- Mastercard is bringing its scale and billing background to the healthcare, launching a new unit around revenue cycle management and data security.
- Previously, the financial services giant only offered flexible spending account, health savings account and health reimbursement arrangement cards for those in employer-sponsored plans.
- New products include predictive analytics built into a health system's billing platform allowing the provider to personalize patient payment plans; artificial intelligence tech to detect suspicious claims activity and fraud; and biometrics, behavioral analytics and risk assessments to secure health data and mitigate cyberattacks.
Silicon Valley-backed startups and established tech giants alike have vied in recent years to tackle healthcare pressure points through efforts like streamlining administration functions.
However, unlike other new entrants, Mastercard does not "want to disrupt," SVP of Mastercard Healthcare Solutions Marie Aloisi told Healthcare Dive, but "enhance the work that established stakeholders are doing today."
The company sees the healthcare industry as "a huge opportunity," Aloisi said. "We are not new to healthcare — this is us bringing new technology products to this space, going beyond just card."
Mastercard contends its decades of experience protecting sensitive information against cyberattacks will serve it well in an industry that saw 32 million patient records compromised in the first half of 2019 alone, according to Protenus and IBM.
Fraud and waste are also a huge problem in the healthcare industry, costing an estimated $240 billion annually. Mastercard tested its new product line on reducing waste with a payer client, though Aloisi declined to share additional details.
More than 200 companies, including healthcare giants CVS Health and Walgreens, already use Mastercard's predictive analytics to make business decisions.