LiquidCare, which is a healthcare subsidiary of FinTech Liquid Payments, announcement its new buy now, pay later (BNPL) patient financing solution on Tuesday, March 22, touting it as transparent and easy to use.
According to the press release, LiquidCare’s instant, personalized and affordable payment options provide patients with immediate access to care “at no risk or cost to healthcare providers.” This will be done in partnership with American Bank & Trust Company, with LiquidCare’s solution creating a “financial pathway” for patients.
The solution would provide an instant 100% approval rate for people with a credit score of 580 and above, with no fees or recourse for providers. Patients will have access to a streamlined mobile experience, with instant funding options available following a “smooth” credit check process.
Patients are then instantly notified of the loan amount they are approved for, the interest rate and repayment terms. From there, health care providers can provide the applicable treatment.
“We recognize that traditional loan options on the market today are costly to healthcare practices, result in low approval rates, and are generally overly complicated,” said Shashi Kapur, CEO of Liquid Payments. “We developed LiquidCare to address these challenges, eliminating cost and friction with a paperless digital experience, expanded access to financing, and easing the burden on providers.”
PYMNTS wrote that as healthcare continues to modernize, more companies in the sector have tried new modern platforms.
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The report noted that hospitals have had to look into new technologies beyond legacy platforms, as there was a need for more technology and data in environments to help process medical information more easily.
For example, on March 15, General Electric announced the launch of its new Edison digital health platform, which has been described as a “vendor-independent hosting and data platform” that will use artificial intelligence. (IA).
These technology trends have become more popular, with patients, healthcare systems and insurers seeing more advanced solutions for initial diagnosis, final payment and more.