Short of funds to meet your medical bills or meeting deductibles on your medical insurance? Take the crowdfunding route to raise money, a method that has been very successful in the entertainment and the literary sector. But first, what is the concept of crowdfunding all about?
Crowdfunding in its basic form is the process of funding a project or scheme by raising capital via the Internet from a large number of people. Contributions are small and mainly from those who believe about the feasibility and ultimate success of the venture. There are three players in the procedure. The first is the project initiator who proposes the outline and structure of the project for which funds has to be raised. The second is the individuals or groups that believe in the project and are willing to finance it. The third dimension is the platform better known as the moderator that brings together the two and helps launch the idea. There are many websites today that specialise in crowdfunding.
Some of the areas where crowdfunding has been a great success are community based social entrepreneurial endeavours, book launches, artistic and creative ventures and meeting medical expenses.
It is not only major illnesses that can be covered under crowdfunding; taking care of routine medical expenses too is very popular. Websites like GoFundMe are often a big help when you have to meet the cost of regular prescription drugs like insulin which has seen a rise in costs of over 30% in the last decade. Search the pages of the site and you will find that there are almost 15,000 people who have sought crowdfunding help to meet their bills, almost half of them diabetics. There are those that have made further use of the Internet in their efforts to raise money to meet medical expenses. They have shared the crowdfunding page on Facebook and have received donations from friends and family as well as many unknown benefactors.
You can also take this route to raise capital for your pet projects related to the health and beauty care industry and which can be said to be intricately linked to the medical care sector too. Opening a clinic that is dedicated to cosmetic procedures with full scale facilities for invasive and non-invasive processes is one such example. If you are offering advanced skin rejuvenation and permanent hair removal procedures you will need to install an IPL laser hair removal machine which can be a very costly proposition. Crowdfunding will help ease your financial worries to a large extent.
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There is not much data on crowdfunding for medical help the world over and there is a need for extensive research and studies in this field. Variables such as how much funds are raised or how frequently related websites are accessed to pay for medical expenses are still rather grey areas. There are other legal and ethical questions that have to be dealt with. For example using crowdfunding for experimental treatments that fall outside the purview of strict medical practices should be avoided. Strict monitoring policies need to be in place in this regard.
Overall though, medical crowdfunding is a sure way for many to match their urgent medical needs with required liquidity.