How fintech helps (and can be helpful) in the development of the healthcare industry

Coronavirus has greatly updated the segment of technological solutions in the healthcare industry. Given the digitalization of banking and personal finance management that we have experienced in recent years, it goes without saying that the healthcare industry could benefit from implementing the latest trends in its range of services.

A healthy lifestyle trend has been existing for more than one year, which is why various applications with integrated financial solutions are being created: a diet planner with a monthly fee, advanced health trackers, online medical appointments or consultations with doctors, and much more. But during a pandemic, any such decision is desperately needed.

According to Fortunly report, more than 46% of people exclusively use digital channels to fulfill their financial needs, while data published by Finances Online predicts that by the end of 2020, 90% of mobile users worldwide will use at least one banking platform on the go by 2020. Due to such trend of affairs, any fintech medical project will both meet the “new reality” of social distancing and meet the expectations of the audience. How exactly?

Banking accounts and insurance

Health insurance is not a really popular thing in Ukraine, but not only because of its lack of digitalization. Traditionally, we think about our work and family first, but not about our health, such economic realities. But coronavirus has definitely made many people pay their attention to preventive measures.

Will new startups appear in such a related niche aside from existing ones? Hard to tell. But banks themselves can begin to integrate more medical solutions into their banking services

in equivalent to the well-known Privat24 ecosystem, which comprises much more functions than just account management and payment for services.

Databases

The healthcare system represents a vast network of hospitals, private offices, pharmacies and other institutions which should facilitate the needs of their patients regardless of where the individual might come from at any given moment. By introducing networked blockchain databases into healthcare, medical institutions would have a much easier time tracking each patient’s records, history, requirements and other information.

All these have been already begun and partially developed by our health care reform. As the system is not perfect yet, it would be reasonable and efficient to involve the strongest fintech brands in the further system development and design.

Increased data security

Even though the medical industry is not under the constant threat of data breach, the confidential nature of its information must be protected at all costs

especially after recent leaks of personal data through other channels. Any further development of the electronic system with patients cards should be accompanied by new protection protocols. First of all, a multi-step identity verification and secure channels for data exchange between institutions are required for much safer data requests and sharing between institutions for cases in which patients have to switch doctors or facilities for a number of reasons.

Online doctor’s appointments

The weakening of quarantine measures does not mean that everyone has forgotten about the regime of self-isolation and returned to an everyday life. Coronavirus is changing the habits of many people, and the businesses are already responding to them, adapting their services. These will definitely include the projects that will provide not only the possibility to make an online appointment with a doctor, but also the possibility to hold it remotely. Of course, we are talking about initial consultations, and online attendance will never replace a real one. However, there is already a demand for such a service with the integrated payment functionality, and at least it makes no sense to deny it.

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Alyona Shevtsova

CEO of the international payment system LEO, the shareholder of IBOX Bank