Sustainability of quality health care: Unlocking new opportunities with Fintech

The healthcare sector is increasingly turning to digital solutions to boost efficiency, enhance patient care and cut costs.

By leveraging technology, healthcare facilities have been able to streamline their financial operations, manage cash flow better, and ultimately provide superior services to their patients.

But beyond streamlining financial operations, how can today’s standard healthcare facility actually benefit when it comes to keeping the facility itself afloat?

Ernest, a passionate doctor in Accra, runs a clinic offering vital healthcare services. Economic challenges, including inflation and delayed insurance payouts threaten his clinic’s operations. Traditional lenders are hesitant, leaving Ernest with limited options.

Platform

Using Kowri’s platform, however, Ernest accesses working capital through our partnership with MCF, keeping his clinic afloat. Additionally, our partnership with AdvancePharma helps him manage pharmacy inventory efficiently and save costs with a 10 per cent discount on pharmaceutical orders.

Ernest’s clinic thrives, providing quality health care to his community, powered by Kowri’s financial technology. Ernest’s patients continue to receive quality health care, and his clinic runs optimised operations, ensuring wins across the board.

Working capital

As illustrated, a significant challenge for healthcare facilities is accessing the working capital needed to maintain operations and standards of patient care in these times.

Traditional lending processes are lengthy, daunting and cumbersome, often requiring substantial collateral and extensive documentation. Kowri proffers a more streamlined approach.

At Kowri, we’ve partnered the Medical Credit Foundation (MCF) to provide healthcare facilities with easy access to working capital. Our platform uses real-time financial data to assess the creditworthiness of healthcare providers, allowing them to secure funding without lengthy bureaucratic processes.

 This partnership has already helped numerous hospitals and clinics across Ghana stabilise their operations and continue providing essential services to their communities.

 In the pilot phase of the project, we disbursed various amounts to 4 facilities as a proof of concept.

Going forward, we’re opening up this opportunity to private healthcare facilities around the country which include hospitals, pharmacies and clinics. We’re confident that this can provide the needed lifeline to many private facilities that are looking for working capital.

Future, health care

Looking to the future, the integration of fintech in health care is set to bring even more significant changes. Innovations such as blockchain technology, artificial intelligence and machine learning will further streamline financial processes, improve security, and provide deeper insights into financial health.

 It is our commitment at Kowri to lead the charge in ensuring that Ghanaian healthcare benefits from technology in order to better the overall patient experience.

The writer is the Chief Executive Officer of Kowri
Email: support@kowri.app