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Healthcare Payments Innovator MAPay Tackles Inefficiencies in Global Healthcare Transactions

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MAPay, LLC, a global healthcare technology firm, has deployed a transformational healthcare payment network with an expanding customer base, positive patenting positions, increasing revenues, and multiple industry stakeholder acceptance. The company utilizes distributed ledger technology to power smart contracts to transact secure medical solutions on the MAPay network. MAPay utilizes a hybrid architecture of both centralized and decentralized protocols for multi-party medical payments and HIPAA-compliant data exchange.

MAPay is poised to expand its payment network first built for the U.S., which spends $3.3 trillion annually on healthcare, with consumer out-of-pocket payments exceeding $515 billion, to capture the worldwide sectoral expenditure of $8.7 trillion. The company projects to have more than $11 billion in transactions processed through the network, with revenues of $471 million by 2021. The company derives revenues from both an enterprise B2B solution set, as well as its consumer-facing MEDspedia portal.

Based in New Jersey, MAPay is led by founder and CEO Michael Dershem; a.k.a. “Dersh,” a seasoned business entrepreneur who brings an extensive history in the healthcare industry that includes both executive-level roles and ownership of companies. While serving as founding CEO of Pharmasset, an Emory University start-up, he successfully raised more than $25 million in private equity funding and executed $30 million research and development agreements with Big Pharma. Pharmasset subsequently went public and was acquired by Gilead Sciences for $11 billion.

MAPay’s core business is its healthcare payments solution, which can reduce healthcare transaction costs by as much as 50 percent, while increasing transaction transparency, payment completion rates, and collecting proprietary data. MAPay has a unique patient-centric path to interoperability by way of its payment transaction engine and the trust it builds within its community.

“If healthcare providers and the legacy intermediaries who are running transactions were transparent, people would riot,” says Dershem. “There is a massive, expressed need in the market for increased interoperability via transparency within the medical encounter. That being said, MAPay offers unique, distinct, value propositions to all of the stakeholders in the healthcare industry. This is what’s leading to the momentum of our adoption.”

“An opportunity exists to eliminate a major portion of the claim processing and transaction costs associated with our own employees receiving care at our owned system network providers. Working with MAPay, we are hoping to create a payment network to streamline processing for our provider to our health system transactions, thereby reducing the historical network access and claims adjudication expense of operating the Plan by at least 20 percent while providing real-time transaction visibility,” says Michael Young, the CEO of Temple University Health System.

Moreover, the future promise of healthcare depends on the availability and sharing of patient data. Because of business and technology reasons, however, this data remains stuck in silos. Conventional approaches to aggregating healthcare information for impact in research and population health management have been plagued with the business, structural and regulatory conflicts of obtaining and using data. If this data could be accessed and used by a broader community, it could provide price transparency, anonymized data for research and cures, and limit societal medical costs related to fraud and abuse.

As Dershem stated in a recent interview with Becker’s Hospital Review, a pragmatic approach to how blockchain could affect the future of payment transactions in the healthcare industry, “…is to build hybrid architectures that use legacy database structures with introduction of distributed ledger technologies. This provides a platform where blockchain technologies can be tested and trusted.”

With the rise of new technology, MAPay’s mission is to place healthcare records on its permissionable multi-node blockchain for secure patient-driven use, as well as utilizing this information to impact population health management. For the first time, patients will be able to authenticate themselves into the healthcare ecosystem, not the other way around.

Despite the fact that interoperability between these has existed in the industry since the advent of the Commodore computer, until now, these records have been hard-siloed off into institutional and/or business structures that did not communicate with one another. In addition, patients are often granted little or zero access to their own medical records.

“This is no longer a technology issue but rather, a business and regulatory issue. Our doctrine on blockchain driven by the patient may be the answer to getting to the trends shaping the discussion of population health management, dynamic diagnosing as well as fraud and abuse,” says Dershem.

“MAPay has a proprietary technique to aggregate financial, clinical and contextual data through an individual patient-provisioned methodology. I’ve yet to see anything as transformational as what Dersh and his team have created. Physicians and other healthcare providers will have access to information never before available to drive more customized and effective interventions to treat patients leading to better population health and outcomes,” says Jenny A. Witthoff, VMD MS, a global health researcher and adjunct professor at Georgetown University.

MAPay has already gained plaudits and recognition for its novel payment technology. The firm is working in collaboration with leading organizations focused on interoperability; has been in discussions with several major US hospital systems for onboarding; and has been in conversations with multiple practice management systems. The company is poised to announce global partnerships with two top-tier technology services and consulting firms, as well as a full-scale international deployment on a countrywide basis of its platform. This will be the first of its kind for any fintech firm in the world.

“If we can reduce global healthcare transactions cost by even 10 percent, that would free up nearly $1 trillion dollars,” Dershem said at the recent HealthFurther conference in Nashville. That would go a long way to providing vaccines in developing geographic regions, access to care in urban health deserts, and orphan drug research. Not a bad day after all.”

 

SOURCE MAPay, LLC

Blockchain

Supply Chain Management Association Becomes Supply Chain Canada

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At its AGM yesterday, the Supply Chain Management Association™ announced its name change to Supply Chain Canada™. The association also launched a new website as part of an overall rebranding initiative.

“The new name and look are part of a transformation that we have undertaken as the association enters its second century,” said Christian Buhagiar, President & CEO of Supply Chain Canada. “Today’s supply chains are dynamic and fast-paced. The association for Canada’s supply chain professionals must reflect that.”

Through the rebranding process, the association has also acquired a meaningful new logo and tagline, “Professionals advancing the future.”

The logo’s maple leaf design not only conveys our nationality; it also represents the connectedness of the supply chain, illustrating the networks and collaboration that are so essential to supply chain success, and the interconnectedness of the association’s federation, institutes and members. Its connected dots can be seen, as well, as the complex route of a global supply chain.

“Professionals advancing the future” succinctly communicates both the professional status of supply chain practitioners and their forward-looking perspective. It is intended to:

  1. Elevate the perception of supply chain practitioners as professionals, acknowledging the value they bring to their organizations and to the Canadian economy.
  2. Encompass the several ways that the association and its members “advance” – in their personal careers and knowledge, and for the profession, the country and the economy.
  3. Express the future focus of the association – with its emphasis on the development of skills and policies – and of the supply chain itself, now so focused on AI, blockchain, robotics, automation and so on.

The new website, now at www.supplychaincanada.com, is enhanced with a modern look and new functionality that enables location-based content for users across Canada.

These changes are not simply style enhancements. They are part of a larger plan to strengthen the association. Supply Chain Canada consolidates the organization’s brand across the country under a single name in every province and territory, removing any possible confusion from its federation structure. “The unity that this will ensure will help us improve recognition in the sector, and thereby provide stronger leadership to the Canadian supply chain community,” said Buhagiar.

The association’s transformation began in 2018 with a new vision and mission, as well as an ambitious three-year strategic plan. The new name and rebranding announced yesterday are part of a larger evolution that will continue over the next two years with the introduction of new and revised educational offerings, new initiatives to engage with industry, more value-added membership benefits and more.

 

SOURCE Supply Chain Canada

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Export Portal to Address Best Practices in Sustainable Trade Facilitation at the Asia-Pacific Trade Facilitation Forum

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Export Portal CEO Ally Spinu will be adding her take on the alignment of trade facilitation and sustainable development goals at a session at the 9th Asia-Pacific Trade Facilitation Forum (APTFF) in New Delhi.

“The Asia-Pacific region is a wealth of unexplored opportunities which lay deep in the communities of local businessmen and women that just need support in bringing their amazing products to the world to see and buy,” Ms. Spinu said. “I am looking forward to this event and being a part of the change that will help local businesses from this part of the world sell their products globally. I deeply believe that shifting attention to developing SMEs is the major change international trade and local economies have been waiting for.”

This year’s APTFF will focus on how digital and sustainable trade facilitation measures and practices can bring prosperity in the Asia-Pacific region. The forum will investigate opportunities from trade digitalization for sustainable progress of the area and challenges ahead in materializing such opportunities. APTFF will feature panel discussions as well as interactive and informative sessions. These sessions will allow participants to share experiences and perspectives on different aspects of trade facilitation, including trade finance, cross-border eCommerce and paperless trade, transit, innovative application of emerging technologies, and more. APTFF will bring relevant regional initiatives and implementation cases to each session, making it a unique opportunity to share knowledge and practical lessons. The forum will also include many side-events providing a more in-depth exploration of the pertinent trade facilitation issues.

“Agricultural products are the fastest category and industry growing within Export Portal, and I can say that is just natural that SMEs around the world are actively looking for new ways for selling their products around the world,” Ms. Spinu said. “The role of innovative technologies such as Export Portal is crucial in helping these SMEs integrate within the world supply chain of food with ease and at optimal costs. I want to explain the current issues existing within SMEs’ integration in international trade due to the high cost involved and how technology slowly but surely changes this.”

Export Portal’s trade goals align directly with the purpose of this session, as its international B2B trade platform is an affordable and all-encompassing solution for SMEs all over the world. The features that are available and being developed on Export Portal, such as the panel of experts (EP+), the educational hub (EPU), and data flow insights (EPI), provide SMEs with the resources they need to trade effectively on an international scale safely, securely, and efficiently.

The Digital and Sustainable Trade Facilitation for Regional Prosperity session is co-organized by ADB, ESCAP, Ministry of Commerce, India and Confederation of Indian Industry and will be held on Wednesday, September 18, from 9:00 to 10:45 AM.

 

SOURCE Export Portal

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Blockchain

Crypto.com Lists Lisk (LSK)

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Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has listed Lisk (LSK) to its App. LSK joins a growing list of cryptocurrencies and stablecoins on the Crypto.com platform, such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, TrueUSD (TUSD), PAXOS (PAX), and its own MCO and CRO Tokens.

Lisk is a next generation platform that allows for the development and distribution of JavaScript based decentralized applications using an easy to use, fully featured ecosystem. Through Lisk, developers can build, publish, distribute, and monetize their applications within a custom built cryptocurrency powered system that utilizes custom blockchains, smart contracts, cloud storage, and computing nodes; all from within one industry solution.

With LSK added to the Crypto.com, users can now purchase it at true cost with no fees – credit card and bank transfer both supported. As Crypto.com also offers the MCO Visa Card, this adds additional utility to LSK as users can easily convert cryptocurrencies into fiat currencies and spend at over 40m merchants globally.

 

SOURCE Crypto.com

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