LiquidCare Debuts New Streamlined Healthcare Financing Tool

LiquidCare, which is an affiliate to healthcare FinTech Liquid Payments, announced its new buy now, pay later (BNPL) patient financing solution Tuesday (March 22), touting it as transparent and easy to use.

According to the press release, LiquidCare’s instant, customized and affordable payment options offer patients immediate access to care “with no risk or cost to healthcare providers.” This will be done in partnership with American Bank & Trust Company, with LiquidCare’s solution creating a “financial pathway” for patients.

The solution reportedly offers a 100% instant approval rate for those with a credit score of 580 and above, with no fees or recourse for providers. Patients will have access to a streamlined mobile experience, with instant financing options available following a “soft” credit check process.

Patients are then instantly informed of the loan amount they’re approved for, interest rate and repayment terms. From there, healthcare providers can deliver applicable treatment.

“We recognize traditional lending options in the market today are expensive for healthcare practices, render low approval rates, and are generally over complicated,” said Shashi Kapur, CEO of Liquid Payments. “We developed LiquidCare to address these challenges, taking cost and friction out with a paperless, digital experience, expanded access to financing, and alleviating the provider burden.”

PYMNTS wrote that as the healthcare continues to modernize, more companies within the sector have been trying out new, modern platforms.

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The report noted that hospitals have been having to look into new tech beyond legacy platforms, as there’s been a need for more tech and data in environments to help get medical information dealt with more easily.

For example, on March 15, General Electric announced the debut of its new Edison Digital Health Platform, which has been described as a “vendor-agnostic hosting and data” platform that will make use of artificial intelligence (AI).

These tech trends have become more popular, with patients, health systems and insurers seeing more advanced solutions for initial diagnosis, final payment and more.