France, which is familiar with gas plants, has nevertheless managed to implement a mechanism that works well for health spending: third-party payments. This device allows patients not to anticipate their costs, either in pharmacies or for hospital, optical or dental care.
It is the Health Insurance that orchestrates the payment through the Vitale card, and when applying the mutual insurance card. But third-party payment does not work in all cases, and that’s “to make third party payment where there is none” that Moneytrack invented a blockchain-based solution.
Payment flows that contain your object
The start-up, which at its launch in 2018 was targeting the home insurance and consumer credit markets, has shifted its focus to the health insurance market. Developed a platform to organize “transactions supported by spending rules”through the use of smart contracts.
Why did you choose a blockchain? “The banking system informs you how much you pay and to whom, but not what. In the health plan, you need to know this. Therefore, patients are obliged to advance the costs and then send the invoice to the mutual insurer to be reimbursed” , explains Christophe Doré, CEO and co-founder of Moneytrack.
This is what happens with all treatments, such as osteopaths, psychologists or nutritionists. This leads to two very important friction points for the sector: the increase in costs on the patient’s side and the management of a mountain of paperwork for the complementary health management centers, which seek precisely to improve the customer experience and reduce their costs.
Third-party payments to 1,000 osteopaths
The Moneytrack application works as follows: it is deployed through a network of partner healthcare professionals. At the end of the consultation, the patient scans the professional’s QR code in the application of their mutual insurance company (which must be a partner of the start-up) to generate the payment. It is Moneytrack that pays the healthcare professional directly through an escrow account fed by the insurance company.
Transaction rights and authors are checked 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. Start-up is paid on invoice and registers 1.5 million euros in annual recurring revenue. The start-up’s network encompasses 1,000 osteopaths in France and 500 healthcare professionals from all practices in Europe.
target of expatriates
Because in addition to the French “alternative medicine” market, Moneytrack is also targeting that of workers living abroad, which represents 3 million French people spending an average of 1,500 euros a year on urban medicine. In most cases, these expatriates must advance all their health care costs and deal with lengthy reimbursement delays.
For complementary health insurance, the costs are even higher: 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 in the Moneo electronic wallet , another form of “targeted payment”.
Other “targeted payment” verticals
The company partners with around fifteen mutuals and insurance companies (including MGEN and Swisslife), and managers or integrators such as Viamedis, Tessi, Assia and Cleva (Inetum), who are “connected” to the insurers. This represents an addressable market of 25 million beneficiaries.
To pursue this market, the start-up has just raised 2 million euros from Truffle Capital, the innovation fund AG2R La Mondiale and Accurafy, bringing its total funding to 7.4 million. Funds will also be used for international development in Germany, Italy, Benelux and the UK, after Spain and Portugal. “Our goal is to increase the number of transactions”says Christophe Doré.
In the longer term, Moneytrack plans to explore the “targeted payments” vein to diversify. For example, opening a vertical of community subsidies for soft mobility, which would allow applying a kind of payment to third parties to buy an electric bicycle instead of presenting the invoice and then benefiting from the bonus.
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