Following this announcement, HealthLock, a medical fraud and overbilling protection solution, is expected to make its platform available to commercial, small business, and customer Mastercard cardholders in the region of the United States.
Mastercard will focus on providing its fraud prevention suite of solutions and overall expertise in data security in order to enable HealthLock to protect clients from emerging challenges and difficulties that emerge in the industry. In particular, medical data fraud appears to be on the rise, and it makes it even more important for companies and institutions to ensure healthcare data is kept safe, while the needs, preferences, and demands of users are met.
Medical overbilling, fraud, and abuse cost US-based individuals hundreds of billions of dollars in a year, as health record breaches and subsequent malicious activity have reportedly risen to more than 59 million cases in 2023, representing approximately 48% more than in 2020.
Throughout this partnership, eligible cardholders will be given the possibility to securely link their health insurance accounts to HealthLock in order to benefit from an extra layer of safety and protection. The company is expected to optimise the manner in which users’ medical data is protected from data breaches and organised deductibles, keeping the information in one secure, efficient, and digital space. At the same time, the platform will analyse and flag each one for potential errors, overbilling, or fraud.
The announcement comes after the solution was made available to select US-issued HAS and FSA Mastercard cardholders in 2023. Users that have a commercial, small business, or customer Mastercard will be enabled to enroll at the dedicated website starting April 1st. Furthermore, by using this product, clients will have the capability to access HealthLock’s Medical Claims Monitor, which was developed in order to protect medical data privacy against fraud, at no cost.
Cardholders will be enabled to benefit from a 90-day upgrade of HealthLock’s premium Medical Claim Saver, which allows users to choose whether they would like the company to negotiate potential errors and overbilling on their behalf. At the same time, preferred subscription rates for premium solutions are set to be extended upon the conclusion of the trial, while overall access to the Medical Claims Monitor will remain free of charge.
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