Last year, CarePay, a platform that funds private and public health plans with smart mobile health wallets to provide access to high-quality healthcare, lent out US$18.24 million to private healthcare facilities, primarily to finance the purchase of necessary equipment and expansion. The CarePay platform supports private and public health plans with smart mobile health wallets to provide access to good healthcare.
Disbursements from the loan facility, which is part of CarePay’s medical credit fund (MCF), increased from around US$456204 per month in the third quarter of 2020 to more than US$3.65 million in the fourth quarter.
“We used our data on medical care expenses made via our platform, M-tiba, to create a financial history that enables the participating private hospitals to qualify for the loans based on a repay-per-use basis,” CarePay chief executive Moses Kuria said.
The loans were used to open pharmacies and an online prescription network, as well as to improve their ability to provide primary healthcare, with patients paying with the M-tiba cashless wallet created by CarePay, PharmAccess, and Safaricom.
According to him, loan disbursement increased to 3,100 facilities as of December 31, 2020, up from 2,500 facilities reported in 2019.
Moses Kuria – CEO, CarePay says “We used our data on medical care expenses made via our platform, M-tiba, to create a financial history that enables the participating private hospitals to qualify for the loans based on a repay-per-use basis.”
The National Hospital Insurance Fund of Kenya (NHIF), Britam, and AAR insurance companies in Kenya are currently using the M-tiba platform, where payments made at participating hospitals are sanctioned by customers who check each claim before releasing amounts and sending a real-time report to their underwriter or employer.
Mr. Kuria spoke when the firm published the findings of a nationwide survey on the impact of the Covid-19 pandemic on Kenyans’ spending.
The survey showed a desire for healthcare micro-insurance products based on cell phone technology, allowing for cashless and reliable medical care.
CarePay is a Kenyan firm that coordinates conditional healthcare transactions between funders, patients, and providers.
CarePay’s M-TIBA program channels funding through public and private financiers directly to patients’ cell phones in the form of a “health wallet.”
The use of these funds is limited to conditional spending at several Kenyan healthcare providers.
CarePay integrates digital payment with real-time medical and financial data collection in any transaction, making healthcare safer and more accessible for both patients and providers.
CarePay has signed contracts with over 2,000 healthcare facilities across Kenya, intending to bring healthcare to millions of Kenyans.
