Mastercard is launching a medical claim payment solution with key partners in India.
The firm is collaborating with one of the country’s leading financial institutions and Remedinet, a cloud-based HealthTech platform, Mastercard said in a Thursday (Jan. 18) press release emailed to PYMNTS.
This solution will use Mastercard’s virtual card technology to support business-to-business (B2B) healthcare claim settlements, according to the release.
“We’re on a mission to integrate our technology into platform providers to drive seamless B2B payment experiences at greater scale,” Chad Wallace, global head of Commercial Solutions at Mastercard, said in the release. “As we assessed industries where we can contribute with impact, healthcare emerged as a critical industry to unlock payment efficiencies.”
The solution being deployed in India embeds Mastercard’s virtual cards with Remedinet’s HealthTech platform that connects payers and healthcare providers and generates a virtual card when an authorized claim is submitted to the insurance company, the release said.
This makes the payout process almost immediate, replacing a system in which hospitals or other specialty healthcare centers typically wait months to receive claim payments, per the release.
In addition, because detailed transaction-level data flows alongside the claim settlement information in this end-to-end solution, insurance companies making the claim payment get greater transparency into the claim status and easier, automated reconciliation, according to the release.
The solution is designed to assist healthcare providers and insurance companies that are strained by the current cashless claim settlement process at a time when the healthcare sector in India is fragmented and lacks digitization, the release said.
The first hospital to be onboarded to this solution is Santosh Hospital, Bengaluru, according to the release.
“Embedding virtual cards within the platform that we’re already using to exchange claim settlements with insurance companies is a game changer,” Dr. Santosh Saklecha, joint director of Santosh Hospital, Bengaluru, said in the release. “Without any technical lift, we’re able to receive payments immediately and manage our working capital more effectively.”
In another recent partnership, Mastercard teamed up with TreviPay to add a Universal Acceptance solution to that company’s B2B payments and invoicing network. That solution leverages Mastercard’s global acceptance network and commercial card payment capabilities.