Finics- Healthcare Financing in Mexico

In Mexico, over 50% of all medical expenses are paid out of pocket, while only 38% of Mexicans have a health insurance of any kind. This results in uninsured Mexicans often being unable to afford medical treatments or interventions when they cannot produce the necessary financing: As a result, over 5M Mexicans per year must postpone or conform with suboptimal treatments due to financial restrictions.

Additionally, financing for healthcare is virtually non-existent. Hospitals and clinics offer installment plans exclusively through credit cards, which only less than 15% of Mexicans possess. Additionally, financial institutions have slow and bureaucratic processes that do not match the medical needs of patients when time is of the essence. 

Finics provides a better way to pay for and access healthcare. We simplify and personalize the underwriting and origination of medical loans.

FINICS is a financing solution specific to medical services that creates a customized payment plan at the point-of-care so that patients can receive treatment immediately and pay later in installments. Using state-of-the-art technology and various data points, we are able to calculate repayment ability and extend financing options to those individuals who do not have any other options. 

We use data and AI to create individualized patient payment plans that families can afford, and we fund providers up-front for all billings regardless of a patient’s credit score, 100% non-recourse.

Mexicans with stable sources of income yet no insurance would have the ability to pay for their unanticipated medical expenses, just not in one lump sum. As a result they postpone or even cancel their necessary treatments. This prevents medical professionals from providing the best outcome to their patients. By partnering with us, medical professionals can allow their patients to not have to worry about cost restrictions: Providers get a much higher collection rate with accelerated cash flow. Patients get affordable access to care, and peace of mind. No software costs or program fees for providers, no interest charges or fees for patients.

I have significant experience working in fintech in Latin America. Prior to Finics, I worked at the World Bank focusing on financial services in Latin America. Additionally, I worked at Bankaya, one of the leading fintech firms in Mexico, where I helped design remittances and credit products, for the bottom of the pyramid. 

I also previously co-founded another credit-focused fintech in Mexico, Vaiven, which helped match borrowers to the best financial products available in the market. 

Finics is the result of all these years of experience in financial services in Latin America. We are constantly working with our medical allies and clients to improve our product and make it more accessible and efficient. 

We currently have over 20 providers in our network and have financed over thirty patients.

We could significantly benefit from Solve's partnerships, specifically in data science to improve our decision-making core in order to approve more patients and improve our rates. 

Additionally, we would benefit from receiving support as we get ready to raise a financing round. 

Finally, being part of the Solve community would allow us to engage with others who share a passion for social impact.

Finics provides individualized patient payment options with plans up to 60 months, no interest or fees. All patients are eligible and provider funding occurs at first payment, 100% non-recourse. For providers, there’s no software to license or implement, and no IT costs to get up and running quickly. 

Enrollment is easy and takes around a minute, with no credit application to complete.Patients choose from customized, one-to-one payment plan options that fit their needs and ability to pay. Behind the scenes, Finics applies our financial and credit underwriting expertise and our sophisticated AI-enabled risk models to instantly analyze and underwrite each individual patient.

- Growing our network of providers (2x)

- Expanding to new medical industries (fertility and dental)

Currently our main limitation lies on funds available so we hope to raise a round (equity + debt) in order to expand our funding ability. 

We are essentially focused on providing financing for medical expenses to patients who would otherwise have no other options. We are mainly concerned with three impact dimensions:

Access: As a social enterprise, we are focused on offering competitive rates that alleviate rather than create a financial burden for our clients. 

Quality: Delaying medical care can significantly exacerbate health outcomes. We are committed to helping our clients get the care they deserve when they need it most. 

Coordination: Beyond financing solutions we hope Finics can improve communications, scheduling, and follow-ups in a currently disjointed healthcare system of doctors, administrators, labs, etc. 

By providing accessible financing to patients who would otherwise reject or postpone their medical treatment, we are democratizing access to healthcare. 

Finics applies our financial and credit underwriting expertise and our sophisticated AI-enabled risk models to instantly analyze and underwrite each individual patient. Patients choose from customized, one-to-one payment plan options that fit their needs and ability to pay. Our technology is able to provide a credit offer within minutes, with a short and intuitive applications. Further, funds are deposited to our providers within 72hs so that patients can worry about their health instead of their finances. 

Commitment to diversity is an integral part of FINICS. We actively recruit professionals with a diverse background and are constantly seeking to improve and optimize our products based on the diverse clients we serve. 

Finics operates as any other lending fintech: Our product is completely free to our medical providers and we make a commission on the loan's principal (paid by the customer). There are no integration or any other fees.  

We hope to raise a pre-seed round in the next few months and are already in conversation with angel investors. 

Finics is already showing a 12% MRR (since officially launching in March 2023). Additionally, without a sales force, we are incorporating 4-9 partners to our medical network per month. 

We have already had several discussions with angel investors who are interested in participating in a financing round.