CarePal Money, a leading healthcare lending marketplace, has announced the launch of its newest service, reimbursement financing. This innovative offering aims to address the growing challenge of empanelment issues between hospitals and health insurance companies, ensuring smoother healthcare financing for patients and hospitals alike.
Through the reimbursement financing service, CarePal Money, with the help of its trusted partners, can:
Review and decode the details of the customer's health insurance policy.
Assess the claim and the likelihood of receiving an insurance reimbursement within the next three months.
Evaluate the customer’s intent and willingness to repay the loan after receiving the insurance reimbursement.
Health insurance reimbursements account for 35% of all health claims paid in India, with the total financing opportunity estimated to be around $3 billion annually. This new service is set to provide a significant financial bridge for patients caught in reimbursement delays, helping improve access to timely medical care. Similarly, reimbursement financing can play a pivotal role in addressing hospital empanelment challenges, especially in improving cash flow for hospitals awaiting reimbursements
Piyush Jain, Co-Founder and CEO and Khushboo Jain, Co-Founder and COO of CarePal Group, said, “With this service, we are tackling a critical challenge in the healthcare sector – the delay in reimbursement payments. Our goal is to ensure that both hospitals and patients don’t face financial stress due to insurance empanelment issues. By stepping in with this financing solution, we hope to create a more seamless experience for all parties involved.”
Sahil Lakshmanan, Chief Business Officer of CarePal Money, added, “We understand that healthcare financing can be a complex landscape, and our new reimbursement financing service is designed to bridge the gap for those affected by hospital empanelment issues. By underwriting the policy and assessing the customer’s reimbursement ability, we are providing peace of mind and financial relief in a critical time.”
CarePal Money ensures that patients never suffer due to financial constraints. Alongside CarePal Secure, a health insurance and benefits marketplace, and Impact Guru, a medical crowdfunding platform, these three entities form the CarePal Group to create the world’s first integrated healthcare financing ecosystem, offering end-to-end financial solutions to patients in need. As a full-stack player, CarePal Group covers all aspects of healthcare financing—from crowdfunding for critical treatments, lending for out-of-pocket expenses (OOPE) and non-cashless procedures, to providing protection through comprehensive health insurance and health benefit plans.
About CarePal Money
CarePal Money aims to create a marketplace providing healthcare loans at affordable prices to patients. The brand's vision is to enable access to affordable healthcare loans through collaborations with leading lending institutions across the country. Patients with partner hospitals will be the key beneficiaries.