Payment network processor Mastercard is set to introduce a virtual card for medical claim payment solution in partnership with one of the leading financial institutions in India and a cloud-based health tech platform Remedinet.
The company added that the facility will be available at all insurance-network hospitals in India on the Remedinet platform. The end-to-end solution will function by embedding virtual cards within the health tech platforms that connect payers and healthcare providers, such as Remedinet, using API connectivity. Mastercard aims to ease the back-end of cashless claims by connecting hospitals, insurers and third-party administrators in India.
Mastercard suggested that the virtual cards will provide a critical working capital solution by making the payout process nearly immediate. The virtual cards within the health tech platform would also provide detailed transaction data with the claim settlement information for all the bills paid with it.
This provides several benefits to insurance companies making the claim payment, including greater transparency into the claim status as well as easier and automated reconciliation.
“We’re on a mission to integrate our technology into platform providers to drive seamless B2B payment experiences at greater scale,” said Chad Wallace, global head of Commercial Solutions, Mastercard, “As we assessed industries where we can contribute with impact, healthcare emerged as a critical industry to unlock payment efficiencies.”
First Published: Jan 19, 2024 3:44 AM IST
