BAKU, Azerbaijan, January 23. Mastercard is working with key partners to create a first-of-its-kind healthcare payment solution using innovative virtual card technology, Trend reports.
According to Mastercard, fragmented, slow, and inefficient payment processes have long been a problem in the healthcare ecosystem.
"These issues are worsened by outdated systems, which many insurance companies still use to manually process claims. As a result, healthcare providers frequently face large payment delays, causing cash flow issues and higher borrowing rates. At the same time, due to manual reconciliation, these healthcare providers are unable to follow the payment status of the service, adding to the load on their billing staff," the payment system reports in a statement.
Mastercard notes that progress has nevertheless been made in improving the interaction between insurance companies and medical institutions.
"Medical technology platforms have become vital intermediaries, changing the way information is exchanged and eliminating the heavy paper trail that used to slow claim processing. However, until now, there was a critical gap in the system: payments remained disconnected from these medical technology platforms," the information said.
According to Raja Rajamannar, chief marketing and communications officer and president of Mastercard's healthcare business, the healthcare industry is at a tipping point where evolving digital expectations are challenging industry norms.
"Around the world, we are working closely with healthcare organizations to better serve their partners and patients by offering a range of products and services well-tuned to provide simplicity, convenience, and efficiency in payments and beyond," he said.
Indeed, to that end, Mastercard is creating a first-of-its-kind solution utilizing innovative virtual card technology.
"Mastercard is introducing this solution in collaboration with one of India's largest financial institutions and Remedinet, a cloud-based healthcare technology platform aimed at simplifying the cashless payment process by integrating hospitals, insurers, and third-party administrators. The full solution operates by effortlessly embedding virtual cards into healthcare technology systems that connect payers and healthcare providers, such as Remedinet, via an API connection. The healthcare industry stands to benefit greatly from the integration of Mastercard's breakthrough virtual card infrastructure, which makes complicated B2B payments fast, simple, and safe," notes Mastercard.
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