The birth of Fintech was influenced by the financial crisis or 2007. Fintech took advantage of the economic downturn of the trust in the market, bringing in more and more millennials looking for the ability to instantly access the financial market through digital platforms and mobile apps. The instant success of online investment through swing trading indicator, forex sculpting and financial analysis, Fintech is set to transform the approach of handling money that has not succeeded in garnering trust of the previous generation. Needless to say, Fintech has generated much buzz in the healthcare industry as well.
- Convenient Payment Options: The billing and payment options before Fintech has been confused and frustrated millions of patients, as well as hospital administrations worldwide. The much needed change Fintech has brought in the ways payment can be facilitated through online payments and billing, is a welcome change. Especially with Medicare costs reaching extreme highs, it is of paramount importance to ditch archaic ways of payments.
- Payment Fraud Reduction: The reason healthcare costs have turned up high in recent years has been driven majorly by payment fraud. Which could be devastating for the patients as well as default hospitals. Fintech is actively working against solving matters of payment fraud.
- Easy Loans for Medical Professionals: Fintech start-ups are coming up with means to warrant easily accessible financing to medical professionals with the goal to have better funding options for them in the time of need. The typical earnings of these staff is a clear indicator that they could benefit from having easy access to funds, as well as providing lenders, banks a warranty that there would be an extremely low rate of borrowers defaulting on money as their skills are highly sought after and often place, irreplaceable.