Fintech & Ecommerce

Mastercard Partners HealthLock to Protect Consumers From Healthcare Fraud

In addition, the partnership between Mastercard and Healthlock will enable millions of Americans to protect themselves against claim errors and overcharges

Mastercard Partners HealthLock healthcare

Image: pixabay.com

Mastercard partnered with the online platform HealthLock, which helps organize medical insurance claims through a single user-friendly dashboard, to help its customers fight medical bill fraud, claim errors and overcharges.

In its initial phase, the partnership will open up HealthLock’s analytics-backed healthcare services to millions of US-issued HSA and FSA Mastercard cards. The service will expand to other programs later in the year.

Through the collaboration, eligible customers will receive the ability to monitor all healthcare claims in one place. Meanwhile, automated reviews can potentially help them reduce expensive medical bills and reverse claim rejections. Finally, a partnership with the trusted service will give Mastercard cardholders in the US “the knowledge that their medical data is safeguarded, and their healthcare payments and claims are accurate and secure.”

In addition to the basic zero-fee service, Mastercard cardholders will get a 90-day free trial of HealthLock’s premium service and preferred subscription rates.

HealthLock CEO Scott Speranza notes that the healthcare system in the US “is increasingly complex, chaotic and costly”, with more than half of medical bills containing errors. At the same time, the majority of Americans acknowledge that COVID-19 advanced healthcare tech.

The collaboration addresses the widespread medical overbilling, fraud and abuse issue that costs Americans an estimated $325 billion annually. Additionally, breaches of health records by fraudsters have surged to more than 59 million cases in 2022, up from 40 million in 2020, aggravating the problem and increasing customer losses.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.