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Last Updated : May 09, 2019 08:15 PM IST | Source: Moneycontrol.com

Aster DM launches interest-free loans, crowdfunding to help patients fund treatment

The interest cost of the loan is borne by Aster DM Healthcare for patients who are struck by sudden illness or accidents and do not have availability of sufficient money.

Viswanath Pilla @viswanath_pilla
 
 
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Aster DM Healthcare, the multispecialty hospital chain said it will be offering interest-free loans and help patients to raise funds through crowdfunding to help those who are unable to afford medical treatment.

The initiative called Aster Finance Service Centre will be available across all its existing 11 hospitals and the upcoming two hospitals of the group.

Aster has developed a financial product called Aster Easy Care in association with Bajaj Finserve and Federal Bank to provide patient funding which can be repaid in EMIs over a period of 1 year.

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The interest cost of the loan is borne by Aster DM Healthcare for patients who are struck by sudden illness or accidents and do not have the availability of sufficient money.

For complex treatments such as organ transplants that require a large amount of money, beyond the financial means of a patient, Aster DM Healthcare introduced a crowdfunding platform in partnership with Milaap and Impact Guru.

The authenticated medical records along with the history of illness and relevant photos are posted on these Crowd Funding Platforms to raise funds for the deserving patients.

The third is charity, to provide funding to needy and poor patients for a full or partial subsidy through Aster DM Foundation and Dr Moopen’s Family Foundation, which will now be channelised through Aster Finance Service Centre. The Aster Volunteers Global Programme which is the CSR arm of Aster DM Healthcare will also use internal and external resources for funding needy patients.

“Aster Financial Service Centre has been launched to take care of the financial requirements of needy patients who struggle when a large amount for treatment is required,” said Dr Azad Moopen, Founder Chairman and Managing Director of Aster DM Healthcare.

“Once their financial requirement is established, the family of the patient or the patient themselves will be guided to a bouquet of unique services on offer ranging from interest-free loans to innovative crowdfunding options," said Dr Harish Pillai, CEO- Aster Hospitals & Clinics, India.

"This is our effort to lower and minimise entry financial barriers to access quality healthcare for all, across the vast expanding network across India,” Pillai added.

The under-penetration and inadequate coverage of health insurance, has left gaps in the healthcare financing, which hospitals along with financial institutions and startups are trying to plug.

Healthcare providers such as Apollo Hospitals, Max, among others have started providing loans to patients for medical treatment.

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First Published on May 9, 2019 08:15 pm
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