Fintech & Ecommerce

Mastercard Pioneers Medical Claim Payment Solution

To support healthcare providers and insurance companies in dealing with claim approvals and payouts, Mastercard is introducing a medical claim payment solution in partnership with one of the leading financial institutions in India and Remedinet, a cloud-based health tech platform.

Mastercard Pioneers Medical Claim Payment Solution

Mastercard announced the launch of an innovative end-to-end medical claim payment solution connecting hospitals, insurers and third-party administrators in India with one of the leading financial institutions in India.

The new service allows healthcare providers to seamlessly embed virtual cards within the health-tech platforms that connect them with payers. A key partner of the initiative is Remedinet, a cloud-based health-tech platform that aims to simplify the back end of cashless claims.

The solution is now made available to all insurance-network hospitals in India on the Remedinet platform

The healthcare sector in India is rapidly growing. However, local medical institutions have to deal with fragmented, slow and inefficient payment processes, and legacy systems that many insurance companies use to process claims manually.

Although health-tech platforms have disrupted the way claim settlement information is exchanged and removed a lot of paperwork involved in claim processing, the payment component has often remained detached from these platforms.

Embedding virtual cards can potentially “bring relief to healthcare providers and insurance companies strained by the current cashless claim settlement process”, said Mastercard in the press release.

The new B2B platform works in the following way. As soon as the authorized claim is submitted to the insurance company, a virtual card will be generated by Mastercard and issued by a financial institution to the healthcare provider. For hospitals and other specialty healthcare centers the payout process promises to become nearly immediate.

In addition, virtual cards within the health tech platform bring the functionality of accessing detailed transaction-level data alongside the claim settlement information for every bill paid with a Mastercard branded commercial or virtual card. This way, insurance companies making the claim payment will get greater transparency into the claim status along with easier and automated reconciliation.

“This strategic partnership complements our vision of reshaping healthcare payments and realizing a future where claim settlements can be truly seamless. Embedding Mastercard’s technology and network capabilities into our platform presents an opportunity to further simplify claim processing for both hospitals, insurers, corporates & governments.”

Munish Daga, Director-CEO of Remediate

Nina Bobro

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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.