Yahoo Finance Mastercard (MA) and HealthLock Unite to Reduce Medical Fraud
Mastercard Incorporated MA partnered with HealthLock to protect millions of Americans from claim errors, medical bill frauds and overcharges. Healthcare expenditures are projected to reach $6.2 trillion by 2028, giving rise to more complexities and inefficiencies. This partnership aims to reduce complications and is expected to protect consumers' data and save costs.
This move bodes well for Mastercard, which is focused on protecting customer data and creating better security. Through this partnership, HealthLock’s analytics-based services can be used by millions of Mastercard users for no extra fee. In addition, the customers will also receive better rates for subscriptions and a free 90-day trial of HealthLock’s premium service.
Through HealthLocks’ unique value proposition, Mastercard will be able to retain issuer clients by enhancing its existing offerings. Mastercard issuers will benefit by gaining consumers’ trust as they ensure the privacy and security of medical data. As consumers save money on healthcare costs, as a byproduct of this move, issuers can drive incremental revenues and increase deposits.
Medical overbilling, abuse and fraud cost Americans $325 billion annually. Medical data fraud is on the rise and will continue to soar higher; hence consumers need to protect their data. As Mastercard collaborates with HealthLock, consumers are assisted in assessing every medical insurance claim and keeping them organized. More than half of the medical bills contain errors, and this move will help combat the same.
Mastercard has unmatchable experience in combating frauds and stands on its ground for innovation in data security. Mastercard’s partnership with HealthLock to enhance its technological footprint is likely to boost the top line in the future by adding value to the company’s existing offerings.
Price Performance
Shares of Mastercard have gained 12.9% in the past year compared with the industry’s growth of 5.2%.
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Zacks Rank & Key Picks
Mastercard currently carries a Zacks Rank #3 (Hold).
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Mastercard Incorporated (MA) : Free Stock Analysis Report
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