BitMD is a company that combines point-of-sale (POS) terminals, wallet software and Bitcoin Teller Machines (BTMs) to enable patients to pay medical providers in Bitcoin right at the counter. This keeps things like “Beverly STD Test Clinic” off customers' credit card statements, and decreases credit card fees the clinic would otherwise pay.
The service is aimed at private practices, marijuana dispensaries, medical tourists, mental health clinics and disease-testing centers. Marijuana dispensaries in particular have found cryptocurrency to be useful over the last couple of years, as banks have routinely refused to do business with them. Even BitPay and Coinbase will not do business with dispensaries.
BitMD is owned by Bitcoin Brands Inc. (BBI), whose CEO is Peter Klamka. A BBI pitch aimed at patients reads:
“Are you aware that your consent is not required to disclose information from your medical files if it is made in connection with payment? A collection agency seeking an unpaid medical bill, a discovery request in a divorce or lawsuit, and under certain circumstances the police [...] may be able to access your medical bills. While bitcoin is not anonymous, it can be completely private when purchasing anything including medical services.”
Patients at clinics with BitMD partnerships have options. If they already own bitcoins, they can make a simple payment at the counter using one of BitMD's tablets (or any device running the wallet software). If they don't own bitcoins, patients can either purchase them with cash using the BTM, or buy them with a swipe of their credit card using the POS terminal.
BitMD then converts the patient-paid bitcoins into any percentage of fiat, and deposits it into the clinic's bank account. Clinics also make a small profit just by operating the BTMs (which appear to be Skyhooks).
The movement of cryptocurrency into medicine has been markedly slower than other industries – like tech – but notable stories have headlined in the past year, including Seattle's Bitcoin-accepting marijuana vending machine and BTC acceptance at the renowned Surgery Center of Oklahoma.
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