Mastercard, a global payment network processor, is set to revolutionize medical claim payments with the introduction of a virtual card solution. In partnership with a prominent financial institution in India and cloud-based health tech platform Remedinet, Mastercard aims to streamline and expedite the backend of cashless claims in the healthcare sector.
The upcoming virtual card facility will be accessible at all insurance-network hospitals in India integrated into the Remedinet platform. The end-to-end solution is designed to embed virtual cards within health tech platforms, connecting payers, healthcare providers, and insurers through API connectivity.
The primary objective is to enhance the efficiency of cashless claims by fostering seamless communication among hospitals, insurers, and third-party administrators in India. Mastercard envisions the virtual cards as a critical working capital solution, facilitating nearly immediate payouts. Additionally, these virtual cards will furnish detailed transaction data, offering transparency and claim settlement information for all bills processed through the platform.
Chad Wallace, the Global Head of Commercial Solutions at Mastercard, emphasized the company’s commitment to integrating technology into platform providers for seamless B2B payment experiences at a broader scale. Wallace stated, “As we assessed industries where we can contribute with impact, healthcare emerged as a critical industry to unlock payment efficiencies.”
The collaboration with a leading financial institution and Remedinet underscores Mastercard’s dedication to leveraging technology to drive positive changes in the healthcare payment landscape. The virtual card solution aims to bring transparency, speed, and automation to medical claim payments, offering benefits to insurers and streamlining the overall claims process.
