Global payments processor Mastercard has unveiled a groundbreaking claims payment solution tailored for the Business-to-Business (B2B) healthcare industry. The initiative, initially rolled out in India, is a collaborative effort with Remedinet, a cloud-based healthtech platform dedicated to streamlining the back-end of cashless claims processing. Leveraging Mastercard's virtual card technology, the new end-to-end payments solution aims to revolutionize the traditionally complex landscape of B2Bhealthcare payments.
Mastercard's innovative approach involves embedding virtual cards within healthtech platforms like Remedinet, connecting payers, healthcare providers, and third-party administrators. The integration is facilitated through Application Programming Interface (API) connectivity, granting the healthtech platform access to the company’s virtual platform. This not only expedites the B2B payment process but also enhances its security.
Remedinet, as the pioneer in utilizing this embedded experience, gains access to virtually generated cards issued by their banking partners the moment an authorized medical claim is submitted to an insurance company. This breakthrough eliminates the historical delays healthcare providers faced in receiving claim payments, a process that often stretched over months. By leveraging the company's virtual cards, Remedinet enables hospitals to complete the payout process almost immediately, greatly improving the overall payments experience.
The benefits extend to insurers as well, with Mastercard's virtual cards facilitating the seamless flow of transaction-level data alongside claim settlement information for every bill paid. This introduces a new level of transparency into the status of a claim, automating reconciliation and providing a more efficient system for all parties involved.
Chad Wallace, Global Head of Commercial Solutions at Mastercard, expressed “We’re on a mission to integrate our technology into platform providers to drive seamless B2B payment experiences at greater scale.” Highlighting the significance of the healthcare industry in unlocking payment efficiencies, Wallace emphasized Mastercard's commitment to driving impactful solutions.
The collaboration between the two companies signifies a major stride in the convergence of fintech and healthtech, particularly in addressing the fragmented and inefficient processes prevalent in emerging markets like India. Legacy systems still in use by insurers contribute to bottlenecks, resulting in payment delays for healthcare providers and increased borrowing costs. The partnership aims to alleviate these challenges by leveraging technology to enhance connectivity between healthcare parties.
Further, Raja Rajamannar, Chief Marketing and Communications Officer and President of healthcare at Mastercard, acknowledged ”The healthcare industry is at an inflection point, with evolving digital-first expectations challenging industry norms.” He highlighted the company's dedication to working closely with healthcare organizations worldwide, providing products and services aimed at simplifying, conveniencing, and enhancing efficiency in payments and beyond.
The collaboration between Mastercard and Remedinet represents a pivotal moment for the healthcare industry, paving the way for a more streamlined and digitally advanced future.