Digital technologies are set to transform healthcare in ways that are never thought before. One such area that will witness immense disruption, is the way hospitals will operate their banking transactions and payment processess. Along similar lines, Standard Chartered Bank’s transaction banking team delivered an interesting presentation on how the healthcare sector can leverage technology to enhance its banking operations in order to become more efficient as well as improve patient check out experience. The Standard Chartered team further described how the bank has interacted closely with various players in the healthcare ecosystem like Third Party Administrators (TPA’s), insurance companies, hospitals, clinics and 3rd party technology firms in order to understand the concerns of the healthcare industry and has then created a value proposition that can help the healthcare fraternity.
The presentation began with information on how India as a country is leveraging digital technologies to optimise better outcomes in various industries. The team elaborated, “India is getting digitised. Internet penetration in India has grown multifold and there are around 30 crore smart phone users in India with access to internet.”
The team also mentioned that the present government is leading the way in promoting digitisation across industries through policy, incentives and investments. With regards to the Banking sector, they mentioned,. “100 crore Aadhar cards have been issued in India which are now been linked to bank accounts. The BHIM UPI App was recently launched by the government that lets users make payments using Unified Payment Interface. This shows that the government is lending its full support in its digital India campaign”.
While focussing on the healthcare sector, the team emphasised the need for hospitals to go down the digital route to become truly future ready. “Today, patients are seeking quicker, cheaper and safer ways to pay, hence it is critical for this sector to adapt and align itself with the technology to be able to fulfil customer/ patient needs, ” they said.
The team informed that Standard Chartered Bank is seeking partnership opportunities within the healthcare sector and is interested in exploring areas wherein the bank can be an active partner in the this ecosystem.
Further, they explained the technical aspects of opting for digital banking solutions. They interpreted how these banking solutions function and how these can add value to patient experience as well as strengthen operational efficiencies.
The team also expounded on the significance of UPI payment system for the healthcare sector. They informed that this system simplifies the patient payment process and has the ability to reduce patient wait times and also reduce human errors in payments processing.
Moving forward, the Standard Chartered Bank team presented their comprehensive banking offerings to hospitals including a reconciliation solution for payments made to hospitals by TPA’s and insurance companies, UPI solutions and cash deposit machines to name a few.