Zimbabwe’s largest body representing medical aid societies, the Association of Healthcare Funders Of Zimbabwe (AHFoZ) has partnered regional insurance technology (insurtech) firm Tres Groupe International (TGI) in a deal aimed at dropping healthcare costs for Zimbabweans by 30 percent.
By Kuda Pembere
TGI comes into this arrangement with its TGI Carenet, a Real Time Claims Processing and Settlement (RTCPS) model to the healthcare industry which is an instant payment platform backed by an EMV Smart card embedded with a microchip as well as the traditional magnetic stripe plus Near Field Communication (NFC) technology better known as tap technology. The other hardware components of this technology include a smart POS machine with biometric enabled features including facial recognition, finger print and iris scanner.
AHFoZ board chairperson Mr Keith Matimba said this deal comes at a time when service providers in the health secotr have been compalianing of delayed payments by medical aid societies.
This resolves the long-standing impasse between Healthcare Funders and Services providers with regards delayed payments and healthcare tariffs. As the model eliminates forward pricing, healthcare inflation shall consequently be tamed thus significantly reducing shortfalls and Co-payments for medical aid card holders.
Mr. Noah Matimba, the Ahfoz Board Chairman underscored that this was aligned to the NDS1 and vision 2030 as the reduction of the cost of health coupled with reduction of out-of-pocket expenses would improve healthcare access, leading to a healthy workforce fundamental to the achievement of a Prosperous and Empowered Upper Middle-Income Society,” he said.
TGI chief executive officer Dr Keith Nkomo said they invested over US$2 million for this technology.
“Healthcare costs are set to reduce by at least 30 percent owing to a corresponding reduction in claims severity and operational expenditure through automation.
“TGI is investing over US$2million in infrastructure and digital technology in the healthcare space. As such, medical practitioners and healthcare centres shall receive the biometric enabled Smart POS machines with a fingerprint reader, iris scanner and facial recognition free of charge, with no monthly or administration fees as we commit to reduce the cost of servicing patients and increase healthcare access.
“The Smart POS machine shall be deployed with a Service Provider Portal which digitalises claims management and reconciliations at healthcare centres to increase efficiency and enhance patient experience,” he said.
He also said the collaboration marks a significant digital innovation in the healthcare industry, creating new business potential for the Healthcare Funders to prolong their existence and respond to today and future healthcare needs of Zimbabweans.
“The cost of Health is expected to reduce by at least 30 percent owing to reduction in claims severity and high operational expenditure currently experienced by Medical Aid Societies. This would culminate in reduction of medical aid subscriptions making healthcare insurance more affordable and attractive to the citizenry, and similarly opening up the market for AHFoZ members who currently cover just over 10%,” Dr Nkomo added.
With the world losing US$600 billion every year to fraud, waste and abuse, Dr Nkomo said they want to promote paperless claims.
“We are keen to reduce fraud, waste and abuse in the healthcare sector, accounting for US$600bil per annum, globally, through secure and fool proof real time processes. We are happy to eliminate the use of paper in line with going green and our corporate sustainability policy,” he said.
