By Philipp Buschmann, co-founder and CEO of AAZZUR
Healthcare has come a long way. How we treat patients from accurate diagnosis to effective rehabilitation has evolved drastically, and technology has played a central part in its transformation. Embedded finance is one of the key enablers that has alleviated some of the grievances associated with insurance-based care, providing people with tools to safely manage payments and simplify what can be a daunting process. Here’s how embedded finance is impacting the healthcare industry and how companies can make it a part of their plan.
Ameliorating Access
Imagine recovering from your injuries from an accident at home or abroad and still in a lot of pain but having to deal with unexpected medical bills that have been sprung upon you. That is the reality for millions of people who don’t have equal access to medical care. But what if things could be different? Embedded finance was created to be there in your time of need and is never more crucial when it comes to medical payments. Healthcare providers can take advantage of this thoughtful technology by integrating it into their systems. There is no need for costly IT infrastructure thanks to embedded finance’s low-code software, meaning patients can be reached quickly and without fuss. The solution, issuing one-time, virtual or plastic credit/debit cards that go alongside your insurance. When needed, with an optional in-app pre-approval process, then pay the unexpected bills with the insurance debit/credit card. Document the bills and automatic payout.
Breaking Down Barriers
Another key feature of embedded finance is the instalments aspect which creates relaxed payment plans that don’t burden the patient. This personalised service has been groundbreaking, as Railsr, the UK-based fintech company, points out “partnering with fintech orchestration companies can greatly enhance the patient experience. Since the pandemic, more people have taken charge of their health, realising the strain on the NHS means they can’t solely rely on government services.”
Railsr’s VP of Partnerships Erica Katsambis adds, “Providing access to financial products by embedding them directly into healthtech apps is on the rise and makes medical services more accessible to the mainstream public. This includes credit products, such as medical credit cards for patients or the ability to more readily offer small to mid-sized lines of credit to consumers to be able to pay for medical treatments and manage their health challenges instantly, at a time of worry.”
As Railsr points out, leveraging Banking as a Service, the embedding of ledgers or accounts into apps can be seamlessly integrated into the user experience of healthtech digital services to encourage saving behaviour through the use of holding or savings pots. This is useful for those patients keeping a closer eye on spend and tracking when funding their own healthcare.
Essentially, embedded finance removes the jargon and complex paperwork, making the lives of doctors and patients so much easier. Trust is essential in care, and innovative technology is fostering that trust and improving transparency.
Key Embedded Finance Collaboration Projects Enhancing Healthcare
Mastercard is utilising embedded finance solutions to simplify healthcare payments and boost efficiency. Through its collaboration with Remedinet, a cloud-based health tech platform in India, Mastercard has integrated virtual card technology to facilitate instant claim settlements from insurers to healthcare providers. This advancement helps eliminate delays caused by manual processes, enhances hospital cash flow, and provides insurers with improved transparency and automated reconciliation.
Furthermore, Mastercard is expanding the application of embedded finance to supply chain management, streamlining payments and services across various sectors, including healthcare. By incorporating financial services into digital platforms, Mastercard aims to improve operational efficiency and foster more resilient and accessible trade ecosystems.
These efforts underscore Mastercard’s dedication to overcoming persistent challenges in healthcare payments and promoting a more efficient and transparent financial landscape. Dr. Andreas Spengel, Senior Vice President for Fintech, Platforms & New Verticals Central Europe at Mastercard said; “Mastercard is committed to transforming healthcare payments by addressing key challenges, including inefficiencies, security concerns, and fragmented payment flows. By leveraging our global network, innovative digital solutions, and strategic partnerships, we enhance accessibility, reduce administrative burdens, and improve the overall payment experience for patients, providers, and payers. As preferred partner for Fintechs, we remain committed to drive innovation and launch digital payment solutions within the healthcare sector. “
Looking Out for Future You
For doctors and healthcare that are incorporating embedded finance tools like doctor booking services, especially ones that are run by private equity companies, are modernising the system.
Take digital cost estimations, for example. Many healthcare providers like UnitedHealthcare now offer these upfront, giving patients a clear breakdown of treatment costs, insurance coverage, and available financing options—before they even set foot in the clinic. This approach empowers patients to make informed choices about their care and finances, cuts down on unexpected bills, and helps build strong, trust-based relationships with providers.
Companies that wish to upgrade their customer experience and make a real difference, not just to their business, but to people can realise their ambitions with embedded finance. The opportunities are fruitful, so don’t be late to the party and discover what it can do for you.
Philipp Buschmann, Co-Founder and CEO at AAZZUR
Philipp Buschmann is co-Founder and CEO at AAZZUR, a one-stop-shop for smart embedded finance experience. Recognised as a rising star in the FinTech space, AAZZUR’s mission is to build profitable banking whilst at the same time empowering consumers to have access to better informed financial choices.
Philipp is a serial entrepreneur with extensive experience of working in Challenger Banking, Financial Services, IT and Energy across the world.
Having started as a developer in Financial Services, Philipp has first-hand experience of the banking revolution from both a technology and financial perspective. His interest in behavioural economics helped inspire AAZZUR’s revolutionary work on customer centricity in banking.
Philipp holds an MBA from the London Business School. He is passionate about entrepreneurship and loves exchanging ideas, insights and discussing FinTech’s future. He has spoken at major Fintech events including Money 20/20, MoneyLive, Finovate, Fintech Matters, and the Future of Retail Banking.
