Countless people across the globe are just one hospitalization or health issue away from a debt trap, deep poverty, and bankruptcy. The World Health Organization (WHO) data says it all – globally, around 2 billion people face financial hardship – catastrophic, impoverishing, or both – because of the burden of out-of-pocket health expenses. Around 1.3 billion people are pushed into relative poverty and around 344 million people are pushed into extreme poverty due to health costs, especially out-of-pocket expenses. With bills piling up or when treatment is inaccessible, it is difficult to focus on healing.
Medical fundraising comes in as a boon in such circumstances, empowering individuals and organizations to access funds to meet their diverse healthcare needs. However, common myths and misconceptions surrounding this powerful tool, preventing people from effectively leveraging it. In this blog, we will delve into and debunk these myths and misconceptions, enabling you to see the reality behind this form of fundraising.
What is Medical Fundraising?
Medical fundraising offers a crucial alternative for individuals and families facing healthcare costs to raise money. It is the process of raising money online for healthcare expenses including but not limited to emergencies, hospitalization, routine medication, surgeries, therapy, long-term treatment, medical equipment, rehabilitation, geriatric care, rare diseases, and so on.
Crowdfunding isn’t just limited to individuals and families; it is also used by nonprofits and healthcare institutions to raise funds for community health initiatives, research, patient assistance and support programs, disaster relief, equipment, and more.
Typically done through online crowdfunding platforms for health expenses, this type of fundraising leverages the power of kindness, collective giving, and community action of large numbers of donors who make small donations.
The Benefits of Using Crowdfunding for Healthcare Needs
Reducing the Financial Burden: Healthcare fundraising helps minimize the immense financial stress associated with bills, allowing patients and their families to focus on recovery and well-being.
Help Beyond Known Circles: Family and friends may not be able to cover the complete need and may feel the financial burden themselves. Instead of depending on just one’s family and friends, individuals can access financial support securely from countless other individuals with online crowdfunding.
Do Away with the Awkwardness of Asking Money in Person: Asking money face-to-face can be awkward, inconvenient, and emotionally burdensome, even if it is to family and friends. Online medical fundraising offers a more streamlined, non-confrontational way to appeal to the compassion of the community and ask for money. For donors too, there is no direct pressure or discomfort of face-to-face appeals.
Reducing Reliance on Exploitative Funding Sources: After draining their savings, maxing out their credit cards, and asking their personal networks for help, people often look towards lending sources like loan sharks. These predatory lenders charge exorbitant interest rates and levy exploitative terms which further deepens the financial hardship. By using donation-based crowdfunding for surgery, long-term care, rehabilitation, and other needs, one can minimize the dependence on debt sources. Without interest payments and loan repayments to worry about, the long-term debt burden can be avoided.
Greater Access to Care and Treatment: Medical fundraising bridges the (often significant) gap between what patients can afford and the actual cost, enabling them to access critical care and treatments that are otherwise financially inaccessible. This is particularly useful for patients
- with rare diseases or chronic conditions
- in need of specialized procedures
- in need of treatment at specialized centers or specific experts, regardless of geographical limitations.
- facing insurance limitations
…and so on.
Speed and Efficiency: Time is critical, especially when someone’s hospitalized and needs immediate treatment. With online fundraising, families can quickly raise the funds required to get the treatment started at the earliest.
Fundraising for Healthcare: Common Myths and Misconceptions Debunked!
Myth 1: Online crowdfunding is only for high-risk surgeries and emergencies
Reality: Crowdfunding is used to raise money even for routine checkups, dental care, medication, travel, and much more.
People often think that online funding platforms can only be used to raise money for major surgeries, high-risk treatments, costly procedures, and critical cases. But that is not true! Individuals and organizations are successfully using medical fundraising for a lot more. Below are a few examples:
Individuals and families for themselves or others in need:
- Treatment costs
- Surgeries including minor correction procedures and organ transplants
- Hospitalization bills
- Mental health care and therapy
- Cancer treatment
- Rare disease treatment and management
- Chronic illness management including ongoing care for conditions like
- Diabetes
- Heart disease
- Kidney ailments
- Liver disease
- Autoimmune disorders, etc.
- Home healthcare
- Menstrual and reproductive healthcare
- Rehabilitation
- Hospice and palliative care
- Fertility treatments
- Gender affirming surgeries, therapy, and care.
- Medications including specialized drugs, regular medications, etc.
- Assistive devices and equipment
- Travel and accommodation (ex – staying near a treatment center for critical care)
- Lost income and productivity from illness
- Clinical trials
- Long-term care, etc.
Organizations (Nonprofits, Hospitals, Research Facilities, etc.)
- Patient support programs
- Community health programs
- Equipment and technology
- Research programs
- Disaster relief
- Infrastructure development, etc.
Myth 2: Crowdfunding will cover all medical costs and expenses
Reality: Reaching the fundraising goal doesn’t ensure all costs are met.
Remember that the online campaign will help you access funds for your health needs. However, it may not cover all costs and expenses as there may be additional costs beyond your fundraising goal. You can always create another campaign to meet such additional costs.
Myth 3: Medical fundraising is only for people without health insurance
Reality: Health insurance or not, crowdfunding is useful for everyone!
Online crowdfunding is definitely useful for someone without health insurance as it makes critical care accessible to them while reducing the burden of out-of-pocket expenses and debts. That’s not all…it also helps insured individuals and families in a number of ways.
Health insurance may not cover all the costs that one may incur. For instance, out-patient testing, regular medication, specialized treatment, food, supplement bills, etc. aren’t covered by insurance and can add up to a sizeable amount even for insured individuals. So, it helps cover these costs and reduce out-of-pocket expenses.
Myth 4: Healthcare crowdfunding can only be used for hospitalization and bills
Reality: It can be used to cover a wide range of healthcare costs beyond bills and hospitalization.
With online crowdfunding platforms for health expenses, individuals and organizations can access funding for a wide range of purposes that stretch beyond hospital-related expenses. For instance, individuals can access funds for clinical trials, rehabilitation, home care, funeral costs, travel and accommodation for long-term/ outstation/ international hospitalization, food bills, etc. Organizations can raise money for clinical research, patient support programs, community programs, etc.
Myth 5: Online crowdfunding is challenging, especially for healthcare needs
Reality: Following key best practices will ensure a higher success rate in online crowdfunding.
It is true that online crowdfunding can be challenging but it is not impossible to set up, manage, and effectively promote campaigns for health needs. With platforms like TALGiving, fundraising for medical needs is easy, secure, and cost-free with resourceful marketing support and easy sharing options to ensure successful campaigns.
Myth 6: Crowdfunding campaigns can only be started by the patient or their family
Reality: Campaigns can be started by the patient or anyone else on their behalf.
Most crowdfunding platforms allow individuals and organizations (nonprofits, hospitals, etc.) to start campaigns for themselves or on behalf of others. For instance, TALGiving allows individuals and organizations to create multiple medical fundraising campaigns for multiple purposes and individuals using a single login for free.
Myth 7: Only people/ organizations with large networks can successfully fundraise for healthcare
Reality: Online crowdfunding democratizes funding access to all, provided they follow certain best practices to maximize their efforts and ROI.
Regular sharing of campaigns on social media, email, and messaging, encouraging personal and professional circles to share campaigns, collaboration with influencers, frontloading campaigns, regular updates to donors, and other best practices are some of the best practices that help maximize success.
Myth 8: Platform fees, commissions, and other fees are high for medical crowdfunding
Reality: Not necessarily!
Choosing the right crowdfunding platform will help you keep every penny you raise. TALGiving is a 100% free and secure online crowdfunding platform…charging no commissions, platform fees, usage charges, registration fees, support fees, or hidden charges.
Start Your Free Crowdfunding Campaign for Medical Needs Now with TALGiving
Anyone can be touched by a health emergency and life can get completely upended in a matter of minutes. Being able to raise money in a timely manner can often make a big difference. And medical fundraising makes it possible. Don’t let the common myths and misconceptions around fundraising stop you from accessing its many powerful benefits.
With TALGiving, you can effortlessly create a online campaign for any healthcare need in a matter of minutes. Running and managing the campaign is just as simple with our cohesive dashboard. With our free marketing support and easy sharing options, you can amplify your reach and maximize your fundraising efforts. All this at 0% commissions, platform fees, and other hidden charges.
Explore the platform now: https://talgiving.org/
