Mastercard aims to speed up B2B healthcare payments.
Virtual cards streamline the payment process.
The new system will launch in India.
By leveraging its virtual card technology, Mastercard aims to expedite
payments, providing a swift and secure financial ecosystem for healthcare
providers and insurers.
Mastercard's Healthcare Vision Unveiled
In a strategic collaboration with Remedinet, a cloud-based healthtech
platform, card giant Mastercard's B2B healthcare payment solution is making its debut in India. The goal is clear: to simplify
cashless claims and foster seamless transactions between hospitals, health
insurers, and third-party administrators.
How Does It Work?
Mastercard's end-to-end payments solution is crafted around virtual
card technology. By embedding virtual cards within healthtech platforms, like
Remedinet, through API connectivity, Mastercard ensures that B2B payments
become both faster and more secure.
Remedinet gains instant access to virtually generated cards issued by
their bank the moment they submit a medical claim to an insurance company. This
move significantly accelerates the payout process for hospitals, transforming a
historically lengthy waiting period into almost immediate compensation.
For insurers, the introduction of Mastercard's virtual cards means
enhanced transparency. Transaction-level data accompanies claim settlement
information, facilitating streamlined processes and automated reconciliation.
“We’re on a mission to integrate our technology into platform providers
to drive seamless B2B payment experiences at greater scale. As we assessed
industries where we can contribute with impact, healthcare emerged as a
critical industry to unlock payment efficiencies,” said Chad Wallace, Global
Head of Commercial Solutions at Mastercard.
Addressing B2B Healthcare Challenges
Mastercard's foray into solving B2B healthcare payments is designed to
align fintech and healthtech to tackle inefficiencies. Particularly in emerging
markets like India, legacy systems in use by insurers contribute to
bottlenecks, resulting in payment delays and increased borrowing costs for
healthcare providers.
Manual claims processes and reconciliation add to the challenge,
creating uncertainty for healthcare providers and straining billing teams.
Healthtech startups, despite being instrumental in driving efficiencies, often
lack the resources needed to independently address these issues, according to
the company.
The Power of Partnerships
Through partnerships with industry leaders like Mastercard, healthtech
enablers can bridge the gap, accessing the necessary solutions to improve
connectivity between healthcare parties and revolutionize the payments process.
Raja Rajamannar, Chief Marketing and Communications Officer and
President of healthcare at Mastercard, said of the current situation in
healthcare, “The healthcare industry is at an inflection point, with evolving
digital-first expectations challenging industry norms. Around the world, we’ve
been working closely with healthcare organizations to better serve their
partners and patients with a range of products and services well-tuned to drive
simplicity, convenience and efficiency in payments and beyond.”
The partnership with Remedinet represents yet another global
collaboration for Mastercard.
By leveraging its virtual card technology, Mastercard aims to expedite
payments, providing a swift and secure financial ecosystem for healthcare
providers and insurers.
Mastercard's Healthcare Vision Unveiled
In a strategic collaboration with Remedinet, a cloud-based healthtech
platform, card giant Mastercard's B2B healthcare payment solution is making its debut in India. The goal is clear: to simplify
cashless claims and foster seamless transactions between hospitals, health
insurers, and third-party administrators.
How Does It Work?
Mastercard's end-to-end payments solution is crafted around virtual
card technology. By embedding virtual cards within healthtech platforms, like
Remedinet, through API connectivity, Mastercard ensures that B2B payments
become both faster and more secure.
Remedinet gains instant access to virtually generated cards issued by
their bank the moment they submit a medical claim to an insurance company. This
move significantly accelerates the payout process for hospitals, transforming a
historically lengthy waiting period into almost immediate compensation.
For insurers, the introduction of Mastercard's virtual cards means
enhanced transparency. Transaction-level data accompanies claim settlement
information, facilitating streamlined processes and automated reconciliation.
“We’re on a mission to integrate our technology into platform providers
to drive seamless B2B payment experiences at greater scale. As we assessed
industries where we can contribute with impact, healthcare emerged as a
critical industry to unlock payment efficiencies,” said Chad Wallace, Global
Head of Commercial Solutions at Mastercard.
Addressing B2B Healthcare Challenges
Mastercard's foray into solving B2B healthcare payments is designed to
align fintech and healthtech to tackle inefficiencies. Particularly in emerging
markets like India, legacy systems in use by insurers contribute to
bottlenecks, resulting in payment delays and increased borrowing costs for
healthcare providers.
Manual claims processes and reconciliation add to the challenge,
creating uncertainty for healthcare providers and straining billing teams.
Healthtech startups, despite being instrumental in driving efficiencies, often
lack the resources needed to independently address these issues, according to
the company.
The Power of Partnerships
Through partnerships with industry leaders like Mastercard, healthtech
enablers can bridge the gap, accessing the necessary solutions to improve
connectivity between healthcare parties and revolutionize the payments process.
Raja Rajamannar, Chief Marketing and Communications Officer and
President of healthcare at Mastercard, said of the current situation in
healthcare, “The healthcare industry is at an inflection point, with evolving
digital-first expectations challenging industry norms. Around the world, we’ve
been working closely with healthcare organizations to better serve their
partners and patients with a range of products and services well-tuned to drive
simplicity, convenience and efficiency in payments and beyond.”
The partnership with Remedinet represents yet another global
collaboration for Mastercard.
Louis Parks has lived and worked in and around the Middle East for much of his professional career. He writes about the meeting of the tech and finance worlds.
Warren, Behnam, Bankman-Fried: An Uncomfortable Probe
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa