CBA taps into $180 billion healthcare payments market

The Commonwealth Bank has partnered with medical technology provider Whitecoat that will offer patients and health providers a new payments product.

The product, CommBank Health Claim will give allow patients to approve payments and claims initiated by their provider, read moderated reviews, book appointments, and request cost estimates.

Healthcare providers will have access to daily settlements as well as enhanced reporting and reconciliation capability.

“The complex nature of the healthcare sector has led to the opportunity to create solutions that better meet the needs of both patients and healthcare providers alike,” CBA Business and Private Banking Group executive Adam Bennett said.

“Developing CommBank Health Claim with Whitecoat allows CBA to deliver market-leading capabilities to a vital industry sector – it helps patients make informed decisions when they need a medical health service, and significantly simplifies the claiming and payment process to make it a one-touch, uber-like user experience,” he said.

Medicare and private health insurance claims are also processed in real-time. The app also allows patients to save their private health insurance details. This simple functionality alleviates the need for users to produce a healthcare card to make a transaction.

According to a statement from the bank, the offering is ideal for expanding healthcare businesses looking for a more effective digitally enabled customer experience.

“CommBank Health Claim has been designed to make it fast and easy to scale. The platform is already integrated with a range of existing Practice Management Software.

“Healthcare providers will have the ability to engage directly with patients to grow their business, and patients will be able to save providers to their favourites to simplify the search and booking process,” the banks said.

The technology is currently in pilot phase and will officially launch to the market in early 2019.

National Australia Bank has also already moved into the healthcare payments sector, developing the payment platform Medipass, which the bank also described as an “uber-like” offering.

It’s an approach adopted by the banks to meet the specific needs of their business customers.

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