Bloomberg is bullish about crowdfunding sites. Soaring health care costs and the possibility of a new health act replacing the ACA means that there will likely be an increase in uninsured and underinsured which means more people than ever will be scrambling to find a way to pay medical bills. That means more and more people will be asking for support via sites like Go Fund Me.
“For more and more Americans, vying in a popularity contest for a limited supply of funds and sympathy may be the only way to pay the doctors and stay afloat,” writes Suzanne Woolley.
This turns health funding into a contest for who can craft the most sympathetic sob story, a modern, high-stakes Queen for a Day.
And that means that the crowdfunding sector, for which medical bills already make up a large percentage of their volume, is facing a boom.
“With enough volume, the business of helping people raise money for medical care has a lot of profit potential.”