Mastercard Collaborates to Introduce Virtual Card for Streamlined Medical Claim Payments

Mastercard, the renowned payment network processor, is set to revolutionize the medical claim payment landscape through a strategic partnership with a leading Indian financial institution and the cloud-based health tech platform, Remedinet.

Mastercard's Virtual Card Solution:

In an innovative move, Mastercard plans to launch a virtual card specifically designed for medical claim payments. This groundbreaking solution will be implemented in collaboration with key financial players in India, offering seamless integration with the Remedinet platform. The virtual card functionality will be extended to all insurance-network hospitals connected through the Remedinet ecosystem.

Benefits Galore: The virtual card model offers a multitude of advantages for all parties involved:

• Hospitals: Faster claim payments translate to improved working capital for healthcare providers, boosting their operational efficiency.

• Insurance Companies: Enhanced transparency into claim status and automated reconciliation processes lead to cost savings and streamlined operations for insurers.

• Patients: The hassle of paperwork and delays in claim settlements is significantly reduced, offering a smoother and more stress-free experience.

End-to-End Solution:

The proposed virtual card system is part of an end-to-end solution aimed at simplifying cashless claims. By embedding virtual cards directly within health tech platforms like Remedinet, Mastercard seeks to establish a robust connection between hospitals, insurers, and third-party administrators in India. The integration will rely on API connectivity, ensuring a seamless and efficient process.

Immediate Payouts and Working Capital Solution:

Mastercard envisions its virtual card solution as a catalyst for streamlining the back-end of cashless claims. The virtual cards are poised to offer a significant working capital solution by expediting the payout process, making it nearly instantaneous. This not only enhances operational efficiency but also addresses critical working capital challenges faced by stakeholders in the healthcare payment ecosystem.

Detailed Transaction Data Benefits:

Moreover, the virtual cards embedded within health tech platforms promise to deliver comprehensive transaction data. This includes detailed information related to claim settlements for all bills processed through the virtual card. This transparency provides insurance companies with valuable insights, streamlining the claim status tracking and facilitating automated reconciliation processes.

Chad Wallace, Mastercard Global Head's Perspective:

Chad Wallace, the Global Head of Commercial Solutions at Mastercard, expressed the company's commitment to integrating technology into platform providers for seamless B2B payment experiences. He emphasized the healthcare industry's significance in unlocking payment efficiencies, aligning with Mastercard's mission to contribute impactful solutions.