| Healthcare remains inaccessible and inequitable for all, especially for the poor in the Philippines. The healthcare expenditure as a percentage of GDP has been low around four percent since 2014, except in 2020, reaching up to 5.6%. The signing of the UHC ACT (RA11223) in 2018 has made Philhealth’s (national health insurance) coverage 100%, yet out-of-pocket spending is a significant source of funding for healthcare expenses. According to World Bank, about 53% of healthcare spending in 2018 was out of pocket. About 1.5 million Filipinos are pushed into poverty every year due to healthcare expenses.
Fintech for Health offers innovative solutions to address the challenge of growing out-of-pocket expenditure in healthcare. Fintech for Health is defined as bringing digital financial solutions into the healthcare ecosystem so that people can pay for their healthcare expenses. Innovative models have boomed in the financial industry in the last decade – such as digital savings, digital lending, micro-investment, insurtech, among many others. These models would empower patients to plan and save for their healthcare costs when integrated with the healthcare ecosystem. In emergency healthcare situations, digital lending solutions allow patients to access much-needed healthcare seamlessly. While these solutions bring efficiency, transparency, and the ability to afford, their seamless integration within the healthcare ecosystem and supporting regulatory landscape is the key to success. This webinar touches on Fintech for Health solutions, including innovative insurtech models that meet the needs of the target audience comprehensively, changing role of different stakeholders, and how the models could be scaled to meet the needs of the mass population. |
