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Patient Self-Insurance

Patient Self-Insurance & Employer Aid: Dedicated Funds For Health Services. Is Your Clinic Prepared?

Is your clinic missing out on new patients or adequate follow-up care of existing patients due to limited dedicated patient finances for health-related costs? New Zealand’s only health-focused and regulated Buy Now Pay Later (BNPL) platform, HealthNow, have extended their services to offer a solution and promote the prioritization of health acquisition with SELF-INSURANCE and EMPLOYER AID. Here’s what it looks like for NZ doctors.

Approximately 75% of New Zealanders are currently living without any health insurance and remain responsible for the full cost of any private doctor visits, prescriptions and specialist appointments. For those that are covered, the cost of their premiums are rising year on year – and will likely continue to do so, given the increasing costs of medical treatments, the number of claims, and New Zealand’s ageing population. This has left many exploring whether their health insurance costs for day-to-day medical expenses are really worth it, especially with significant limitations imposed by pre-existing conditions and other clauses that leave them paying out of pocket anyway – and what alternatives exist that could help kiwis cover their medical costs without committing to a monthly insurance premium that they may not need to use or receive value for.

Earlier this year, HealthNow was launched as an app and online platform, filling a unique gap in the market for both health professionals and their patients. While patients enjoy the ability to spread the total cost of their medical appointments over multiple payments, up to six weeks, medical professionals are currently welcoming more patients to their practices by removing the financial accessibility barrier and optimising the patient experience. This happens with no interruptions in predictable cash flow as providers get paid in full on the day of their service, despite patients only paying a fraction of the upfront cost initially. 

Alongside the immediate benefits of HealthNow, two new features are now giving New Zealanders more options and opportunities to take control of their health: the HealthNow wallet, and the employer aid feature. 

Health Wallet

The health wallet is a safe and secure avenue for self-insurance, accessed as an in-app savings account that stores funds to be used solely on health-related services and products. Consumers are choosing the dollar amount and frequency that they’d like to contribute to the account, with zero fees or interest penalties. The wallet is then used at the point of sale, when it comes time to pay for their appointments at reception. Aside from adding to their own wallets, family members can also deposit funds to one another, having confidence and peace of mind that any financial contributions can only be used for their health and well-being. 

Employer Aid

Adding to the health wallet, HealthNow’s focus on employer contributions is seeing more employers choose to contribute to their employee’s health wallets as part of their corporate wellness programmes. This cash injection can be used to maintain the well-being of employees and their families, understanding that each person has varying health needs, and giving them the freedom to choose how best to care for their health without limiting their staff to basic levels of health cover or other exclusions imposed by insurance companies.

Benefits To Doctors

For doctors and their clinics, having patients with a ready-to-go health wallet means that New Zealand can work towards improving some of our staggering statistics where up to 39% of New Zealanders were found to avoid visiting their GP when they had a genuine medical need due to the upfront cost. Patients can go into appointments with clarity and confidence, knowing that they can afford to follow through with their treatment plan, collect their prescriptions, and return for follow-up care.

As HealthNow continues to grow, the innovative company has also set their sights on the ability to pay its account holders interest on the funds in their health wallets, giving health consumers even more cash-in-hand for their medical services and care. HealthNow also serves as a free additional form of marketing for their trusted medical partners, advertising both via their website and through their clinic locator service which is freely and easily accessed online and in-app.

Using HealthNow In Your Clinic Is Easy

Using HealthNow is a simple and seamless process, much like the existing instant insurance claim services. Your patient uses the app when it comes time to pay for the appointment, with the funds moving from their health wallet to your bank account instantly, securely and contactlessly. If patients have not yet taken advantage of the health wallet, they can choose to spread the cost of their appointment over multiple payments over up to six weeks. While they pay only a part of the upfront cost on the day of the appointment, you and your clinic always get paid in full by HealthNow on the same day.

HealthNow’s wallet, employer aid, advertising and payment systems are only available to their trusted partners. HealthNow offers free onboarding and integration with no setup fee, no monthly fees, no hidden expenses and no lock-in contracts. Applying to be a HealthNow partner and trialling it in your clinic is simple and risk-free: Book a HealthNow demo and find out more about how HealthNow will increase accessibility for your patients and add opportunities for your practice.

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