Jebhealth partners with Airwallex Singapore and Visa in health services
Jebhealth partners with Airwallex Singapore and Visa in health services unknown
Singapore-based health technology Jebhealth has partnered with Airwallex and Visa to launch corporate health and employee benefits payment cards.
Through this alliance, Jebhealth will leverage its digital software products to address inefficiencies and reduce costs in the delivery of health services to the community. Moreover, it aims to overcome challenges associated with accessibility, accuracy, and affordability through innovation and technology.
According to an official press release, Jebhealth entered this partnership to enhance medical and healthcare payments whether locally or overseas. Following the COVID-19 medical crisis, access to new medical services that are traditionally not covered by insurance and third-party administrators was more than necessary. Alongside this, there is an inherent productivity problem when it comes to claims assessment and processing.
About the corporate health and employee benefits payment cards
By collaborating with Visa and Airwallex Singapore, Jebhealth launched two Visa Business cards – the Helix Health Card and J World Card, designed to integrate online, outpatient, and abroad healthcare payments. Furthermore, the alliance led to the creation of a novel digital health wallet and payment product and a new class of health-fintech solutions.
Visa Business Cards are addressed to employees and underserved worker communities, and it will remove the traditional upfront pay for medical bills, saving time for organisations on reimbursement and manual reconciliation.
Employers and HR professionals can remotely manage cards via a web portal in real-time for pre-hires and employees. This can be done by Google Pay and Apple Pay self-onboarding, without the need for physical medical chits or additional identity proofs.
The Helix Health Card is pre-set for use only in the health and medical merchant code categories, and transactions outside of these categories are automatically blocked. All sales receipts can also be matched against these transactions and verified conveniently.
The J World Card is rather an enterprise solution, used for administrative purposes and employee benefits, especially those on self-funded schemes. The company can decide on the approved categories and transaction parameters in advance. This eliminates the typical 60 to 90-day claims disbursement wait time facilitated by traditional third-party administrators and can improve corporate productivity by more than 80%.
Digital payments in healthcare
Digital Payments have already been a common practice in the US since the late 1990s, due to a federal government mandate, EFT ’99, requiring all government payments, other than tax refunds, to be made electronically.
Electronic funds transfers were also implemented to encourage the healthcare industry to move toward electronic payments in the form of VCCs, healthcare’s version of credit cards. However, payments via credit cards are relatively new to healthcare, and like with other industries, there have been some growing pains.
Beyond the striving, there are several advantages in healthcare digital payments such as emerging transaction methods through mobile apps and QR codes now available, effortless, convenient, and immediate access to information, cleaner and safer payment transactions, and streamlined customer service and support.
By implementing these Helix Health Card and J World Card, Jebhealth together with Airwallex Singapore and Visa contributed to a collaborative global effort in the healthcare’s digital payment expansion.