Mastercard, the global pioneer in payments and technology, has joined hands with HealthLock, an online platform that offers consumer-oriented healthcare services.
These two powerhouses aim to offer millions of Americans much-needed protection against medical bill fraud, claim errors and overcharges.
Mastercard and HealthLock have identified a pressing consumer need in the US – a need for protection against the rampant medical bill fraud, claim errors and overcharges. The duo’s partnership aims to fill this gap, arming consumers with the ability to monitor all their healthcare claims from a single platform and potentially reducing expensive medical bills.
Mastercard, best known for their card services, is a trailblazer in the world of payments and technology. Their expertise lies in facilitating seamless transactions globally. HealthLock, on the other hand, is an online platform that offers consumer-oriented services. They have designed a user-friendly dashboard that helps consumers organise, monitor, and audit every single medical insurance claim.
This partnership is set to unlock HealthLock’s analytics-backed healthcare services for millions of US-issued HSA and FSA Mastercard cardholders. The plan is to start with these cardholders and later expand to other programs within the year. Cardholders are also set to receive a 90-day free trial of HealthLock’s premium service and preferred rates for subscriptions.
The necessity for such a partnership is underscored by the recent data highlighting the magnitude of the problem. Medical overbilling, fraud and abuse reportedly cost Americans a staggering $325bn. Additionally, breaches of health records and subsequent malicious activities have jumped to more than 59 million cases in 2022, a significant increase from 40 million in 2020.
Ajay Bhalla, president, cyber and intelligence at Mastercard said, “Mastercard has deep experience in combating fraud and a relentless approach to innovation in data security. This partnership with HealthLock offers millions of our cardholders in the US the knowledge that their medical data is safeguarded, and their healthcare payments and claims are accurate and secure.”
Furthermore, HealthLock CEO Scott Speranza added, “More than half of medical bills contain errors. The healthcare system is increasingly complex, chaotic and costly. For the last 10 years, our mission has been to make healthcare simpler and more secure. This partnership with Mastercard enables HealthLock to ensure millions more people don’t have to pay more than their fair share.”
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