Beyond BNPL: A Look at the Future of "Care Now, Pay Later" Healthcare
Many traditional FIs have chosen to partner with fintech companies to deliver instant, faster payments for business, and with credit-based solutions for business' end clients, also consumers. Buy now, pay later (BNPL) is a $1 trillion market. Health care represents an emerging industry where the risk profile of certain sectors makes great sense for FIs looking to provide innovative, digital and instant pay in installments for items such as routine medical and dental treatments, particularly attractive in longstanding relationships. Health care offers a strong use case for installment payments with patients saying they did not get needed care due to inability to pay in the short-term or at the time of treatment. Health care looks attractive because payment plans can be tied to the continued provision of treatment, making it in the consumer's interest to meet repayments. Businesses can in turn improve their working capital and accounts payable/receivable strategies to meet any growing demands, or uncertainty in the marketplace, by improving their collections, revenue cycle, and B2B workflow and transactions. Speakers in this session explore why this business model represents a new market for health care providers and FIs.