Technology

Health: Moneytrack Expands Third-Party Payments with Blockchain

France, which knows about gas installations, nevertheless managed to implement a mechanism that works well for health care costs: third-party payment. This device allows patients not to increase their costs, whether in pharmacies or hospitals, ophthalmologists or dentists.

It is the Health Insurance that arranges payment with the Vitale card, and when it applies the mutual insurance card. But a third-party payment does not work in all cases, and it was “to make a third-party payment where there is none” that Moneytrack invented a blockchain-based solution.

Payment flows containing their object

The startup, which at launch in 2018 was aimed at the home insurance and consumer credit markets, has focused on the health insurance market. He developed a platform for organizing “transactions backed by spending rules” using smart contracts.

Why did you choose blockchain? “The banking system tells you how much and to whom you pay, but not what. In health insurance, you need to know this. offset,” explains Christophe Doré, CEO and co-founder of Moneytrack.

This is what happens with all kinds of treatments, such as osteopaths, psychologists or nutritionists. This leads to two very important friction points for the sector: increasing costs on the part of patients, and managing a mountain of documents for complementary health management centers that are looking to improve and reduce customer experience. expenses.

Third party payment per thousand osteopaths

The Moneytrack app works like this: it is deployed through a network of healthcare partners. At the end of the consultation, the patient scans the practitioner’s QR code on the app of their mutual insurance company (which must be a startup partner) for payment. It is Moneytrack that pays the healthcare professional directly using an escrow account provided by the insurance company.

The rights and authors of the transaction are checked in the process. This system allows, according to the company, to reduce the cost of liquidating an invoice from 5-6 euros for the insurer to 2 euros. The startup is billed and captures 1.5 million euros in recurring annual income. The startup network covers a thousand osteopaths in France and 500 medical professionals from all practices in Europe.

Target Expats

Because in addition to the French “alternative medicine” market, Moneytrack also targets workers living abroad, which is 3 million French people who spend an average of 1,500 euros per year on urban medicine. In most cases, these expatriates must advance all of their healthcare costs and deal with lengthy reimbursement delays.

For supplementary health insurance, the costs are even higher: €17 to €18 per invoice compared to €7 with the Moneytrack solution, again according to its manager Christophe Doré, former head of restaurant vouchers on the Moneo e-wallet, another form of “directed payment.”

Other Directed Payments Verticals

The company partners with about fifteen mutual and insurance companies (including MGEN and Swisslife) as well as managers or integrators such as Viamedis, Tessi, Assia and Cleva (Inetum) who are “associated” with insurers. This represents a targeted market of 25 million beneficiaries.

To enter this market, the startup just raised €2 million from Truffle Capital, AG2R La Mondiale innovation fund and Accurafy, bringing the total funding to €7.4 million. The funds will also be used for international development in Germany, Italy, the Benelux countries and the UK, after Spain and Portugal. “Our goal is to increase the number of transactions,” says Christophe Doré.

In the longer term, Moneytrack is thinking about using the direction of “directed payments” to diversify. For example, by opening up a vertical of social subsidies for soft mobility, which would allow for a kind of third-party payment to buy an electric bike instead of presenting an invoice and then receiving a bonus.

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