Medical crowdfunding bridges affordability gap to cater to medical needs of people in times of COVID-19 pandemic
Even as COVID-19 pandemic has left millions of people from the underprivileged communities vulnerable, medical crowdfunding has seen four times growth in the fundraiser campaigns during the time of lockdown.
Experts in the field are of the view that there is an increased awareness around crowdfunding compared to what it was a decade ago. It has gained traction with constant awareness campaigns, successful patient stories and total transparency in funding.
Talking about the trend, Kunal Kapoor, co-founder of Ketto.org said, “In recent years, medical crowdfunding has become the holy grail for the common man, enabling them to afford quality medical care for their loved ones. It is truly captivating to witness how people from different walks of life unite together for a common good and help a complete stranger with the financial aid required. At Ketto, we are constantly endeavoring towards bridging the affordability gap and making quality healthcare accessible to all. Ketto has hosted over 20,000+ campaigns based on facilitating medical needs and raised Rs. 200+ crores from 10 lakhs+ generous donors in the past one year. These campaigns have enabled 15,000 transplants and critical surgeries.”
“However, normalcy is still a distant dream and there are people who urgently need community support. With our ‘ZERO Platform Fee’ initiative, we wish to build a community that constantly strives to bring change in the society. In the past 5 months, we have not only doubled up on our efforts to cater to the medical needs but have also served the underprivileged communities with food and essentials items,” Kapoor added.
Ketto.org, Asia’s most visited crowdfunding platform has waived-off all its platform fees to celebrate its 8 year anniversary. There will be zero platform fees for all future campaigns ensuring maximum benefits for the causes and campaigners.
Commenting on the initiative, Varun Sheth, CEO and Co-founder of Ketto.org, said, “The number of people coming back to our platform has increased to 70% compared to 30% last year. With our ‘Zero Platform Fee’ initiative, we aim to reach out to the underprivileged sections of society and work for their betterment. We are also planning to introduce a ‘Voluntary Contribution to Ketto’ section to allow our benevolent donors with an option to support us.
Ketto has seen an unusual growth curve during the lockdown. Making remarkable progress, Ketto has managed to raise funds worth Rs. 110+ crores for COVID-19 related causes during the pandemic and has supported more than 3 lakh people in various capacities,”.
Elaborating on the future plans of Ketto, Varun said, “We are constantly working towards building our expertise in the healthcare domain, and we aim to on-board over 600+ hospitals in the next 12 months. We will work closely with these hospitals to support needy patients who require urgent medical treatments. We are also looking to launch our new product in the health-tech vertical which aims to improve engagement for patients during their ongoing medical treatments.”
Kapoor further added, “Today, we have also seen a lot of people are coming forward and donating via the platform to raise funds and help the society at large. We have seen over one lakh fundraisers launched for medical campaigns since inception. We hosted over 30,000+ campaigns on our platform in the last five month from which 30% per cent were COVID-19 campaigns.”
In March, Ketto.org created a micro site for our initiative – ‘Let’s Fight Coronavirus Together’ in which it waived off all platform fees for all the campaigns pertaining to coronavirus and offered its crowdfunding service free of charge to the patients of COVID-19.
With around 80 per cent of the population without any form of health insurance, and 63 per cent of all medical emergency costs being out-of-pocket expenses, most families exhaust their entire savings and additionally borrow money at high interest rates to finance their medical costs.
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