Mastercard Revolutionizes B2B Healthcare Payments in Partnership with Remedinet
Mastercard, the leading payments processor, has unveiled a groundbreaking claims payment solution tailored for the B2B healthcare sector, according to FinTech Magazine. Collaborating with Remedinet, a cloud-based healthtech platform, Mastercard aims to expedite payments to healthcare providers and insurers. This innovative solution is initially being introduced in India.
Mastercard’s Medical Claims Payment Solution utilizes its virtual card technology to streamline payment processes within the healthcare industry. The partnership with Remedinet, a platform dedicated to simplifying cashless claims for hospitals, insurers, and third-party administrators, is set to revolutionize B2B healthcare payments.
Mastercard’s end-to-end payment solution integrates virtual cards into healthtech platforms like Remedinet through API connectivity. This allows companies such as Remedinet to access Mastercard’s virtual platform, enhancing the speed and security of traditionally intricate B2B payments.
Remedinet, as a pioneer in leveraging this embedded experience, will gain access to virtually generated cards issued by their bank as soon as they submit an authorized medical claim to an insurance company. This swift process will drastically improve payment timelines for the hospitals served by Remedinet, which have historically waited for months to receive claim payments. With Mastercard’s virtual cards now integrated, hospitals can complete the payout process almost instantly.
The introduction of Mastercard’s virtual cards will also benefit insurers by enabling the flow of transaction-level data alongside claim settlement information, enhancing transparency and simplifying the reconciliation process.
Chad Wallace, Global Head of Commercial Solutions at Mastercard, stated, «We’re committed to integrating our technology into platform providers to facilitate seamless B2B payment experiences on a larger scale. Healthcare emerged as a critical industry where we could make a significant impact in unlocking payment efficiencies.»
Mastercard’s initiative to tackle B2B healthcare payments represents a significant advancement in bridging the gap between fintech and healthtech to resolve the fragmented and inefficient processes that persist in healthcare, particularly in emerging markets like India. Legacy systems still in use by insurers exacerbate bottlenecks, resulting in payment delays for healthcare providers, cash flow challenges, and increased borrowing costs.
Manual claims processes and reconciliation on the insurer side further hinder transparency, creating uncertainty and adding strain to billing teams. Healthtech companies have been instrumental in bridging these gaps, but many startups lack the necessary resources and technology. Partnering with established entities like Mastercard, as Remedinet has done, allows fintech, insurtech, and healthtech enablers to access solutions that promote connectivity between healthcare stakeholders and greatly enhance the payment process.
Raja Rajamannar, Chief Marketing and Communications Officer and President of Healthcare at Mastercard, emphasized, «The healthcare industry is at an inflection point, with evolving digital-first expectations challenging industry norms. Globally, we’ve collaborated closely with healthcare organizations to provide a range of products and services tailored to simplify, streamline, and enhance payments and beyond.»
Mastercard’s collaboration with Remedinet and the introduction of its Medical Claims Payment Solution represent a significant milestone in improving B2B healthcare payments. By harnessing virtual card technology and partnering with healthtech platforms, Mastercard is helping to address long-standing payment challenges and enhance efficiency and transparency in the healthcare industry, particularly in emerging markets. This initiative signifies a crucial step in the convergence of fintech and healthtech to benefit healthcare stakeholders worldwide.