France, which understands gas plants, has nonetheless been able to put in place a mechanism that works well for health care expenditure: payment to third parties. This device allows patients not to anticipate their costs, whether in the pharmacy or for hospital, optical or dental care.
It is the Health Insurance that orchestrates the payment through the Vitale card, and when it applies the mutual card. But third-party payment doesn’t work in all cases, and that’s it “to make third party payments where there are none” that Moneytrack has come up with a blockchain-based solution.
Payment flows that contain their object
The start-up, which targeted the home insurance and consumer lending markets at its launch in 2018, pivoted to focus on the health insurance market. He has developed a platform for organizing “transactions secured by spending rules”through the use of smart contracts.
Why did you choose a blockchain? “The banking system tells you how much you pay and to whom, but not what. In health care this is necessary to know. For this reason, patients are obliged to advance the expenses, then to send the invoice to their health insurance company to be reimbursed”. explains Christophe Doré, CEO and co-founder of Moneytrack.
This is what happens for all treatments such as osteopaths, psychologists or dieticians. This leads to two very important points of friction for the sector: the upfront cost of the patient, and the management of a mountain of paperwork for the complementary healthcare management centers, which seek precisely to improve the customer experience and reduce their costs.
Payment on behalf of third parties at one thousand osteopaths
The Moneytrack application works as follows: It is distributed through a network of partner healthcare professionals. At the end of a consultation, the patient scans the professional’s QR code on his health insurance application (which must be a partner of the start-up) to generate the payment. It is Moneytrack that pays the healthcare provider directly from an escrow account fed by the insurer.
The rights and authors of the transaction are verified during the process. This system allows, according to the company, to reduce the cost of settling an invoice from 5 to 6 euros for the insurer, to 2 euros. The start-up is paid on invoices and records 1.5 million euros of annual recurring income. The start-up’s network covers a thousand osteopaths in France and 500 health professionals from all studios in Europe.
Expat destination
Because in addition to the French “alternative medicine” market, Moneytrack also caters to that of workers residing abroad, which represents 3 million French people who spend an average of 1,500 euros a year on city medicine. In most cases these expats have to upfront all healthcare costs and face long delays in reimbursements.
For supplementary health insurance, the costs are even heavier: from 17 to 18 euros per invoice, against 7 euros with the Moneytrack solution, again according to the words of its manager Christophe Doré, former head of restaurant vouchers on the Moneo electronic wallet, another form of “direct payment”.
Other “direct payment” verticals.
The company is a partner of around fifteen mutuals and insurance companies (including MGEN and Swisslife), and managers or integrators such as Viamedis, Tessi, Assia and Cleva (Inetum), which are “linked” to the insurers. This represents an addressable market of 25 million beneficiaries.
To seek out this market, the start-up just raised 2 million euros from Truffle Capital, innovation fund AG2R La Mondiale and Accurafy, bringing its total funding to 7.4 million. The funds will also be used for international development in Germany, Italy, Benelux and the United Kingdom, after Spain and Portugal. “Our goal is to increase the number of transactions”says Christophe Doré.
In the longer term, Moneytrack plans to leverage the “direct payments” vein to diversify. For example by opening a vertical for community contributions for soft mobility, which would make it possible to apply a sort of third party account to purchase an electric bike instead of presenting the invoice and then benefiting from the bonus.
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