Mastercard partners with Medical Tourism Association to streamline payments in global healthcare

Mastercard and the Medical Tourism Association (MTA) have announced a partnership aimed at transforming the medical tourism industry by modernizing the payment process for healthcare services worldwide. This collaboration introduces a one-stop platform enhanced with Mastercard’s commercial virtual card technology, addressing key challenges like financial transparency and payment flexibility that have traditionally hampered the sector.

The initiative, a first in the medical tourism industry, shifts away from the conventional reliance on cash and wire transfers which often involve hidden costs and complex exchange rates. Recent insights from a Medical Tourism Patient Survey highlighted that over half of the patients worldwide are concerned about international payments due to these issues, emphasizing the need for a streamlined payment solution.

Chad Wallace, Global Head of Commercial Solutions at Mastercard, emphasized the company’s commitment to innovation, stating, “We’re embedding our technologies to drive safer and faster payment experiences at scale, and this latest collaboration unlocks our ability to further extend the advantages of Mastercard virtual cards to reimagine the healthcare ecosystem.”

The new system allows patients to book and pay for treatments with their preferred payment method. The Medical Tourism Association then utilizes Mastercard’s virtual card technology to ensure direct, secure payments to healthcare providers. This method not only simplifies the transaction process but also enhances security and provides real-time data for easier financial reconciliation.

Further enhancing the user experience, the Medical Tourism Association is developing ‘Better by MTA,’ an integrated platform that consolidates medical and travel services. This platform will allow patients to handle payments, schedule procedures, and manage travel and accommodation, all within a unified system designed to simplify medical travel.

Jonathan Edelheit, Chairman & Co-Founder of the Medical Tourism Association, noted the significance of this development: “For nearly two decades, we have played a critical role in providing affordable, transparent, and high-quality healthcare by connecting patients with an extensive network of trusted, accredited providers worldwide. Developing a single interface with integrated Mastercard payment capabilities and services is a critical step in our mission to make quality healthcare secure and accessible across borders.”

The platform, set to launch with several healthcare providers worldwide, aims for broader expansion by the end of 2024. This innovative solution promises to not only improve the efficiency of payments but also to enhance the overall experience for patients seeking medical care abroad, aligning with both Mastercard’s and Medical Tourism Association’s vision of a more connected and accessible global healthcare system.