Introducing Medvantage
Our constant pursuit is to enhance the lives of our members, simplifying their experiences and improving outcomes. Our vision centres around empowering our members to make informed decisions. That’s why we are excited to announce the launch of Medvantage, an AI-based prediction platform, set to revolutionise hospitalisation decisions for Medi Assist members. Medvantage is a capability that predicts Out of Pocket Expenses (OOPE) of members even before they get hospitalised, enabling them to make well-informed choices and secure their financial well-being.
What are Out-of-Pocket Expenses (OOPE) ?
Before we get into the workings of Medvantage, let's briefly understand what Out-of-Pocket Expenses are. These expenses refer to the portion of the medical bill that a policyholder is responsible for paying out of their own pocket. It is the amount that falls beyond the scope of what their policy covers, and hence the amount that is payable by the member.
How Medvantage Works:
Medvantage leverages cutting-edge AI/ML technology and historic transaction data to make reliable predictions about a member's estimated Out-of-Pocket Expenses. Here's how it works:
1. Claim Intimation or Pre-authorization: When you raise a claim intimation or file for cashless pre-authorization, we swing into action.
2. Instant Prediction Link: Once we receive your claim details, we send you an instant link via SMS or email. This link contains the predicted Out-of-Pocket expenses based on your chosen treatment, room rent, and hospital.
3. Making Informed Choices: With this valuable information at your fingertips, you can now evaluate and plan how to minimise your Out-of-Pocket Expenses. For example, you can choose rooms with lower rent limits or explore treatment options at other hospitals to reduce your financial burden.
The Benefits of Using Medvantage:
1. Transparency in Insurance: Medvantage makes insurance more transparent for members by providing a clear estimation of Out-of-Pocket Expenses.
2. No More Surprises: By eliminating the long wait for insurance claim approval and payment at the hospital, Medvantage removes the element of surprise, making the hospitalisation experience more predictable, smoother and stress-free.
3. Incentive for Early Intimation: The application incentivizes early claim intimation by patients and healthcare providers, streamlining the entire process and ensuring quicker resolution.
4. Maximising Insurance Benefits: With the ability to plan and choose the most cost-effective options, members can now maximise the benefits from their health insurance policies.
5. Reduced Catastrophic Health Expenses: Armed with the power of prediction, members can avoid catastrophic financial burdens and make well-informed healthcare choices that safeguard their financial well-being.
6. Hospitalisation Choices: Medvantage empowers one with choices. One can now pick the right room or even hospital that aligns with their needs and works well with their budget.
7. Save on Treatment Costs: By choosing affordable room types and packages, one can effectively save on treatment costs, making healthcare more accessible and affordable.
A First-of-its-Kind in the Indian Market
Understanding the implications of Out-of-Pocket Expenses is crucial to safeguarding financial well-being. Unpredictable OOPE can lead to catastrophic financial situations for members, significantly affecting their lives and those of their families. That's why solutions like Medvantage, which empower individuals with the ability to predict and plan for OOPE in advance, are essential in making healthcare accessible, affordable, and stress-free. By promoting transparency and informed decision-making, Medvantage can alleviate the burden of unpredictable OOPE and contribute to a healthier and financially secure society.
Medvantage is a groundbreaking product, and the first of its kind in the Indian healthcare market. It has the potential to significantly improve member satisfaction by providing a unique tool to predict Out-of-Pocket Expenses, enabling better decision-making during hospitalisation.
At Medi Assist, our mission is to make healthcare accessible and affordable for all. Medvantage is just one of the many solutions we are building to solve inefficiencies in the existing healthcare ecosystem. We believe that by eliminating friction and prioritising member experience, we can bring about positive change in the lives of our members.
Get Started with Medvantage:
To experience the power of Medvantage and informed healthcare decisions, simply raise a claim intimation or file for cashless pre-authorization. You will receive an instant link with the predicted Out-of-Pocket Expenses, guiding you towards financial security and peace of mind.
For any further assistance or inquiries, reach out to our team at support@mediassure.in, and we will be more than happy to assist you.
Empower yourself with Medvantage today and experience transparency in healthcare like never before.
