Can I Use Crypto to Pay for Medical Expenses?

You’ve probably read a lot of articles or have heard a lot of talk about cryptocurrency these days. From Bitcoin to Dogecoin to Ethereum, there are more than ten thousand different cryptocurrencies traded publicly, with a marketplace valued at around $1.4 trillion as of July 2021. Now, more e-commerce outlets have gotten in on the crypto game, allowing customers to purchase products and services to use these digital assets just like they would cash or credit.

Understanding Crypto

The cryptocurrency market continues to expand also daily, offering new forms of payment that can be exchanged online. Companies may offer their own currencies, often called tokens, that can be traded specifically for the goods and services they provide, almost like a casino chip. With an ever-growing realm, outlets like Cryptovantage are available to keep consumers ahead of the game with valuable insight. These websites act as a sherpa through the mountain terrain of cryptocurrency exchange.

These guides will point you to the best crypto wallets to hold your digital assets and watch them grow. You can also find out the best apps available for quick and easy ability to trade cryptocurrencies, such as Coinbase and Kraken. These apps are easy and free to download, and some even reward users for expanding their knowledge of newcomers to the crypto community. Those apps will also alert you to available credit cards that allow you to use the funds you’ve accrued in a physical realm through top credit companies like Visa and MasterCard.

Similar Technologies

Cryptocurrency works using what’s called blockchain technology, a decentralized technology spread across a vast network of computers that manages and records transactions. Some crypto users have come to find that blockchain provides a more secure means of communication than traditional payment methods. Blockchain presents a bright future for efficient virtual models throughout a variety of industries, and the healthcare industry is no exception to helping overcome obstacles in current structures.

Think of how long it takes to submit a claim through your health insurance provider. You may hit multiple snags in just trying to get personal information like a contact number transferred between the insurer and health institutions. This leads to a lack of transparency and a ruined customer trust. Blockchain addresses this disconnect by breaking down obstacles between insurance, medical institutions, and clinical to alleviate inefficiencies in service. It starts with taking a disorderly data silo and organizing it to flow seamlessly to benefit the health and wellness of a patient.

Online Medicine and Pay

With the same blockchain technology that is building the cryptocurrency market, patients can retain access to their data, tracking and revoking access in real-time. This keeps users in the know as to who has this information, no longer entrusting third-party institutions to mete out access. With data security and verifiable transactions, more clinics are finding that allowing crypto-based payment is helping to create another viable opportunity for patients to cover the cost of their outstanding medical expenses safely and, perhaps, more efficiently.

This blockchain technology has also been an even greater asset to some healthcare providers and insurance companies throughout the COVID-19 pandemic. With telehealth services being relied on more than ever, doctors and therapists were able to securely transfer information in no time to provide care from afar.

For example, therapists in Berkshire are able to conduct psychotherapy sessions with patients within the privacy of their homes. This allows mental health professionals to provide viable counseling to everyone from young adults to older patients. With safe technology, a co-pay can be paid in cryptocurrency, and data regarding a visit to a mental health counselor can be processed with the same blockchain structures.