CryptoRewards Emerges as #1 Use Case of Cryptocurrency
By: Tom McMurrain
Customer rewards are already a well-established marketing method in many industries, but the health industry to date has strayed away from the practice. Most reward-based marketing strategies reward clients for brand loyalty, from airlines to supermarkets points gained from spending with the brand can be redeemed for discounts on future services. The model does not seem transferable to health for a range of reasons including the fact that many practices specialize in a certain area of medicine that may not require repeated visits. However, CMDX is looking to overturn this by incentivizing patients to use one cryptocurrency for all of their health and wellness needs, allowing members and providers to benefit from a brand loyalty programme that is not limited to one practice.
CMDX is a cryptocurrency that has been specifically created to be used within the health sector. Members can earn the currency and set funds aside for their future healthcare, and providers can accept cryptocurrency payments via the platform and as a result expand their reach to new customers and benefit from the growing advantages of cryptocurrency transactions over more traditional payment methods. The fact that members who adopt CMDX as their preferred payment method for healthcare will be using the currency for a wide range of services, not only limited to traditional therapies but also services within the wellness industry, means that the use of the currency itself can be used to generate brand loyalty.
Until now, the health industry has been widely regarded as one that takes a great deal financially but offers very little in return in terms of commercial competition for clients. With CMDX aiming to allow its members to pay for the full spectrum of their health and wellness treatments with the currency, incentivizing brand loyalty to the coin – and in turn to providers who accept CMDX as a payment method – means that both patients and practitioners will benefit from a new era in health funding.
Beyond brand loyalty though, CMDX is looking to reward users for living a healthy lifestyle too. This not only means taking care of health concerns by consulting providers who accept the currency, but also rewarding people who use the currency for adopting a healthy lifestyle. Users can earn currency for getting a full night’s sleep for example.
The idea is to allow members to generate more funds for themselves without having to invest more financially but by incentivizing a healthy lifestyle that should, in turn, decrease the number of major and long-term health conditions that users suffer from. The approach is game-changing, it is the first time members’ health and wellbeing is being covered across the board, not from a preventive versus curative standpoint, but from an approach that aims to cover all bases for patients and practitioners alike.
The general public on the whole is taking a greater interest in caring for themselves, and there is widespread disdain in respect of the current healthcare economy. The arrival of CMDX has the ability to completely shake up the market and put the member-provider relationship back at the center of health, and to alleviate the stress induced by confusing insurance policies that are often difficult to access in times of need.