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Crowdfunding: A new tool to meet medical emergencies

New Delhi, Apr 6 (UNI) Crowdfunding platforms have of late, emerged as a new tool, apart from the insurance agencies in meeting the fund requirements for health –related expenses.
India’s private healthcares spend currently stands at $90 billion a year. Of this, merely a third is covered by insurance, and the balance $60 billion is met largely with borrowings from friends and family.
But crowdfunding platforms like Milaap have emerged as the new ray of hope for medical emergencies.
They provide a new, quick and convenient way to transparently ask for and render financial assistance to meet such pressing, unforeseen expenses.
A webpage that shows all details of the person in need, the ailment (backed by verified documents and papers from the hospital), the funds needed and the amount presently funded, including any progress in the condition of the payment make online crowdfunding an extremely relevant and handy tool in this era of social media and digital payments.
Digital fundraising is taking the source of help beyond friends, family members and communities, to any person in this world who has access to a smart phone.
Milaa has raised over Rs 120 crore in the past 4 years for medical emergencies, clearly indicating the growing role of crowdfunding in this segment.
Milaap has observed an interesting new trend over the past year, of more and more doctors recommending crowdfunding to patients, and helping them set up fundraisers.
"This is more prominent in cases where a patient would have to discontinue treatment and give up on saving their loved one due to lack of funds. Crowdfunding is also very popular for accident and trauma cases, diseases like Cancer where long term care is needed, and for organ transplants, where a larger amount of money is needed," Milaap President and co-founder Anoj Viswanathan says.
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