CarePay Introduces AI-Based Platform for Instant Healthcare EMIs

CarePay Introduces AI-Based Platform for Instant Healthcare EMIs

The company said the platform enables real-time, zero-cost EMI approvals for medical treatments up to INR 10 lakh. 

CarePay has launched an instant healthcare EMI platform integrated with an AI-powered assistant, Careena (CARE ENgagement Assistant), to accelerate access to healthcare financing in India.

The company said the platform enables real-time, zero-cost EMI approvals for medical treatments up to INR 10 lakh. 

According to CarePay, the solution leverages AI-based risk assessment and real-time processing to reduce loan approval timelines from several days to minutes.

The service provides zero-interest EMI options, with interest costs covered by partner hospitals as part of their patient acquisition strategies. Patients are required to pay only the principal amount. The EMI coverage spans various medical needs, including surgeries, diagnostics, chronic care, and preventive services.

CarePay stated that this initiative targets the financial challenges millions face due to out-of-pocket medical expenses. As per the company, over 55 million Indians fall into poverty each year because of healthcare costs, and only 36% of the population currently has adequate health insurance.

The company noted that Careena, the virtual assistant, performs eligibility checks based on factors like employment status, marital status, and education. It also assists users in the application process by gathering necessary data, such as treatment costs and income, and delivering financing decisions within minutes.

The platform includes data encryption and follows regulatory compliance norms to ensure user data privacy and security. Its mobile-first interface works across devices and integrates with hospital management systems to provide a streamlined experience for patients and healthcare providers alike.

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