Apple may not want to get involved in the medical billing space, according to patient financial management platform FinPay.
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.