55 Million Indians were forced into poverty due to the costs of medical care (according to a study from the Public Health Foundation of India). Access to affordable healthcare is a fundamental need for everyone, but unfortunately, it remains a struggle for a significant portion of the population in India. This struggle is not limited to low-income earners but also affects middle-income earners, making it a critical issue that needs to be addressed urgently. One of the main barriers to accessing affordable healthcare is the high cost of medical procedures and treatments. Many patients often delay seeking medical attention because of financial constraints. This delay can lead to further complications, making the treatment even more expensive and challenging to manage. As a result, many patients are forced to compromise on the quality of care they receive, which can have significant consequences on their health outcomes. It is essential to come up with innovative healthcare financing solutions to address this matter.
Turning to the solution, there are several companies out there that are bringing real change into healthcare, making it affordable and accessible to all. One such company disrupting traditional healthcare financing models is Medfin, a start-up based out in Bangalore.
Medfin: Making medical care accessible and affordable for all
Established in 2017, Medfin has helped thousands of patients access surgeries that they would not have been able to afford without financial assistance. The company is focused on making daycare procedures accessible to everyone, regardless of their financial status. This start-up provides healthcare financing services tailored to meet the needs of patients who need surgeries, covering a wide range of daycare surgical procedures.
Medfin has taken a thorough approach to ensuring that every patient has the capacity to improve their health and well-being. One of the ways in which the company has achieved this is by offering EMI options, which allow patients to pay for their surgeries in easy monthly installments. This approach not only makes it more convenient for patients to manage their finances but also ensures that they can access the care they need without any delay.
In addition to EMI options, Medfin also offers cashless insurance options to patients. This eliminates the need for patients to make upfront payments, which can be a significant burden, particularly for those who may not have access to immediate funds. With this, patients can rest assured that their medical bills will be taken care of, and they can focus on their recovery without any financial worries.
By providing minimally invasive surgeries, Medfin makes getting medical treatment ten times easier for patients. Arun, the co-founder of Medfin, highlights the benefits of minimally invasive surgical procedures, “Patients can receive necessary care and return home the same day, reducing financial burden and stress. They can resume daily activities sooner, saving money and returning to normal life.”
To further reduce the burden on patients, Medfin also offers paperwork assistance services. These services take care of all the necessary documentation, making the entire process hassle-free for patients. This can be particularly beneficial for those who may not be familiar with the paperwork involved in accessing medical care. Now, patients can focus on their recovery while Medfin takes care of the necessary paperwork.
From financial strain to recovery: A patient success story
The success stories of patients like Ms. Sudha are a testament to the effectiveness of Medfin’s innovative financing options. “I needed cataract surgery but did not have the means to pay for it upfront. Thankfully, Medfin was able to offer me an EMI option, which allowed me to undergo the procedure without any financial strain. By breaking down the cost into affordable monthly installments, I was able to get the surgery I needed and pay for it over time,” says Sudha (Watch the patient testimonial video here)
This shift towards innovative financing options in the healthcare industry is a positive development for patients. It means that individuals who may not have the means to pay for expensive medical procedures upfront can still access the care they need. This will help to ensure that patients do not delay necessary medical procedures due to financial constraints, leading to better health outcomes. Business Wire India