According to Fortunly, more than 46% of people use only digital channels for their financial transactions. These days, the healthcare sector is one of the industries that is implementing numerous fintech solutions. Many of them are specifically designed to raise the standard and broaden the scope of medical services. However, we must also remember that providing medical treatment involves a great deal of administrative work and procedures that require a serious amount of time and energy. However, fintech’s implementation in the healthcare sector can aid in effectively addressing the current problems associated with them.
What Is The Role Of Fintech In Healthcare?
When looking into the meaning of fintech, it refers to software, mobile applications, and other technologies designed to automate conservative fintech solutions for businesses and consumers. A fintech will incorporate a wide range of activities and businesses that leverage technology to make finance more efficient, accessible, and convenient.
The idea of incorporating fintech into healthcare industries implies using financial technologies to optimize the payments and financial transactions between medical employees, patients, vendors, and suppliers. The main aim of the incorporation is that both parties, the payer and payee, can save their valuable time as well as effort.
Zil is a financial technology company offering financial services through partnerships with FDIC member banks. The platform offers the best fintech solutions for businesses that are affordable, assured, and accessible. With its flexibility and adaptability, anyone can instantly open an account with the platform.
Challenges Faced By Healthcare Providers In Managing Finances
Extra charges: While sending or receiving payments, the processing charge is a headache for the healthcare industry.
Risk Of Fraud: The healthcare sector is a prime target for fraud. Healthcare faced huge money losses because of data breaches between 2022 and 2023 which increased 8.2%, from $10.1 million to $10.9 million
Lack Of Flexibility: Patients or vendors may not have the payment method that is given by the healthcare. The total transaction value in the digital payments market is projected to reach US$3,073.00bn in 2024. The study clearly indicates that most people use digital solutions for payments, and it is a must to give different payment options.
Benefits Of Incorporating Fintech In Healthcare
Every industry experiments with new technologies to transform their business to a new level. Regarding financial management, it is important to know the customer preference. The new technological advancements in payments and being updated about them can enhance your business’s financial operation.
Checking Account With No Additional Fees
The basic thing for a business is to have a checking account. Having a good checking account for your healthcare business is important to manage your income and expenses. What happens if the checking account is complicated? It can be difficult to maintain a checking account with additional fees like initial fees, maintenance charges, etc.
Zil offers free online checking accounts without any hidden fees. You can easily and instantly open a checking account with no initial or hidden fees. The platform eliminates maintenance fees, and you can make trouble-free payments.
During a public health crisis, healthcare industries may need additional supplies, staff, or expanded services. In such cases, this could result in accounts nearing zero as they meet urgent needs. In such cases, accounts may levy fines for not maintaining the minimum deposit. The issue can be resolved through Zil’s checking account. The software allows you to have an online checking account without a minimum deposit. You can manage your finances easily and conveniently with the cloud-based platform.
Multiple Checking Accounts
Multiple checking accounts are needed to track revenue and expenses clearly. It is also a must to separate income from different departments, such as cardiology and radiology, and segregate operational expenses like supplies, utilities, rent, and payroll.
Zil offers to open multiple business checking accounts to grow your business and stay profitable. You can organize all your finances on a single platform. It will help you track all your payment records separately within a platform.
Same-Day ACH Transfer
Same-day ACH payments can help healthcare industries when emergency fund transfers are necessary. For example, if you contract with a third-party service provider, like lab testing or cleaning services, or you need to pay part-time employees, you can use same-day ACH to pay them instantly. The quick payments can ensure there is no disruption in services.
Zil provides same-day ACH transactions for businesses and individuals. The feature enables users to transfer funds between bank accounts within a single day, making it an easy choice for quick transactions. Same-day ACH is affordable, quick, and reliable with Zil. As a NACHA member, the platform ensures your ACH transactions are safer and more secure.
Corporate Expense Card
Corporate expense cards can be useful for healthcare industries to cover the expenses of medical staff. For hospital needs or Continuing Medical Education (CME) events, medical staff don’t need to use personal funds or go through long processes.
Zil allows you to have a corporate expense card for your business needs. Each employee can have their own card where you can control the spending. Employees no longer need to share their cards with others, and the platform guarantees that the costs are correctly assigned to the proper groups and budgets.
You can see that integrating fintech technologies like Zil into healthcare improves money management. The platform provides flexible, efficient, and cost-effective services. Fintech simplifies processes to ensure smooth and safe financial transactions. These advances save time and money and enhance the overall quality of healthcare services.
With the right approach and the best platform, healthcare businesses can better satisfy the changing demands of patients, employees, and vendors. Contribute to healthcare transformation by investing in the right platform like Zil.
