Saving the Sick: How Medical Crowdfunding Helps
Guest Blogger: Emily Green is a freelance writer that enjoys coffee and going for a job with her husband. She has over one thousand published articles online.
It seems like with every passing day people are losing faith in the government’s role to help people get the health care they need when they need it the most — and for an affordable price. Naturally, as people can’t rely on their government for support, they find another way to help one another through sickness and hard times.
Medical crowdfunding is a relatively new phenomenon that’s helping people who are extremely ill or injured get the money they need to pay their hefty health care bill. Here’s how this form of charity is helping and healing.
Crowdfunding in a Nutshell
Crowdfunding involves the practice of gaining donations from a group of people to raise money toward achieving a goal. Although medical crowdfunding has only recently become widespread, the technique of crowdfunding and raising large amounts of money dates back to the 19th century. One of the first documented instances of crowdfunding happened in 1885 when Joseph Pulitzer asked his newspaper’s readers for donations to help finance the Statue of Liberty’s pedestal. Fast forward to today and crowdfunding has become a 21st century buzzword.
How Medical Crowdfunding Works
According to this National Economic Research study, half of Americans state they wouldn’t be able to readily come up with $2,000 if a medical emergency were to occur. About 75 percent of the people surveyed said that they would have to dip into savings, rely on credit cards, or ask family and friends for help. With the technique of crowdfunding now having the technology to make fundraising more efficient, it’s no wonder why it’s a success. Here are the reasons:
- Collecting small donations from a lot of people using the Internet raises large sums of money. Medical crowd funding’s success comes from the power in the numbers of people who are able to donate while putting forth a minimum effort to do so. This is what makes this system of fundraising so easy and attractive.
- Social media has played a major role in expanding people’s social networks. By using them to their advantage, people can spread their message with speed while reaching more individuals in that time in comparison to traditional forms of fundraising.
- When you increase the interactivity between people, you form stronger communities. Family and friends can easily post messages of encouragement and support on fundraising pages, which adds to the personalized appeal to this form of fundraising. As a result, this usually helps in achieving goals faster.
- People are quicker to help their fellow humans when it’s easy. With streamlined online payment systems, it’s easier than ever to donate to a fundraiser that piques your interest. With a few clicks of the mouse, the medical crowdfunding sites collect and deliver your payments.
The Effects of Medical Crowdfunding
Obviously, medical crowdfunding helps finance the health care for those who need it the most, but it’s also a flourishing niche in the economy. While other crowdfunding sites have helped raise start-up money for thousands of small businesses, inventions, and a variety of other creative concepts, others that focus on philanthropy have aided people who have experienced naturally disaster (like Philippines Typhoon Haiyan, for instance).
Websites dedicated to help fund medical research are also popular among people who donate, with institutions like Consano and the Rare Genomics Institute leading the way. Although the government funds a lot of the medical research done by both of these companies, the public’s donations have no doubt had a positive impact.
If you don’t think crowdfunding can help save lives, think again. We have put together an infographic showcasing our top 5 personal campaigns that have raised money with the help of people in their communities. As more uncertainty grows about the healthcare system in American, there’s sure to be more people who opt to use medical crowdfunding to pay their medical bills.
What do you think about medical crowdfunding? You can learn how to raise money for medical bills here.