The digital healthcare services market has a new major player, with Mastercard announcing the launch of an integrated product suite to give healthcare partners tools for efficient service delivery, fraud detection, and patient health data protection.
Mastercard already supplies branded cards for Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), and Health Reimbursement Arrangements (HRAs), and now the company says it is bringing its scale and technology to the healthcare sector to move beyond cards, reimagining how its technologies can benefit the ecosystem. The new solutions include patient payment assurance with predictive analytics to enable companies to tailor billing strategies to patient needs, AI and machine learning capabilities to detect suspicious claims activity, and a combination of biometrics and behavioral analytics to protect health information.
Among the cybersecurity products in the suite, Mastercard Identity Check leverages the latest EMV 3-D Secure authentication standards, and supports plug and play biometrics, including face, voice, and fingerprint recognition, according to the company website. The technology supports all card-not-present channels, to enable secure payments on any device. The NuDetect solution provides continuous verification with behavioral biometrics based on hundreds of anonymized user data points.
“The healthcare industry is experiencing a significant transformation and Mastercard’s technology-driven solutions will help stakeholders including payers, providers and in the long run patients,” says Raja Rajamannar, chief marketing and communications officer and president, healthcare, Mastercard. “Our solutions range from helping payers detect and reduce fraud, waste, and abuse to offering tools to providers to help improve patient receivables.”
The data security capabilities of the new Mastercard Healthcare Solutions line provide authentication for mobile access to HSAs, call centers, and patient portals, mitigate automated cyberattacks and data exposure on websites and apps, detect cyber threats in real-time to lower operational and investigation costs, identify security and ID management gaps, and reliably authenticate new patients during account enrollment, the company says.
Mastercard provided some details around a strategic shift towards a digital approach more associated with fintech at an NYSE showcase in September, with biometrics and blockchain technology in development to back card-less transactions.
The global healthcare biometrics market has been forecast to reach $11.7 billion by 2024.
The company is showing off its new product suite at the HLTH event, October 27 to 30.