Especially in America, healthcare costs can be outrageous–into the many hundreds of thousands of dollars. Even insurance can break the bank for many middle-class families, costing more than housing in many areas.
But thanks to new financial technologies, paying for healthcare gets a little easier every day. Plus, many other disruptive technologies like virtual reality and robotics are even offering us better healthcare for prices that should come down with the help of companies like those in this list.
Check out the top ten fintech companies in the healthcare sector!
Gem is a blockchain-based company that builds solutions for healthcare and supply chain businesses. GemOS is working with industry leaders in innovation of the healthcare and supply spaces to establish long-term partnerships. GemOS helps clients make use of all their data by organizing it into the blockchain.
Gem works with their clients to create a fully functional blockchain environment that encompasses all of their data. More than just data storage and aggregation, Gem allows clients to prove records exist without opening up sensitive information to prying eyes.
Once the networks developed by Gem become ready for implementation, Gem provides users with insight and assistance with automating their processes on the blockchain.
DreamQuark is a deep learning and neural networking startup that is focused on advancing predictive analytics for the FinTech, financial and insurance services, and healthcare industries. DreamQuark uses neural networks with what they call “sparse architecture” in order to help their customers derive more accurate data on a shorter timeline.
DreamQuark was founded by former particle physicists to ensure that even the smallest changes in a network can be monitored and accounted for. DreamQuark’s AI is designed to provide not only insight but also the steps taken to achieve a certain conclusion, thereby enhancing human cognition of the machine’s thought patterns.
FitSense is an online analysis platform for healthcare and insurance providers. FitSense incorporates smartphone and wearable technology to help consumers lower their insurance rates by offering insurers a deeper window into the consumer’s life. Insurers can receive information such as the consumer’s BMI, stress level, and even sleeping patterns.
On the other side of the token, consumers can limit their insurer’s access to their personal information through FitSense, allowing individuals to save where they want and to protect their personal data when they deem it necessary.
Kainos is a UK based technology company that is helping healthcare providers and other industry leaders operate more efficiently. Kainos has recently secured its place in the Clinical and Digital systems Framework Agreement as a digital service and platform provider. Kainos has worked with brands such as Netflix and Bradford Learning Hospitals to increase the efficiency with which the workforces of their clients can operate.
Kainos provides a 4-day work experience program for 16- to 18-year-olds to help them see what working for the company is like. Kainos also gives program participants valuable insight into how operations are handled at a Sunday Times top 100 company. Kainos has eight offices, a mix of both UK based, and international operations.
Liquid Landscape has produced LL Notebook, a data exploration and visualization platform that their clients can use to gain understanding and insight into operations on a broad scale. Each chart generated in LL Notebook is attached to all of the others in the dataset, letting users see information on virtually any aspect of their operations, as well as the relationships between data on demand.
LL Notebook is being deployed for use in the finance and healthcare sectors, as well as for use with IoT integration. LL Notebook provides an easy way to set up a collaborative, data-driven environment with other team members to ensure that everyone has access to the data they need.
MedXoom is improving the patient-provider relationship by giving patients a more transparent view of their healthcare benefits. The effect is further magnified by cooperating with employers and insurance brokers to simplify the medical billing and collections processes while helping to reduce costs.
MedXoom lowers patient costs by reducing the amount of time needed to transact and keep track of their benefits, letting employers more easily choose the appropriate plans for the coverage their employees need, and helping reduce the workload on insurance brokers.
By incorporating their platform with a native mobile environment, MedXoom is making the information more accessible for consumers and in turn increasing public trust in the healthcare system.
Simplee is reinventing the way that patients and healthcare providers interact. Increased customer engagement and simplified payment processes increase the likelihood of payment and lower average costs by as much as 25%. Simplee is freeing up weeks to months of patient lifetime that would have otherwise been spent dealing with paying off healthcare-related debts or setting up payment plans online.
Simplee now works with more than 900 hospitals and over 5 million patients to make paying for their healthcare cheaper and easier, a win-win for both the providers and the patients. Simplee has garnered more than 35-million dollars in funding for their platform, enabling them to continue expanding into this highly-competitive market.
HealthExpense is a HIPAA-certified third party working to aggregate patient debts and reimbursements all under one roof for patient convenience. Their platform makes it possible for patients to see what they owe and are owed in one sleek package, removing the intimidating barriers to payment that are traditionally associated with lengthy bills and itemized EOBs.
HealthExpense lets users pay what they owe with just one click, ensuring that patients can reasonably send out payments in a reasonable timeframe, or establish payment plans so that they can begin paying their debts before they go to a collection agency.
Pact Fitness addresses one of the most imposing challenges associated with physical fitness, motivation. Pact addresses motivation by offering monetary incentives for individuals who progress with the fitness pact that they set, while they charge users who fail to keep their covenant.
Pact takes from the individuals who fail to meet or exceed their goals and redistributes those funds to participants who meet the promise they made. Pact does allow for users to take a break for medical reasons, but may request to speak with a doctor or physician to verify that the user is not physically well, in order to prevent fraudulent behavior. Pacts can include healthy meal plans and exercise routines, assisting users in transforming to or upholding a healthy lifestyle.
Patientco delivers users a single, combined platform through which they can access all of their medical debt and payment plans. Patientco is helping healthcare providers recover costs on patient services by allowing users to set up and automate payment activities.
By helping healthcare providers recover their costs, Patientco is helping to reduce the cost of healthcare for the masses. Patientco accepts all major payment methods, and lets users set up a payment schedule that works for them, thereby increasing customer satisfaction, and reducing the default rate for medical expenses.