Medical crowdfunding is advantageous for the patients in the following ways:

• It makes sophisticated or complex clinical care accessible for patients from all walks of life.
• It increases the affordability of care and this positively impacts the patients’ adherence to the treatment regimen and prevention of secondary complications.
• It could be a fast way to raise finance with no upfront fees.
• A highly economic process that allows patients to reach a large number of people.
• It is easier than traditional fundraising.

Eg, Cancers, Blood diseases, genetic diseases - Breast cancer, Thalassemia, Autism, ADHD, Down's Syndrome, etc.

How Do Crowdfunding Platforms Work?

The campaign begins with the crowdfunding websites listing the project/cause that help patients and their caregivers raise money for it. Patients have to create a campaign, set a goal and promote it.

Crowdfunding’s Impact on Care Access and Affordability

Crowdfunding has positively impacted care access and affordability. Quick access to the capitals has made it one of the go-to’s for financial assistance by the families of millions. A compelling story talking about the patient’s condition, urgency and the line of treatment, has been proven to do wonders with respect to the funds.

Challenges Associated with Medical Crowdfunding

Storytelling as a primary success factor

When appealing to complete strangers to donate, storytelling becomes an essential skill. Without a compelling story, people might be less inclined to support a cause, no matter how worthy. Strong stories get a wild rate of sharing, which brings more attention and money, which causes them to be shared more widely.

Possibility of politics

People make decisions based on a number of factors: the type of health problem being funded (is it stigmatized, the individual’s political beliefs, race, or sexual orientation; or a lifestyle that may have contributed to the health problem are all examples of this. These factors can be roadblocks to raising funds for treatment.

Risks of scam stories

Scams are another problem on crowdfunding platforms. Fraudulent campaigns are not only detrimental to the people who donate to them but for everyone else trying to raise money for their health problems, as people become more sceptical and wary of who they decide to donate their money to.

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