FinPay’s five reasons Apple might be wary of entering the space, despite speculation it may be heading that route:
1. Using a debit or credit card is arguably as easy as using Apple Pay, and not all patients are tech-savvy.
2. Patients should have the option to spread out payments over time; they likely can’t afford to pay a $3,000 bill through Apple Pay all at once.
3. Apple Pay isn’t a great option for patients with a high-deductible plan, no insurance, out-of-network care or specialty treatments. Apple would need to provide a patient financial responsibility estimate, which isn’t easily achieved.
4. Apple would also need to establish a bank partnership to provide loans or manage payment programs.
5. It would take a significant investment in technology and human capital for Apple to own the medical billing space, and anything less than a complete takeover would hurt the company’s reputation.
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