As a result of the growing market for options for people to pay their increasingly expensive healthcare costs, another payment arrangement has emerged.
KPJ Healthcare, a Malaysian specialty healthcare organization, announced Thursday (Nov 10) that it has worked with merchant commerce platform Pine Labs to create a new zero-interest installment payment plan for customers.
The companies describe their collaboration as a new pay-over-time option that will be available through POS terminals in KPJ hospitals for purchases of $100 or more for up to 24 months using a debit or credit card.
“Managing Healthcare Costs: How Patients Use Payment Plans,” a study paper, emphasizes the importance of payment plans in healthcare.
According to the report, 19% of patients who live paycheck to paycheck struggle to pay their payments and have established a payment plan. These same people are also more likely to transfer healthcare providers in quest of a more favorable payment experience.
This new BNPL option for healthcare bill payments gives those patients a new, and maybe less expensive, way to settle their medical debt.
This partnership between KPJ and Pine Labs is also the first time a BNPL service has been provided in Malaysian hospitals.
Pine Labs also recently announced that its Plural online payments processing segment is expected to grow 10 to 15 times in the next two years, generating $4 to $5 billion in monthly transactions during the same time period.
