As the aging population grows and the availability of funding for care services decreases, the need for customer contributions and extra paid services are well known and increasing. Simply look at groups like Better Caring, who like Uber vs Taxi, are reshaping the way services are delivered to the community in the private care market. More and more families are now realizing that in order to get the care they require for their loved ones, they’re going to have to pay for it.
But what about the providers?
In a recent report, we discovered 46% of clients receiving funded support from a provider had a family advocate that helped manage their services. On average each client had 3 other family members that were interested in their well-being and would happily consider purchasing extra services for their loved one if they had an easy way to do it. Speaking with providers we see, they too share challenges around internal systems to process payments cost-effectively which in-turn are hurdles blocking them from offering options like Better Caring’s self-service model.
So what does crowdfunding have to do with it?
Crowdfunding is a form of social fundraising that allows groups of connected people who have an interest in the person or project, to pull their resources through micropayments to achieve a common financial goal. Rising to prominence in the last few years in the personal finance, private investment and social sectors, crowdfunding unlocks an interesting opportunity for providers facing cost pressures and a changing care model.
Because each care recipient has other family members that are interested in supporting them through their care journey, the opportunity to harness crowdfunding is an opportunity that is being opened up, as it increases the capability to generate new revenue.
When you take into account the rising need for paid services and the increasing pressure to deliver cost-effective services, the opportunity to offer extra paid services to customers through a mechanism like crowdfunding is not only clear but maybe even essential. In the past, it wasn’t possible for providers to offer customers an easy way to book and pay for services, but now we see that through digital tools like hayylo, an ability to overcome some of these barriers is now possible.
Want to know more about how other groups are using crowdfunding to support their customers?
Send us an email at firstname.lastname@example.org or head to our website at www.hayylo.com for more information.