Pay for Healthcare?

Most of the time, we pay our medical bills with cash, check, or credit card. But did you know that you can now use cryptocurrency to pay for healthcare? Many hospitals, clinics, and medical practices are beginning to accept cryptocurrency as payment for services, making it a more viable option for patients.

This article will discuss in detail whether or not you can pay your medical bills with cryptocurrency, which cryptocurrencies you can use, why you should use cryptocurrencies to pay your medical bills and some of the benefits of using cryptocurrency to pay for healthcare.

Can You Pay Your Medical Bills with Cryptocurrency?

Yes, you can pay your medical bills with cryptocurrency. Thanks to a company called BitPay, which is a cryptocurrency payment processor, you can now use cryptocurrency to pay for healthcare.

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Unlike in the past, where you had to convert your cryptocurrency into cash or credit, BitPay allows you to pay directly with cryptocurrency. This is great news for those who want to use cryptocurrency to pay for their healthcare but don’t want to go through the hassle of converting it into cash or credit. 

What Cryptocurrencies Can You Use?

There are many different cryptocurrencies that you can use to pay your medical bills. Some popular ones include:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Litecoin

Even if a specific hospital accepts only a particular cryptocurrency, with the help of BitPay, you can use another cryptocurrency to pay for your healthcare. You will have to convert it into the cryptocurrency that the hospital accepts. BitPay does this for you free of charge, making it very convenient for patients.

For example, if you only have Ethereum, but the hospital only accepts Bitcoin, BitPay will convert your Ethereum into Bitcoin so you can still pay your medical bills. 

Why You Should Use Cryptocurrencies to Pay for Healthcare

There are many reasons why you should use cryptocurrencies to pay for your healthcare. Some of these reasons include the following:

Security

When you use cryptocurrency to pay for healthcare, your personal information is much more secure. With traditional payment methods, your personal information is at risk of being hacked and exposed.

However, your personal information is much more secure with cryptocurrency because it is not stored in a centralized location. It is stored in a decentralized blockchain, making it much more difficult for hackers to access, hence it a much safer way to pay for your healthcare.

Anonymity

Another reason to use cryptocurrency to pay for your healthcare is for the anonymity it provides. Your personal information is attached to the transaction when you use traditional payment methods.

However, the transaction is anonymous with cryptocurrency, which means your personal information is not attached to it. This is great for those who want to keep their personal information private and secure.

Lower Fees

When you use cryptocurrency to pay for your healthcare, you will likely save on fees. This is because there are no middlemen involved in the transaction.

With traditional payment methods, there are often fees associated with the transaction, such as processing fees, bank fees, etc. However, when you use cryptocurrency, no middlemen are involved, which means you will likely save on fees.

No Government Interference

With cryptocurrency, you can pay for your healthcare without the government interfering. This is because the government does not regulate cryptocurrency, hence can not impose any regulations or restrictions on it.

This is great for those who want to pay for their healthcare without the government having any control over it.

Used Internationally

You can use cryptocurrency internationally to pay for your healthcare. This is great for those who travel frequently or live in multiple countries. With traditional payment methods, you would have to convert your currency into local currency, which can be a hassle.

However, with cryptocurrency, you can use it to pay for your healthcare no matter what country you are in. All you will need is an internet connection, a wallet to store your cryptocurrency, and a mobile phone or laptop to access your wallet and make the payment.

Provides a Variety of Payment Options

When you use cryptocurrency to pay for your healthcare, you are not limited to just one payment option. You can use a variety of different cryptocurrencies to pay for your healthcare such Bitcoin.

This is great for those who want to have more flexibility and choices when it comes to paying for their healthcare since you can use the cryptocurrency you are most comfortable with and think is the best option for you.

Fluctuation in Prices

The price of cryptocurrencies can fluctuate greatly. This means that the amount you pay for your healthcare can also fluctuate.

However, this can work in your favor as well. If the price of the cryptocurrency you use to pay for your healthcare goes up, you will effectively be paying less. This is because you will use less of the cryptocurrency to pay for the same amount of medical bills.

Fast Transactions

The transaction is usually processed very quickly when you use cryptocurrency to pay for your healthcare. This is great for those who need to pay their medical bills urgently. With traditional payment methods, the transaction can often take days or even weeks to process.

However, the transaction is usually processed within a few minutes with cryptocurrency.

24/7 Traceability of Your Transaction

You can always trace your transaction when you use cryptocurrency to pay for your healthcare. This is because all transactions made with cryptocurrency are recorded on the blockchain.

This is great for those who want to keep track of their payments and ensure that their payment was received. Moreover, you can also use it in the future after payment of your medical bills as proof of your payment.

Top Hospitals That Accept Cryptocurrency as a Form of Payment

Many hospitals today have started to accept cryptocurrency as a form of payment. This is because cryptocurrency offers many benefits over traditional forms of payment, such as cash or credit cards. Some of the top hospitals that accept cryptocurrency as payment include: 

Manhattan’s Mount Sinai Hospital

If you are looking for a top-rated hospital that accepts cryptocurrency as payment, look no further than Manhattan’s Mount Sinai Hospital. Mount Sinai is one of the oldest and largest hospitals in the United States, and it accepts crypto payments through BitPay.

Despite accepting crypto payments, Mount Sinai has partnered with BlockMedx, a blockchain-based platform that will help manage and track prescriptions. This will help to ensure that patients receive the correct medications and dosages.

New York’s Westchester Medical Center

This is a non-profit hospital founded in 1901 in the city of Valhalla. It is one of the largest employers in the region, with over 10,000 employees. The medical center has accepted Bitcoin as payment since 2014 as part of its commitment to innovation.

Stanford Children’s Health

Stanford Children’s Health is a United States hospital specializing in neonatology and pediatrics. It is part of Stanford university school of medicine.

It is also one of America’s best children’s hospitals, as US News and World Report ranked it. This hospital accepts crypto payments in the form of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through BitPay.

Bethesda Hospital East

Bethesda Hospital East is a non-profit hospital based in Boynton Beach Florida that provides surgical and medical care to the community’s residents. It was founded in 1937 by Dr. Lawrence F. Smit.

It started as a small clinic with only a few beds but has grown into a large hospital in recent years, offering a wide range of services. Moreover, this hospital allows patients to pay their medical bills using Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

The University of Pittsburgh Medical Center

Despite being one of the largest healthcare providers in the United States, the University of Pittsburgh Medical Center was the first hospital to start accepting Bitcoin as payment back in 2016. It also accepts payment using other cryptocurrencies, such as Ethereum, Litecoin, and Bitcoin Cash.

NorthShore University Health System

NorthShore University Health System is a health organization that operates four hospitals and more than 150 outpatient locations in the Chicago area. It offers a wide range of services, including cancer care, heart and vascular care, women’s health, and more.

NorthShore University Health System began accepting cryptocurrency in early 2018, allowing patients to pay for their care with Bitcoin, Ethereum, and Litecoin.

The University of Utah Hospitals and Clinics

The University of Utah Hospitals and Clinics is a hospital in the United States that is part of the University of Utah. This hospital is one of the top-ranked hospitals in the United States and is also a teaching hospital.

Other than credit cards or cash, this hospital also accepts cryptocurrency as a form of payment. Bitcoin, Ethereum, and Litecoin are all accepted through BitPay.

Baptist Health South Florida

Baptist Health is a non-profit healthcare system in the US, specifically South Florida, with a network of eight hospitals and more than 100 outpatient and urgent care facilities. They began accepting cryptocurrency in early 2014 to make it easier for international patients to pay for their care.

Conclusion

With technological advancement, you can now use cryptocurrency to pay your medical bills. It is a new way of payment that is becoming popular among many people. 

Having known some of the top hospitals that accept cryptocurrency as a mode of payment, it is now possible for you to use your bitcoins or other digital currencies to pay for your healthcare when you visit these hospitals.

Healthcare Business Today is a leading online publication that covers the business of healthcare. Our stories are written from those who are entrenched in this field and helping to shape the future of this industry. Healthcare Business Today offers readers access to fresh developments in health, medicine, science, and technology as well as the latest in patient news, with an emphasis on how these developments affect our lives.

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