Mastercard Plan to Optimize Healthcare Through Integrated Product Suite
According to Raja Rajamannar, the chief marketing and communications officer and president, healthcare, Mastercard. “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. Our solutions range from helping payers detect and reduce fraud, waste, and abuse to offering tools to providers to help improve patient receivables.”
Report released on the benefit of this new launch are as follows;
Mastercard Healthcare Solutions brings its capabilities to complement a partner’s existing system to address major pain points such as payment assurance, payment integrity, and cybersecurity. Unlike other new entrants to the industry, Mastercard Healthcare Solutions will enhance a partners’ businesses, not compete with them.
Patient Payment Assurance: Predictive analytics to enable more effective billing strategies tailored to patient needs
Using the Mastercard Test and Learnplatform, health systems can optimize billing with predictive analytics that consider a patient’s unique circumstance. Providers will be able to:
- Segment patients based on payment burden, individual payment behaviors, and other factors
- Analyze relevant business drivers and past behaviors to determine the optimal billing approach
- Develop new billing strategies customized to the patient’s unique profile
- Measure the impact of differentiated billing strategies to continuously refine the approach
- Fraud, Waste, and Abuse: AI and machine learning to detect suspicious claims activity
Mastercard Healthcare Solutions will use artificial intelligence models to identify healthcare claims fraud and other pain points in the health system. Partners will be able take the uncertainty out of claims management with advanced techniques to:
- Assess new providers to reduce onboarding risk
- Continuously monitor provider behavior and risk levels
- Address omni-channel fraud across vectors, channels, transactions
- Manage daily transaction fraud risk in real time
- Data Security: Biometrics and behavioral analytics to protect health information
With healthcare data breaches rising steadily, securing health and payments data is a top priority for the healthcare industry. Leveraging behavioral analytics, biometrics, and risk assessments, Mastercard Healthcare Solutions can help:
- Authenticate mobile access to HSA accounts, call centers, and patient portals
- Mitigate automated cyberattacks and data exposure on websites and mobile apps
- Detect cybersecurity threats in real time to lower operational and investigative costs
- Identify security and ID management gaps in IT systems and processes
- Reliably authenticate patients during new account enrollment
