Innovative solutions in healthcare
Dan Andrews, Insurance Director at Vitesse, talks to ITIJ about international payments and the solutions Vitesse offer for cross-border healthcare payments
How can innovative platforms simplify international payments between insurers and healthcare providers?
Innovative platforms can significantly simplify international payments between insurers and healthcare providers by leveraging technology and several key strategies, many of which Vitesse are able to support today.
1. API Integration: Application Programming Interfaces (APIs) enable real-time access to foreign exchange rates, a variety of payment methods, and seamless integration with existing systems such as Claims Management Systems (CMS). This allows for better management of currency exposure and more efficient reconciliation processes whilst also delivery Straight Through Processing (STP) where possible.
2. Enhanced visibility and transparency: digital platforms can provide greater visibility into payment statuses and transaction details as well as control of claims floats or loss funds that are used to fund claims settlements. This transparency helps both insurers and healthcare providers track payments in real-time, reducing uncertainties and improving cash flow management.
3. Diversified settlement methods: by partnering with PSPs such as Vitesse (who leverage local clearing rails), digital platforms can offer more efficient cross-border payment options. This reduces the reliance on traditional wire transfers (SWIFT), which can be slow and costly, whilst also improving the client or consumer experience with quicker settlement times.
4. Consumer-centric solutions: as the healthcare industry shifts towards more holistic and preventative care, payment technologies are becoming strategic levers. Fast and seamless digital pay-out systems can enhance patient experiences and improve revenue cycles for healthcare providers.
By adopting these innovative solutions, insurers and healthcare providers can achieve faster, more secure, and more transparent international payments, ultimately improving their operational efficiency and patient care.
What specific pain points in healthcare payments do your
solutions address, especially in cross-border contexts?
Cost containment
Vitesse not only transforms the payout landscape but also becomes a strategically for travel and healthcare companies in enhancing their cost-containment strategies. By adopting our faster domestic settlement network over traditional invoicing and payments, insurers and others involved in the settlement cycle can make both domestic and international payments from a single platform.
Travel and healthcare companies can significantly strengthen their bargaining power when negotiating contracts with service providers. The expedited payment (leveraging a variety of payment solutions) process enables them to secure favourable rates and terms, contributing to overall cost savings, and improved client experience.
Slow, costly and opaque payment experiences
Moreover, this streamlined approach ensures that services are delivered with optimal efficiency, reducing the likelihood of claimants incurring additional hospital care or travel related expenses due to extended claim settlement periods. This becomes particularly crucial as, in many cases, travel and healthcare companies may not fund upfront and can be held up waiting for the insurer to send the invoice amount before treatment is initiated.
Our solution empowers insurers and their network of partners to keep pace with the evolving demands of policyholders, all while
streamlining operations and minimising costs.
Disparate claims funds and cashflow pressures
Vitesse is regulated by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 for the issuance of e-Money. This allows Vitesse to hold capital on behalf of insurers and other stakeholders in the marketplace. As a result, Vitesse clients uncover huge benefits in bringing their disparately located pots of claims funds into a single regulated environment. This ensures all claims funds are held with secure tier 1 banks, fully protected from insolvency of third parties who historically held these funds within their banking system.
Vitesse’s treasury solution also provides travel and healthcare companies with the ability to negotiate with the insurers they work with, to obtain claims floats to service claims payments, either reducing or removing cashflow pressures, particularly during peak periods.
Dan Andrews - Insurance Director, Vitesse
A banking professional, Dan spent the first 15 years of his career working for one of the largest domestic banks in the UK within their International Corporate division. In his last four years in banking, he spent time in the insurance market as a cash management specialist working with insurers, brokers and third-party administrators. Dan is also a member of the Association of Corporate Treasurers. At Vitesse, Dan leads the Life, Health and Travel Insurance team, dedicated to driving innovation and growth across the sector.
November 2024
Issue
This month we look at affinity partnerships and ask if online travel agencies are the perfect partners for insurers; we cover the trends around cruising in the Mediterranean; we delve into the specifics of the Austrian healthcare system; plus we examine international healthcare and technology, asking how far can technology go.
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