Mastercard, a financial services company known for its credit card offerings, is dipping a toe into the healthcare space with a product suite designed for healthcare partners.
The company is “moving beyond cards” to offer Mastercard-branded Flexible Spending Accounts (FSA), Health Savings Accounts (HSA) and Health Reimbursement Arrangement (HRA) cards. The company made the announcement at the HLTH conference in Las Vegas.
One such solution, the Mastercard Test and Learn platform, will help healthcare partners optimize billing with predictive analytics. The platform offers strategies to allow for unique patient needs and allows providers to segment patients based on payment burden, individual payment behaviors and more; analyze relevant business drivers and past behaviors to inform an optimal billing approach; measure the impact of billing strategies; and develop new billing strategies to meet patients.
The products, using AI and machine learning, will also help combat fraud, waste and abuse by assessing new onboarding risks, monitoring provider behavior and risk levels, addressing fraud across vectors, channels and transactions, and managing daily transaction risk in real time. Mastercard further promised data security with its new suite of products, using behavioral analytics, biometrics and risk assessments.
“The healthcare industry is experiencing a significant transformation and Mastercard’s technology-driven solutions will help stakeholders including payers, providers and, in the long run, patients,” Raja Rajamannar, chief marketing and communications officer and president of healthcare at Mastercard, said in a statement. “Our solutions range from helping payers detect and reduce fraud, waste and abuse to offering tools to providers to help improve patient receivables.”
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."