In response to a growing need for patients to simplify access to healthcare around the world, Mastercard and the Medical Tourism Association (MTA) announced an exclusive partnership to modernize the end-to-end healthcare experience for patients and healthcare providers around the world. The Medical Tourism Association will leverage Mastercard’s commercial virtual card technology to facilitate not only treatment arrangements, but also fast and secure payments with healthcare providers.
This is a first for the medical tourism industry, which has historically relied heavily on cash and wire transfers, leading to a lack of financial transparency and limited payment options for patients undergoing treatment abroad. A recent medical tourism patient survey found that more than half of patients worldwide express concerns about making payments abroad.[1] Hidden costs, complex exchange rates and increased fraud risk have highlighted the need to improve payment processes.
“As a global technology company, we are constantly innovating to solve pain points across multiple industries and simplify the flow of money between people and businesses,” said Chad Wallace, global head of commercial solutions at Mastercard. “We are embedding our technology to drive safer and faster payment experiences at scale. This latest collaboration further extends the benefits of Mastercard’s virtual card and unlocks its ability to reshape the healthcare ecosystem.”
Patients simply need to book and pay for their treatment with their payment method of choice, and MTA seamlessly handles the rest, leveraging Mastercard virtual card technology. As soon as a payment is initiated and verified, MTA’s banking partners issue a Mastercard virtual card and pay the healthcare provider directly. The introduction of virtual cards also provides a variety of benefits to healthcare providers, including increased security, robust management and efficient reconciliation with real-time remittance data.
MTA is developing Better by MTA, a new user-friendly platform with integrated Mastercard payment capabilities that aims to not only solve pain points around medical payments, but also integrate medical and travel services. From paying for and scheduling treatment, to booking associated trips, transportation and accommodations, patients will be able to confidently manage every aspect of their trip within the same platform. Aimed at simplifying travel choices, streamlining the payment process and making it easier to compare treatment options, Better by MTA replaces multiple booking tools with a connected, one-stop experience for medical travel needs.
“For nearly two decades, we have played a vital role in delivering affordable, transparent, and high-quality health care by connecting patients to an extensive network of trusted, accredited providers around the world,” said Jonathan Edelheit, president and co-founder of the Medical Tourism Association. “Developing a single interface that integrates Mastercard’s payment capabilities and services is an important step in our mission to make quality health care safe and accessible across borders.”
Mastercard and MTA will initially roll out these new payment capabilities to several healthcare providers around the world, with plans to expand to additional providers around the world by the end of 2024.
What healthcare professionals say:
“Medical tourism is one of Turkey’s fastest growing industries, with an annual growth rate of 22.6 percent.[2]”As more patients seek our services abroad, we are thrilled to be one of the first hospitals to introduce the Mastercard virtual card for these payments. The shift from cash to digital payments will increase efficiencies for our finance team and provide unmatched payment security.” — Johan WF de Letter, Group Director Europe/US, Memorial Hospital Group “Medical tourism is beneficial for the entire healthcare ecosystem, but significant challenges remain, especially as payments remain digitized across the industry. As Mastercard and the Medical Tourism Association work together to streamline cross-border payments with virtual cards, we will be able to deliver quality healthcare to more people in need, regardless of where they live.” — Dr. Andrew Elkwood, CEO, Advanced Reconstruction Surgery Alliance (ARSA) and Founder, Advanced Reconstruction Institute “It is essential to ensure that everyone who needs healthcare has access to it, yet cost often remains a major barrier. Patients traveling to Thailand can enjoy significant savings on treatment costs – as much as 25-75% – yet the process of handling cross-border payments has traditionally been time-consuming and inefficient for healthcare providers. We are proud to work with the Medical Tourism Association and Mastercard to streamline these transactions by leveraging innovative payment methods such as virtual cards. This initiative is key to making quality healthcare more accessible and simplifying the payment process for all involved.” – Dr. Arthirat Charkkitpipat, CEO, Bumrungrad International Hospital “The medical tourism industry is growing around the world and Abu Dhabi is quickly becoming a leading destination for treatment abroad. We are looking at ways to enhance the payment process and make it easier for both patients and healthcare providers like us. We are proud to partner with Mastercard and the Medical Tourism Association to enable virtual cards for medical tourism payments and improve the overall healthcare experience.” – Aisha Al Marri, Deputy CEO, Burjeel Medical City
Stay tuned for future updates as we continue to work to improve the medical tourism experience. If you are a healthcare provider and are interested in being involved in this project, please click here to contact us. To read Mastercard’s press release, click here.
Sincerely.
Disclaimer: The content provided on Medical Tourism Magazine (MedicalTourism.com) is for informational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always consult your doctor or other qualified health care provider if you have any questions regarding a medical condition. We do not endorse or recommend any specific health care provider, facility, treatment, or procedure mentioned in the article. The views and opinions expressed by authors, contributors, or advertisers within the magazine are their own and do not necessarily reflect the views of our company. While we strive to provide accurate and up-to-date information, we make no representations or warranties, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of any information contained on Medical Tourism Magazine (MedicalTourism.com) or any linked website. Any reliance on such information is entirely at your own risk. Readers are strongly encouraged to conduct their own research and consult with a medical professional before making any decisions related to medical tourism, health care providers, or medical procedures.
