Mastercard has released a collection of security and anti-fraud products designed specifically for healthcare organizations. The portfolio has been dubbed Mastercard Healthcare Solutions, and includes technology that will cover everything from new customer enrollment to final payment schedules.
To that end, the platform leverages biometrics and behavioral analytics to verify the identities of new customers and enable mobile authentication for future interactions. The platform will then protect patient data across a variety of channels, including call centers, patient portals, and Healthcare Savings Accounts (HSA).
Mastercard Healthcare Solutions will also use AI to search for suspicious activity and detect fraud in real time. Meanwhile, the Mastercard Test and Learn component of the platform will use predictive analytics to develop better billing strategies that are tailored to the needs of each individual patient. The feature is designed to improve the collections process and make healthcare operations more efficient, categorizing patients based on their anticipated payment burden and past payment behavior.
The new portfolio would seem to validate recent reports from Market Research Future and Technavio. The former predicted significant growth in the healthcare biometrics market, while the later predicted that AI would play an increasingly central role in the healthcare industry.
Mastercard Healthcare Solutions was built to complement Mastercard’s existing healthcare financial offerings, which include Flexible Spending Accounts, HSAs, and Health Reimbursement Arrangement cards.
October 28, 2019 – by Eric Weiss