In an era where digital transformation is sweeping across industries, the healthcare sector finds itself grappling with the challenge of modernizing its payment systems.

“Historically, [as it relates to payment flows between patients, providers and payors,] healthcare has not been a leader in technology adoption nor deployment, and … for that reason, it’s been challenging to keep up with the evolving needs and expectations of patients,” Simon Abtalion, healthcare solutions executive at Bank of America, told PYMNTS, noting that the situation is exacerbated by the healthcare sector’s complexity and regulatory landscape.

Abtalion explained that this delay has resulted in a fragmented payment ecosystem that struggles to meet patient expectations.

Outside of healthcare, consumers are accustomed to streamlined, omnichannel experiences where they can interact digitally at every touchpoint. In healthcare, however, such solutions have yet to be fully adopted.

Transitioning to Cashless Healthcare

The persistence of cash healthcare payments is an issue within the marketplace. Healthcare providers continue to accept cash, driven by the goal of maximizing bill collection rates.

This results in many health systems lacking precise data on the actual percentage of payments collected in cash, making it difficult to assess the true value and cost of maintaining cash as a payment option, Abtalion explained.

“Without that level of data at their fingertips, it is hard to make this forward-looking leap into cashless because you may fear that you’re jeopardizing meaningful collections,” he said, emphasizing that the percentage of cash typically collected tends to be lower than healthcare executives think.

Still, as patients become more familiar with digital payment methods such as digital wallets and near-field communication (NFC), the transition to a cashless healthcare system is becoming more feasible. Younger generations, who have grown up with digital payment technologies, are pushing this shift.

Using Technology

Despite the clear trend toward digital payments, healthcare providers face several hurdles in fully embracing the change. Abtalion highlighted the importance of data in driving decisions, urging healthcare systems to assess both the costs from third-party cash couriers and the risks of cash transactions, which underscore the inefficiencies of maintaining cash-based payments.

Another factor is managing the transition for all patient demographics. Abtalion explained that healthcare systems serving older populations who have managed to transition to cashless models were aided by clear communication, expectations management and patient financial advocacy.

“When the patient’s expectations are managed, and it is not a knee-jerk reaction to something sprung upon them,” he said. “They have the time to prepare for the transition to cashless — and are able to do so.”

“Cashless doesn’t have to be an all-or-nothing situation,” he added. “You can really benefit as an organization from a cash reduction.”

This gradual approach helps ease the transition and ensures no patient cohort is left behind.

While the journey toward a cashless healthcare system is complex, involving both technological advancements and cultural shifts, and starting with cash reduction, Abtalion pointed out that the industry is closer to this goal than many might think.

He explained that Bank of America’s acquisition of the AxiaMed platform, now known as Healthcare Payment Solutions (HPS), represents a step toward consolidating and centralizing payment processes in healthcare. This dedicated healthcare gateway aims to integrate multiple payment solutions into a cohesive system, simplifying vendor management, reducing data silos and enhancing overall efficiency.

Abtalion added that the future of healthcare payments is also poised to benefit from emerging technologies like blockchain, which can enhance transparency and speed in billing processes. He said he envisions a system where blockchain technology facilitates real-time billing, reducing delays and improving price transparency for patients. Such innovations could streamline the patient experience, reducing the friction associated with healthcare payments.

The post The Road to Digital Healthcare Payments Starts With a Few Cashless Steps, Says Bank of America appeared first on PYMNTS.com.

“We’re creating that on-demand experience for patients to get care through a more omnichannel lens,” Aniq Rahman, founder and CEO of Fabric, explained to PYMNTS in an interview. “We want to give great care virtually so people don’t have to leave their homes.”

Fabric’s care enablement system integrates virtual and in-person services through conversational AI and adaptive interviews. This system, designed by clinicians, enhances care quality, accelerates workflows up to tenfold, reduces call center volume by 15%, and improves appointment slot utilization.

The PYMNTS interview comes on the heels of Fabric’s acquisition of Walmart’s telehealth business, MeMD, in June. The acquisition adds 30,000 employers and 5 million members, enhancing Fabric’s employer strategy.

Previously, telehealth primarily involved video consultations, which, despite their innovation, did not fully address the need for a seamless consumer experience. Current efforts are focused on creating a more integrated, omnichannel approach that includes chat-based consultations, asynchronous interviews, and direct-to-consumer services such as RO, HIMSS, and Amazon Clinic .

“Part of what we’re trying to do is also help triage patients earlier to know if they may need to go to the emergency department or go to urgent care,” Rahman noted.

Leveraging technologies like conversational AI, telehealth platforms now offer a more cohesive care experience by streamlining information transfer into virtual care platforms, reducing redundant data entry and enhancing accuracy.

“We’re optimizing that experience and really streamlining it,” Rahman said. “Our average physician work time is only about a minute and a half to do most of those visits. So, it’s really efficient and quick for the providers, and then it allows them to see more patients in a given day.”

Telehealth technologies address the shortage of healthcare providers and nurses by improving operational efficiency and increasing patient throughput. This helps alleviate pressure on healthcare systems and ensures timely care.

“We’ve built a product that allows a patient to go through and do their whole intake experience while they’re sitting in the waiting room on their phone,” Rahman explained. “We’ve been fortunate. We’ve grown through deep integrations with the tools that providers use.”

A recent case study from WellNow, a major urgent care provider, demonstrated that telehealth increased productivity for video visits by 2.11 times compared to traditional methods, thus expanding patient access and enhancing provider performance.

“Technology can be a great enabler improving the patient experience, improving the provider experience, and improving operational throughput,” Rahman said.

Rahman’s motivation for founding Fabric stemmed from a personal healthcare experience involving his father, which highlighted inefficiencies in the system. His prior success with Moat, a digital marketing analytics firm acquired by Oracle, provided a foundation for Fabric’s development.

“It gave me an appreciation for the modern healthcare system,” Rahman said. “I saw some of the inherent complexity and chaos of the healthcare system.”

Following Fabric’s acquisition of Zipnosis last year, Rahman reported that it led to significant cost savings, with a reduction of $17 per member per month after 120 days of using the virtual care experience. “If you just imagine a plan with a million members, that’s $17 million that you’re saving on a monthly basis,” he said.

As the healthcare sector evolves, Fabric is working to integrate technological developments into patient care. “We’re really focused on continuing to expand on our capabilities on the virtual care side and technology side,” Rahman said.

The post Fabric Buys Walmart’s Telehealth Business and Stitches AI Into Digital Healthcare appeared first on PYMNTS.com.

Koh’s journey began at Yale University, where personal experiences with mental health challenges sparked an idea. What started as an academic research project in 2016 has evolved into Spring Health, a platform serving over 10 million people through 450 directly contracted employers.

“Spring Health started as an academic research project that sought to prove technology could help caregivers get people healthier faster,” Koh said in a July 31 news release. This seed of an idea, born from firsthand frustration with the mental health care system, has attracted major clients like Microsoft, Target, J.P. Morgan Chase and Delta Airlines.

Rapid Growth

The company’s growth has been rapid and significant. In July, Spring Health announced a Series E funding round of $100 million, led by Generation Investment Management, with participation from existing investors, including Kinnevik, William K Warren Foundation, RRE and Northzone. This latest investment brought the company’s valuation to $3.3 billion, a testament to its expanding influence in the mental health technology sector.

At the core of Spring Health’s offering is “Precision Mental Healthcare,” which uses artificial intelligence (AI) to analyze patient data and match individuals with appropriate care quickly and effectively. This approach has resonated with employers seeking to improve mental health outcomes while managing healthcare costs.

The company’s AI-powered system leverages a range of data, including a patient’s specific symptoms, socio-demographic information and other key factors. This comprehensive analysis aims to reduce the time it takes for a patient to be matched with a caregiver and begin successful treatment.

Spring Health’s network now includes more than 10,000 care providers, demonstrating the company’s scale. The platform’s ability to rapidly connect employees with appropriate mental health resources has been a key selling point for employers grappling with workforce mental health issues, particularly in the wake of the COVID-19 pandemic.

Koh’s vision extends beyond business success. “By providing world-class mental healthcare and decreasing overall employer spend on healthcare, we believe we’re on track to build one of the world’s most valuable companies,” she said.

Innovations and Achievements

Under Koh’s leadership, Spring Health has continued to innovate and expand its offerings. Recent developments include the expansion of its Global offering, addressing the need for mental health support across international workforces. The company also launched Community Care, though details of this initiative were not specified in the available information.

Another significant enhancement is SpringWorks, a program designed to support employers in creating cultures that prioritize mental health. This holistic approach reflects Koh’s understanding that effective mental health care extends beyond individual treatment to encompass the entire work environment.

Spring Health says it became the first and only company in its category to earn external validation of net savings for customers, via Validation Institute. This underscores the effectiveness of the firm’s approach in improving mental health outcomes and reducing overall healthcare costs for employers.

The company also recently secured nationwide third-party accreditation for its quality care and crisis programs, further validating its approach to mental health care delivery.

Her leadership has impressed investors. Christian Scherrer, senior investment director at Kinnevik, noted in the press release that Spring Health has “surpassed our expectations across all important metrics” since its initial investment in 2021.

However, Koh’s rapid ascent hasn’t been without challenges. The mental health tech space is increasingly competitive, with numerous startups and established healthcare companies vying for market share. Scaling operations while maintaining care quality presents ongoing complexities, especially as the company expands globally.

As a young, female, Asian-American leader in a field often dominated by older, male executives, Koh represents a new wave of diverse entrepreneurs tackling pressing societal issues with technological solutions.

“Our continued growth trajectory means more people are getting the care they need,” Koh noted in the funding announcement, “and this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers.”

As Spring Health evolves, Koh’s ability to navigate the company’s next growth phase could significantly impact how mental health services are delivered and accessed globally. The company’s expansion into international markets and its focus on creating comprehensive mental health cultures within organizations suggest a broad vision for the future of workplace mental health support.

The post Spring Health Taps AI to Help With Mental Health Care appeared first on PYMNTS.com.

Within healthcare, where innovation is often spoken about but rarely fully realized at scale, those needs are crucial to transforming — and standardizing — the way care and research are delivered and experienced.

“There is so much disparity between one geography to another in the way healthcare is delivered,” Dr. Mert Aral, chief medical officer at Huma, told PYMNTS’ CEO Karen Webster.

But if technology can revolutionize navigation through globally accessible tools like Google Maps, which offers the same high-quality experience regardless of location, why can’t it do the same for healthcare?

That’s the pressing question Huma was founded to answer in 2011, Aral explained, and he noted that the main challenge facing the field is that, because healthcare and life sciences are two sectors deeply entrenched in traditional practices, their transformation requires a significant shift in incumbent mindset.

The ongoing landscape realities mean that, despite the clear benefits, adoption has been hampered by the complexity and fragmentation of existing systems. The integration of digital tools and technologies can often be slow, hampered by a lack of interoperability, insufficient data and the entrenched reluctance of clinical teams and researchers to adopt new systems.

Aral likened the situation to trying to rebuild a house from scratch while still living in it. The core infrastructure needed for digitalization at scale is still largely absent, making the widespread adoption of technologies like artificial intelligence (AI) and generative AI (GenAI) a formidable task. In the U.S., for example, he noted that the adoption of electronic medical records required significant government intervention.

Transforming Care Delivery and Research

But that doesn’t mean the transformative potential of digital health technologies is impossible. Rather, broad adoption, while slow and challenging, is shaping up to be almost inevitable.

“We are trying to accelerate the adoption of digitalization within healthcare,” Aral said. “The reality of the situation is that 99% of your time is outside of the four walls of the hospital — how can we bridge that gap to get better visibility on patients, to know how they’re responding to treatments in real time? How can we intervene earlier? How can we be more proactive and see the right patient at the right time, rather than waiting for them to deteriorate?”

That’s why, over the past decade, Huma has focused on building a foundational layer of technological infrastructure designed to support a range of digital health solutions, from population health screening to remote patient monitoring and digital clinical trials.

Aral noted that Huma’s platform has been implemented in over 3,000 hospitals, with millions of active patients benefiting from its solutions. Demonstrating improved outcomes, increased capacity and new revenue streams for providers is what helps drive adoption, he said.

One of the more significant milestones for Huma was the launch of the Huma Cloud platform. This platform, which took years and significant resources to develop, aims to enable other stakeholders in the healthcare ecosystem to build on Huma’s foundation, thereby accelerating the development and deployment of digital health solutions.

“In order for this to have true impact, we need much bigger scale than what we can achieve on our own as a company,” said Aral, emphasizing that all stakeholders, including patients, providers, payers, pharmaceutical companies and governments, must see tangible benefits.

Read more: Huma Gets $80 Million to Build ‘Shopify for Digital Health’

By offering a disease-agnostic platform approved by the FDA, Huma enables health systems to build and deploy a wide range of health solutions using the same foundational technology. This flexibility and scalability are critical for addressing diverse healthcare needs and expanding the reach of digital health solutions.

Aral said he envisions a future where Huma’s platform powers a global network of healthcare applications, continuously improving through the integration of new diagnostic tools and data-driven insights. This vision aligns with the broader trend toward personalized, proactive healthcare, where technology empowers patients and providers alike.

A prime example of Huma’s innovative approach is their asthma disease management solution in the U.S., developed in collaboration with AstraZeneca. The challenge was clear: how to identify patients who could benefit from advanced treatments more quickly and efficiently. Traditionally, this process is slow, as it relies on sporadic doctor visits and snapshot data.

Aral explained that Huma’s solution leverages continuous remote monitoring, using spirometry devices, wearables and an intuitive app to gather real-time data on patients’ conditions. This approach, he said has significantly reduced the time to treatment optimization, benefitting patients, providers and pharmaceutical companies.

Patients receive timely interventions and personalized care, providers gain a new revenue stream through reimbursement codes for remote patient monitoring, and pharmaceutical companies can more effectively reach patients who need their treatments.

By addressing systemic challenges and building a robust technological foundation, it is possible to pave the way for a new era of healthcare delivery and research.

The post Huma’s 13-Year Journey to Creating a Global Healthcare Network appeared first on PYMNTS.com.

The partnership between GE and Amazon’s Amazon Web Services (AWS) division, announced Thursday (July 25), comes as AI continues to make inroads into the health sector.

In this case, GE HealthCare will use AWS as its cloud provider, with plans to use the company’s healthcare and generative AI services to increase diagnostic and screening accuracy, improve outcomes, provide greater access and equitable care, the company said in a news release.

GE will use Amazon Bedrock, a managed service that provides secure access to the industry’s leading foundation models, to create and deploy “bespoke generative AI applications,” the release said.

The company will also use Bedrock to build its own generative AI applications for healthcare to enhance efficiency and care, GE added.

“With AWS, GE HealthCare plans to use the cloud to deliver more personalized, intelligent and efficient care,” said Matt Garman, CEO of AWS. “GE HealthCare is putting generative AI at the heart of their innovation, accelerated by the investments we have made in healthcare-specific cloud services and generative AI capabilities that provide best-in-class security, data privacy and access to the latest state-of-the-art foundation models.”

The partnership is happening at a moment when AI is making waves in the medical world, with new studies showing the technology’s promise in predicting eye treatment complications, analyzing heart MRIs and developing RNA-based drugs.

“While specialized healthcare AI models demonstrate potential, research also cautions against relying on general-purpose AI chatbots for clinical decision-making, highlighting the need for tailored solutions in critical medical applications,” PYMNTS wrote recently.

The eye treatment study was conducted by researchers from Emory University and Cleveland Clinic, who developed a machine-learning model that examines eye scans to find patients at risk of inflammatory responses to common treatment for age-related macular degeneration (AMD).

The AI model, which analyzed optical coherence tomography (OCT) scans, showed accuracy rates of up to 81% in spotting patients likely to develop a certain post-treatment complication.

Meanwhile, a study by healthcare AI firm Atropos found that popular chatbots like ChatGPT falter in clinical decision-making. Atropos tested five large language models and found they provided relevant information only 2% to 10% of the time.

The post Amazon Launches AI Collaboration With GE HealthCare appeared first on PYMNTS.com.

And it doesn’t appear to be stopping any time soon.

That’s why PYMNTS sat down with Steve Sterling, Managing Director for the Americas at Holoconnects, to unpack the applications of 3D hologram displays, particularly within healthcare.

After all, Sterling’s own journey from encountering an early prototype of a hologram display to pioneering its application in hospitals encapsulates the profound potential of this technology to enhance patient care and operational efficiency.

“I had seen what holograms did with people in entertainment — the ‘wow’ factor,” Sterling said, noting that hologram-centric efforts have already borne fruit in the hospitality industry, with installations in 30 hotels across Scandinavia.

These hologram check-in devices, he explained, greet guests with lifelike, pre-recorded avatars, offering maps, customer service and more, all while enhancing guest engagement. Notably, hotel managers observed that younger guests preferred these automated systems over human interaction, highlighting a generational shift towards digital interfaces.

But this application of 3D experiences within hospitality sparked the realization that hologram technology could be harnessed for broader applications beyond mere amusement.

Leveraging Hologram Displays in Hospitality and Healthcare

That’s because the true transformative potential of 3D hologram displays, according to Sterling, lies in healthcare.

A recent collaboration Holoconnects undertook with Crescent Regional Hospital in Lancaster, Texas, illustrates this vividly. A hologram display installed at the hospital connects patients with doctors at a specialty care clinic 30 miles away, facilitating non-touch wellness visits. The response has been overwhelmingly positive, with patients expressing a sense of engagement akin to an in-person visit.

The success of these hologram displays in healthcare stems from their ability to foster genuine engagement. Sterling emphasized that engagement is a feeling, not just a technology.

“The patient really has a sense of engagement,” he said. “We’re offering engagement, and we are offering access.”

Unlike traditional telehealth, where patients interact with a doctor via a computer screen, hologram displays provide a full-size, high-resolution image of the doctor, creating a more lifelike and reassuring experience. This is particularly valuable for non-touch visits, such as post-operative check-ins or wellness consultations.

Doctors, too, benefit from this technology. They save time and effort by avoiding unnecessary travel for routine visits, allowing them to see more patients and operate in a more relaxed environment. This not only enhances their efficiency but also improves the quality of patient interactions.

“A doctor at the local hospital can begin to access every range of specialists and the best in their field in this way,” Sterling added, noting this could revolutionize healthcare delivery in areas with limited medical resources, improving patient outcomes and reducing costs.

The Future of Virtual Health Rests on Applications That Go Beyond Novelty

While telehealth experienced a significant boost during the pandemic, Sterling acknowledged the challenges it currently faces, particularly regarding payment and insurance coverage. The current healthcare system’s complexity often hinders the adoption of new technologies. However, he remains optimistic that as the benefits of hologram displays become more apparent, the necessary billing processes will evolve to accommodate them.

Moreover, the integration of medical diagnostic devices with hologram displays, for which Sterling holds a pending patent, promises to further enhance their utility.

And Sterling’s vision extends to pharmacies and public spaces, where hologram displays could serve as initial points of contact for patients seeking medical advice. This could alleviate the burden on healthcare facilities and provide timely interventions, potentially preventing minor health issues from escalating into major problems.

“The feeling patients have about their journey of recovery is a very important element to the success of their recovery,” he said.

Ultimately, the success of 3D hologram displays in healthcare hinges on their ability to enhance the patient experience. Sterling drew a parallel with the hospitality industry’s focus on guest experience, noting that patient satisfaction and engagement significantly impact recovery outcomes. By providing a more engaging and reassuring interaction with healthcare providers, hologram displays can contribute to better patient experiences and, consequently, better health outcomes.

As healthcare continues to evolve, innovations like 3D hologram displays represent a promising frontier. In a future where these technologies become more integrated into healthcare systems, they hold the potential to transform the way we deliver and experience medical care, making high-quality healthcare more accessible, efficient and engaging.

The post Here’s Why the Next Doctor Visit Could Be With a Hologram appeared first on PYMNTS.com.

Challenges arose from distributor adjustments in the contact lens market, leading to destocking. J&J officials expressed confidence in a swift recovery fueled by its innovation pipeline. This focus on innovative solutions propelled a resurgence in the orthopedics business.

While acknowledging inflation’s impact, the company remains committed to achieving solid growth for the full year. A strategic move further bolstered MedTech’s position: The acquisition of Shockwave Medical. This deal strengthens J&J’s presence in the high-growth cardiovascular intervention market. Shockwave’s minimally invasive IVL technology broadens J&J’s cardiovascular treatment portfolio, offering patients additional options.

During a Wednesday (July 17) call with analysts to discuss its second-quarter financial results, Joaquin Duato, chairman and CEO of J&J, said he believes MedTech growth will be more in the 5%-6% range during the second half of the year. “I’m energized as we look to the rest of 2024. We’re entering the second half of the year from a position of strength and we’re continuing to bring innovation to the patients we serve.”

Looking ahead, Duato exuded optimism due to a robust pipeline, upcoming regulatory approvals for key products, and continued rollout of recently launched offerings that provide a solid foundation for growth. Further solidifying its commitment to robotics, J&J plans to submit its Ottava surgical robot for FDA approval later this year, with future expansion into spine surgery on the horizon.

“With a robust pipeline, upcoming regulatory milestones for Rybrevant and Tremfya, the integration of Shockwave, and continued expansion of newly launched products, including Acuvue Oasys Max 1-Day contact lenses and our Varipulse platform, we have a strong foundation for near and long-term growth,” he said.

J&J’s Velys robotic system is gaining traction, with a recent FDA clearance for unicompartmental knee replacements and a strong overall procedure environment, suggesting a surge in the global orthopedic market. “We’re bringing robotics to other parts of orthopedics,” Duato said. “It’s all innovation-driven and we expect it to continue.”

MedTech sales grew 2.2% in the second quarter, reaching $8 billion, and overall revenue rose 4.3%, to $22.4 billion. MedTech sales were driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.

Innovative Medicine sales increased to $14.49 billion, up 5.5%. Growth was driven by Darzalex (daratumumab), Erleada (apalutamide), Tremfya (guselkumab), Stelara (ustekinumab), and Spravato (esketamine).

Stelara sales rose 3.1%, to $2.89 billion while Darzalex sales rose 18.4%. to $2.88 billion. The company’s cancer cell therapy, Carvykti, generated sales of $186 million, up a whopping 60% year over year.

The post J&J MedTech Navigates Headwinds, Eyes Growth Surge in Second Half of 2024 appeared first on PYMNTS.com.

The platform, announced Tuesday (July 16), is designed to bolster the company’s digital health initiatives while also letting others launch and scale their own products.

“With its Huma Cloud Platform and the regulatory foundation that it is built on, Huma aims to reduce the time it takes to develop and launch digital health projects at scale from years to as little as a few days,” the company said in a news release.

The Series D round brings Huma’s total financing to $300 million. A report by Bloomberg News noted that the company is now valued at close to $1 billion.

Dan Vahdat, the company’s founder and CEO, said in the news release that Huma hopes to speed the adoption of artificial intelligence (AI) across care and research.

“We like to think of Huma Cloud Platform much like Shopify but for digital health instead of eCommerce,” he said. “We believe when digital and AI are scaled, they become affordable for both the poor and the rich. This will help us transition medicine from being reactive to proactive.”

Huma’s funding comes as the healthcare world continues to debate AI’s place in their field, as PYMNTS wrote earlier this year.

For example, experts say that health chatbots could have a major impact on the sector, but their varying levels of accuracy raise important questions about their potential to bolster or undermine patient care.

“Like other AI-powered tools, medical chatbots are more likely to provide highly accurate answers when thoroughly trained on high-quality, diverse data sets and when user prompts are clear and simple,” Julie McGuire, managing director of the BDO Center for Healthcare Excellence & Innovation, told PYMNTS.

 “However, when questions are more complicated or unusual, a medical chatbot may provide insufficient or incorrect answers. In some cases, a generative AI-powered medical chatbot could make up a study to justify a medical answer it wants to give.”

In a separate interview, Dr. Michael Gao, co-founder and CEO of SmarterDx, told PYMNTS that clinical AI could help hospitals improve revenue integrity and quality.

By using AI, he said, hospitals can “make sure that their receipts are accurate, that they have everything they should have and they don’t have anything they shouldn’t have.”

He added that AI solutions are able to take the data around clinical care and compare it to financial data to make sure that hospitals “achieve 100% accuracy on 100% of charts.”

The post Huma Gets $80 Million to Build ‘Shopify for Digital Health’ appeared first on PYMNTS.com.

The MTA will launch a one-stop platform called Better by MTA that will not only help arrange medical treatments but also use Mastercard’s commercial virtual card technology to facilitate fast and secure cross-border payments, the organizations said in a Wednesday (July 10) press release emailed to PYMNTS. 

“For nearly two decades, we have played a critical role in providing affordable, transparent and high-quality healthcare by connecting patients with an extensive network of trusted, accredited providers worldwide,” Jonathan Edelheit, chairman and co-founder of the MTA, said in the release. “Developing a single interface with integrated Mastercard payment capabilities and services is a critical step in our mission to make quality healthcare secure and accessible across borders.”

The medical tourism industry has largely relied on cash and wire transfers, which has left patients with concerns about hidden costs, exchange rate complexities and fraud risk, according to the release.

With the platform enabled by the partnership of the MTA and Mastercard, patients will be able to book treatments and use a payment method of their choice, the release said.

The MTA will handle the rest, with its banking partner issuing a Mastercard virtual card to pay the healthcare provider directly once the patient’s payment is initiated and validated, per the release.

This collaboration is the latest example of Mastercard’s efforts to solve pain points across industries and simplify the way money flows, Chad Wallace, global head of commercial solutions at Mastercard, said in the release.

“We’re embedding our technologies to drive safer and faster payment experiences at scale, and this latest collaboration unlocks our ability to further extend the advantages of Mastercard virtual cards to reimagine the healthcare ecosystem,” Wallace said.

The use of virtual cards within B2B healthcare is one of the more promising solutions to challenges in the healthcare industry, Wallace told PYMNTS’ Karen Webster in an interview posted in January.

“By using virtual cards, we’ve been able to speed up the payment process overall between insurance companies and medical providers,” Wallace said.

The post Mastercard to Facilitate Cross-Border Payments for Medical Tourism Association appeared first on PYMNTS.com.

“Women spend on average 8% less time on their healthcare each month than men, which negatively impacts their health outcomes,” Synchrony Health and Wellness CEO Beto Casellas told PYMNTS’ Karen Webster.

Women, especially single mothers, face various challenges when it comes to accessing and affording necessary health and wellness care. They often prioritize their families’ needs over their own, primarily due to the same time and financial constraints.

These issues were among the findings of a new study by PYMNTS Intelligence and Synchrony’s CareCredit, which examined the economic factors that impact women’s health. The “2024 Women’s Wellness Index” drew on a survey of 10,045 U.S. consumers conducted from Nov. 10 to Dec. 6.

“Responsibilities, particularly for single mothers, in terms of where they spend their time and money, lead to lower overall health indices,” Casellas said.

Financial constraints are a barrier to women prioritizing their healthcare. What may seem like a small amount to higher earners can represent a heavy burden for many working mothers.

Casellas emphasized the need for better financial solutions and payment options that empower women to better manage their health. By embracing strategies like providing flexible payment options, enhancing financial literacy, promoting wellness and using technology, the healthcare industry can better enable women to prioritize their health and well-being, ultimately leading to better health outcomes for themselves and their families.

“There is not a one-size, cookie-cutter approach in terms of solving for this,” Casellas said. “There is a lot of complexity around the ecosystem.”

Women’s Health and Wellness: Addressing Barriers and Solutions

A barrier to accessing healthcare is the lack of financial literacy among patients. Casellas emphasized the need for providers to educate patients about healthcare costs and payment options. He advocated for transparent and open discussions about healthcare expenses and available financial assistance programs.

“Financial literacy is not just a phenomenon in healthcare; it’s a broader issue,” Casellas said. “Providing assistance programs, health savings plans and flexible spending accounts are critical steps in bridging this gap. Providers should be equipped to have these conversations early and clearly to help patients understand their options.”

Financial literacy can also help women better use the options available to them to get the care they need.

“Providing options like promotional financing over six or 12 months, which enables people to split their payments over time, can help women manage their healthcare expenses better,” Casellas said. “This approach not only alleviates the immediate financial burden but also encourages women to seek timely medical care, preventing conditions from worsening.”

Read more: Women’s Life Stage Priorities in Health and Wellness

Time constraints are another hurdle for women in accessing healthcare. The unpredictability of medical appointments, long waiting times and the time required for diagnoses and treatment can deter women from seeking medical care and discourage them from visiting healthcare providers. This lack of time can be particularly exacerbated for mothers.

Seventy-one percent of moms get preventive medical care, and around one-quarter do not seek care at all for themselves, while 78% of mothers prioritize their household’s health over their own well-being.

Casellas acknowledged this issue and pointed out the broader systemic problems, including staffing shortages exacerbated by the pandemic. He suggested that third-party financing could play a role in mitigating these challenges by streamlining administrative processes, thus allowing healthcare providers to focus more on patient care.

Using Healthcare Innovations and Embracing Preventive Solutions

PYMNTS Intelligence found that every additional $500 spent on women’s health results in a positive effect on their overall well-being. Higher income brackets correlate with better health attentiveness, highlighting the role of financial stability in accessing healthcare services — particularly around wellness and preventive care.

“Consumers are more proactive and knowledgeable about what they can do holistically around their wellness and how it reduces long-term care costs,” said Casellas.

“Preventive care helps identify and address health issues early, reducing the prevalence of chronic conditions,” he added. “Younger generations are increasingly proactive about their health, which is promising. Integrating wellness practices like nutrition, mental health care and regular checkups can significantly improve overall health.”

There is increasingly a role for technology, including artificial intelligence, to play in democratizing access to care — with low-hanging fruit being its capacity to streamline administrative processes, reduce staffing challenges and improve patient care.

“Digital technology, analytics and AI are crucial in supporting healthcare providers and improving patient experiences,” Casellas said. “These tools can help manage time better, provide more information to patients and streamline processes, ultimately enhancing overall healthcare delivery.”

Looking to the future, where novel treatments like GLP-1 drugs are reframing consumers’ relationships with their own health goals, Casellas emphasized the importance of “consulting healthcare providers and discussing payment plans.”

After all, in health as in life, knowing what you are getting into and the options you have on hand to support you will always be crucial.

To learn more, read the PYMNTS Intelligence/CareCredit “2024 Women’s Health Index.”

The post Trending: Financial Solutions Bridge Gap Between Women’s Health and Wealth appeared first on PYMNTS.com.