Like all other sectors, the healthcare market also widely adopted digital payments in the last two years. With the rising adoption of smartphones and rapid internet penetration, healthtech players have started entering the market with their innovative digital wallet solutions to gain market share. For instance,
In April 2022, a Sweden-based fintech firm that also operates as a health company, Milvik Bima, introduced a mobile application for customers in Bangladesh. It is an innovative app since this health app, Milvik Health+ amalgamates both payment tools and e-commerce for healthcare. This new wallet has telehealth features that allow the user to connect with the doctors and keep track of their appointments. Additionally, this app allows the user to access the patient’s medical history. Notably, for every in-app payment of health subscriptions, the company provides the user with the provision to earn health points. Further, these health points can be redeemed by the user for buying healthcare products, including medicines, medical equipment, oral and eye care products, health and fitness wearables, and nutritional items.
Interestingly, the app provides the user to pay the health subscriptions with the help of flexible payment options. Also, the app provides the user the ability to update the details of their family members on the app. Additionally, the user can also track their health savings through the app. Specifically, Bangladesh is targeting to enable an integrated health information system by the creation of electronic health records for every citizen and leveraging population health data using AI, thereby pushing its way to digital health transformation. Thus, the company, which intends to bridge the gap in accessing healthcare in Bangladesh, is in line with the country’s initiative of digital health innovation. Apart from Bangladesh, it also operates in eight other countries across Asia and Africa.
Another instance of digital transformation in healthcare is the partnership between United States-based healthtech player, PayGround and Plastiq in April 2022. Through this partnership, patients can now pay their medical bills through credit, debit, or flexible spending. Additionally, the patients can also pay using their health savings account cards card through the PayGround mobile app. The wallet will enable the patients to search for a particular healthcare provider and proceed with transactions after the selection of the preferred payment method. Moreover, the PayGround mobile wallet enables the family of the patient to pay multiple healthcare providers from the same account. Therefore, the mobile wallet, which not only reduces the time and hassle of maintaining medical bills and tracking payments but also stores payment methods for future use, is likely to see significant growth over the longer run.
Similarly, in April 2022, Innovative MedTech, Inc., a provider of health and wellness services, announced that its RX Vitality digital healthcare wallet will start offering 20%-75% pharmaceutical discounts at nearly 65,000 pharmacies across the United States. Interestingly, the firm will soon offer discounts for online merchants also, and help the user earn points on their loyalty program. With the increasing costs of the OTC (over-the-counter) drugs, this innovative offering of the health tech firm is expected to observe significant growth in its business in the country.
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