Commonwealth Bank has announced an exclusive partnership with Australian medical technology provider, Whitecoat, to develop an integrated payment, claiming and healthcare directory solution.
Whitecoat is an online healthcare provider directory and customer review website. The company compares itself to travel comparison website TripAdvisor but for health care.
The company was launched in 2013 and currently features over 210,000 listed Australian healthcare professionals Australia-wide across 40 different provider types.
CommBank Health Claim, a new product for patients and healthcare providers, combines app-based architecture with wireless connectivity to CBA’s Albert merchant terminals. Via a single platform, and using their mobile devices, patients can 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. 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.
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 technology is currently in pilot phase and will officially launch to the market in early 2019.
According to CBA Business and Private Banking Group Executive, Adam Bennett, “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.
"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.
“CommBank Health Claim is another example of CBA’s leadership in the delivery of technology-enabled business solutions, coming on the heels of recently launched products including Simplify, Daily IQ and Wiise.”
CBA General Manager, Payments Development and Strategy, Albert Naffah said, “CommBank Health Claim is a game-changer for the healthcare industry. Never before have patients and business owners had access to an integrated, user-friendly product via a single platform.”
Whitecoat CEO Matthew Donnellan described it as an exciting partnership.
“Our vision is to improve the choice, transparency and well-being of the healthcare of all Australians, and this solution will help us deliver that. It will also allow Whitecoat to inform people about their choices and expected costs prior to their procedure, offering simplicity and convenience for both consumers and providers," he said.
“Payments are a central part of the broader digital healthcare ecosystem Whitecoat is building. In the broader context, the total healthcare payments market in Australia is already in excess of $180 billion and growing at five per cent annually, and it is intended that over time, the solution will be available for other Commonwealth, State and Territory schemes. We are delighted to partner with CBA to better connect healthcare providers and their patients.”