In a groundbreaking collaboration set to transform the landscape of medical tourism, Mastercard and the Medical Tourism Association (MTA) have announced an exclusive partnership aimed at modernizing the payment process for cross-border health care. This strategic alliance seeks to address the pressing need for a more convenient, flexible, and secure payment system in the medical tourism industry.

A Paradigm Shift in Medical Tourism

The Medical Tourism Association, leveraging Mastercard’s cutting-edge commercial virtual card technology, is poised to revolutionize how patients pay for medical treatments abroad. Historically, the industry has relied heavily on cash and wire transfers, resulting in financial opacity and limited payment options. By integrating Mastercard’s virtual card capabilities, the MTA aims to offer a seamless and transparent payment experience, addressing concerns highlighted in the recent Medical Tourism Patient Survey. The survey revealed that over 50% of patients expressed apprehension about international payments due to hidden costs, exchange rate complexities, and the risk of fraud.

Chad Wallace, Global Head of Commercial Solutions at Mastercard, stated, “As a global technology company, we’re constantly innovating to solve pain points across multiple industries and simplify the way money flows across people and businesses. We’re embedding our technologies to drive safer and faster payment experiences at scale, and this latest collaboration unlocks our ability to further extend the advantages of Mastercard virtual cards to reimagine the health care ecosystem.”

Simplifying the Patient Journey

Patients will benefit significantly from this collaboration. They can now book and pay for treatments using their preferred payment method, with the MTA handling the rest through Mastercard’s virtual card technology. Once payment is initiated and validated, the MTA’s banking partner will issue a Mastercard virtual card to pay the health care provider directly. This innovation not only enhances security but also provides real-time remittance data for efficient reconciliation.

Jonathan Edelheit, Chairman and Co-founder of the Medical Tourism Association, emphasized the significance of this development, saying, “For nearly two decades, we have played a critical role in providing affordable, transparent, and high-quality health care by connecting patients with an extensive network of trusted, accredited providers worldwide. Developing a single interface with integrated Mastercard payment capabilities and services is a critical step in our mission to make quality health care secure and accessible across borders.”

The Better by MTA Platform

To further enhance the patient experience, the MTA is developing “Better by MTA,” a user-friendly platform integrated with Mastercard’s payment capabilities. This platform aims to unify medical and travel services, allowing patients to manage every aspect of their medical journey, from scheduling procedures to booking travel and accommodation, within a single interface. “Better by MTA” simplifies travel choices, streamlines the payment process, and enables patients to effortlessly compare care options, replacing multiple booking tools with a connected, one-stop experience.

Global Rollout and Provider Perspectives

Mastercard and the MTA are initially launching these new payment capabilities with several health care providers worldwide, with plans to expand to more providers by the end of 2024. The initiative has garnered enthusiastic support from health care providers globally.

Johan W. F. de Letter, Europe/U.S. Group Director at Memorial Hospitals Group, noted, “Medical tourism is one of Turkey’s fastest-growing industries, experiencing an annual growth rate of 22.6%. With more patients abroad seeking our services, we’re thrilled to be one of the first hospitals to receive Mastercard virtual cards for these payments. Shifting from cash to digital payments will unlock efficiencies for our finance teams and bring unmatched payment security.”

Dr. Andrew Elkwood, CEO of Advanced Reconstructive Surgery Alliance (ARSA) and founder of The Institute for Advanced Reconstruction, highlighted the broader impact, stating, “Medical tourism is a win-win for the entire health care ecosystem, but significant challenges persist, especially driven by the lack of payment digitization across the industry. With Mastercard and the Medical Tourism Association coming together to streamline cross-border payments with virtual cards, we will be able to provide quality health care to more people who need it – regardless of where they live.”

Artirat Charukitpipat, Ph.D., CEO of Bumrungrad International Hospital in Thailand, echoed this sentiment, “Ensuring that health care is accessible to anyone who needs it is essential, yet cost often remains a significant barrier. While medical tourists traveling to Thailand can save significantly — anywhere from 25% to 75% on their treatments — the process of handling cross-border payments has traditionally been slow and inefficient for providers. We are proud to collaborate with the Medical Tourism Association and Mastercard, leveraging innovative payment methods like virtual cards, to streamline these transactions. This initiative is key to making quality health care more attainable and simplifying payment processes for everyone involved.”

Aysha Al Mahri, Deputy CEO of Burjeel Medical City in Abu Dhabi, emphasized the regional benefits, “The medical tourism industry is growing worldwide, and with Abu Dhabi quickly becoming a leading destination for treatments abroad, we’re seeking ways to enhance the payment process, making it easier for both patients and providers like us. We are proud to partner with Mastercard and the Medical Tourism Association to make virtual cards for medical tourism payments a reality, improving the overall health care experience.”

Looking Ahead

The partnership between Mastercard and the MTA represents a significant advancement in the medical tourism industry. By modernizing the payment process, this collaboration not only enhances financial transparency and security but also simplifies the patient journey, making high-quality health care more accessible and convenient on a global scale.

For more information about the Medical Tourism Association and Mastercard’s initiatives, visit their official websites or follow their latest updates on social media.

Sources:

1. Medical Tourism Patient Survey 2024, The Medical Tourism Association.
2. The Expansion of Turkey’s Medical Tourism Industry; Voices in Bioethics, June 2022.