Medical Banking involves the use banking systems to improve healthcare industry. It is the involvement of banks into the Healthcare value chain to reduce costs,increase access and simplify delivery of healthcare.Medical banking integrates various stakeholders (providers, payers, clearing houses, banks and specialized firms). Processes like payment of premiums by consumers, claims submission by the provider, claim status checking etc. can be time consuming and involve a lot of paperwork. The Medical Banking concept proposes the handling such processes electronically by leveraging current banking systems. Medical Banking can also help safeguard medical records related to a consumer electronically under the custody of a bank. Medical Banking can also provide support to Consumer Directed Health Plans. CDHPs offer accounts like Health Savings Account (HSA), Flexible Savings Account (FSA) which, being tax-free, help consumers save money for their future medical needs.
Read more about Medical Banking: Trademark, Necessity of Medical Banking
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