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Wednesday, 8 May 2019

Ghaziabad hospitals tie up with AffordPlan to enable patients save and plan better for medical expenses

Ghaziabad hospitals tie up with AffordPlan to enable patients save and plan better for medical expenses

Ghaziabad, May3, 2019

To reduce the burden of patients' out-of-pocket expenses, and aiming to make healthcare more affordable, several hospitals including Gargi Hospital, Prime Hospital, Shyam Hospital and Krishna Family Centre in Ghaziabad have partnered with AffordPlan. The innovative fin-tech platform will help smoothen the cash flow for non-insurance patients’ by breaking up the lump sum amount of their medical expense into smaller manageable instalments. 

AffordPlan, is a first-of-its-kind financial technology platform that enables healthcare savings. It helps patients save and pay for planned, non-emergency, medical procedures such as maternity, dental, cataract surgery etc. Through its unique savings solutions, AffordPlan is helping patients reduce 15% - 20% at partner hospitals. More than 800 hospitals and healthcare ancillaries including pharmacies, path labs, etc. have already partnered with AffordPlan across the country.  Over 60% hospitals in the small and midsize category have successfully tied up with AffordPlan in New Delhi NCR.

Dr Kiran Garg of Gargi Hospital said “AffordPlan is an important platform for helping patients who are making out of pocket expenditure for their planned procedures. It is systematic, debt free and convenient for our patients.”

Tejbir Singh, Co-Founder and CEO, AffordPlan said, “Healthcare expenses impact each individual in the course of their lifecycle, albeit differently, and the majority of Indians are plagued with spends that are unplanned and out-of-pocket. In the light of poor insurance penetration (73% of the Indian population is uninsured), and high out of pocket expenses (over 90% in private healthcare) Indians still rely on personal savings to plan medical care. Through our savings product, hospitals and patients can co-design flexible payment plan for their medical treatment. AffordPlan offers a manageable payment structure, developed specifically for an individual’s need based on their liquidity.”

AffordPlan allows patients to save an amount they are comfortable with on a daily, weekly, or monthly basis and to make payments as per their convenience through a number of platforms including cash payment at the AffordPlan desk or the local pharmacy; bank transfer and online payment; or the payments can even be collected from the customer’s doorstep. While AffordPlan addresses treatment across dental, eye care, knee replacement procedures, the sizeable chunk of the product caters to maternity. Expenses for a normal delivery alone cost anywhere between INR 20,000 - 50,000 without accounting for unexpected occurrences that may need urgent medical intervention and therefore further expenditure. The unique nature of the product and services brings down the overall cost (including out-of-pocket expenses) of treatments by as much as 15%-20%.

Note to the editor

According to National Family Health Survey-3, the private medical sector remains the primary source of healthcare for 70% of households in urban areas and 63% of households in rural areas. While the facilities have been improving across the sectors, so have been the high out-of-pocket expenses. In fact, the surge in out-of-pocket costs of private healthcare has led many households to incur catastrophic healthcare expenditure, threatening the household's ability to maintain even a basic standard of living.

There has been limited technology intervention and financial innovation to make quality healthcare more affordable and accessible.

About AffordPlan

Launched in 2016, AffordPlan is a first-of-its-kind fintech platform, which is at the intersection of finance, healthcare and technology. The start-up is building a full stack of financial services for healthcare across savings, lending and insurance products. The savings product allows for planned savings, ideal for non-emergency treatments such as maternity, dental, eye care, knee replacement and more. Hospitals and patients can co-design flexible payment plans so that patients can obtain medical treatment and products through a manageable payment structure developed based on individual need and cash flow. Deeply rooted in financial innovation in healthcare and backed by continuously deepening distribution and supply chain capabilities.

AffordPlan has partnered with more than 800 hospitals across Delhi NCR, Mumbai, Bangalore, Ahmedabad and Pune. AffordPlan is committed to enable affordable and accessible healthcare to all.

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