Healthcare
The Cashfac solution for Healthcare supports a range of use case in the healthcare, investment and insurance sectors. Healthcare providers who are managing cashflows around injury claims or other types of insurance are supported on Cashfac through a mix of virtual and real bank accounts. In the injury claims space, Cashfac manages the high volume of cashflows representing payments made to injury claimants, maintaining separate virtual accounts for each claimants claim. This deployment is typically fully end to end automated, with integration between Cashfac and the healthcare provider’s operational systems, reconciling back to the bank account. The self-service model is provided here the use case required the end claimants to access their accounts and make payments to 3rd party providers such as care homes and medical practitioners.
Benefits
- No need to open bank accounts for every claim or claimant.
- Fully automated payment settlement for approved claims.
- Automated reconciliation between claims paid and healthcare provider’s operational systems and automated account opening – fully “hands-free” service.
- Supports client needs to demonstrate compliance with Health Insurance Portability and Accountability Act (HIPPA) for protected health information.
- Reduced manual processes for the bank and healthcare provider.
- Tailored account hierarchy for each claimant and claim.
- Self-service payments directly from virtual accounts to third-party service providers.
- Automated tax deductions on Member funds and reporting to show adequate reserves and fund segregation.
