Mastercard launched new products aimed at helping healthcare providers and insurers with billing processes and data protection, the company said Oct. 27.
Five things to know:
1. Mastercard's new products, dubbed Mastercard Healthcare Solutions, target healthcare fraud, waste, abuse, revenue capture and cybersecurity.
2. Mastercard said "while healthcare organizations have the technology to preserve and enrich lives, the rapid technological change is putting pressure on them to keep pace and quickly adapt. Mastercard Healthcare Solutions will allow healthcare payers and providers to have the right tools to address rising digital threats and operate more efficiently."
3. In terms of billing solutions, Mastercard will use predictive analytics to help providers and payers segment patients based on factors like payment burden and individual payment behaviors to pinpoint the best billing approach.
4. Mastercard said its solutions will use AI to flag fraudulent claims and better manage claims. The company also will use biometrics and behavioral analytics to protect health information from data breaches.
5. "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," the company said. "Unlike other new entrants to the industry, Mastercard Healthcare Solutions will enhance a partners' businesses, not compete with them."
Read the full press release here.
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