Benefit to be available to U.S. commercial, small business and consumer Mastercard cardholders starting April 1, 2024
NASHVILLE, Tenn.–(BUSINESS WIRE)–#HealthManagement–HealthLock, a leading medical fraud and overbilling protection solution, announced today its platform will be available to commercial, small business and consumer Mastercard cardholders in the United States.
Starting April 1, eligible cardholders can securely link their health insurance accounts to HealthLock for an extra layer of protection. HealthLock helps protect a user’s medical data from data breaches and organizes deductibles, claims and provider information in one secure, digital space. As new claims come in, the platform analyzes and flags each one for potential errors, fraud or overbilling.
Data from the Journal of the American Medical Association shows medical overbilling, fraud and abuse cost Americans hundreds of billions of dollars annually1. Moreover, Protenus Breach Barometer reports health record breaches and subsequent malicious activity have risen to more than 59 million2 cases in 2022, nearly 48% more than in 2020.
“At HealthLock, our primary goal is to ensure patients’ private information is secure and that they never have to pay more than they owe for their medical care,” said HealthLock CEO Scott Speranza. “It may sound like a simple objective, but in reality, our healthcare system has become far too chaotic, and patients are the ones who suffer as a result. That’s why bringing this service to more Mastercard customers is so important to us – at the end of the day, tools like this are making healthcare more effortless for all.”
This comes after the service was made available to select US-issued HSA and FSA Mastercard cardholders last year. Individuals who have a commercial, small business or consumer Mastercard can enroll at mastercard.us/healthlock starting April 1. They will have access to HealthLock’s Medical Claims Monitor, which monitors and protects your medical data privacy against fraud, at no cost. Additionally, cardholders will get a 90-day upgrade of its premium Medical Claim Saver, which enables cardholders to choose whether they would like HealthLock to negotiate potential errors and overbilling on their behalf. Preferred subscription rates for premium services will be extended upon the conclusion of the trial, while the Medical Claims Monitor will remain free.
“Mastercard’s track record in combating fraud and relentless innovation in data security has enabled us to protect customers from new and emerging challenges. In particular, medical data fraud is on the rise, making it more important than ever to ensure healthcare data is kept safe,” said Ranjita Iyer, executive vice president, Security Solutions & Processing, North America, at Mastercard. “By expanding the HealthLock benefit to commercial, small business and consumer Mastercard cardholders, even more people protect themselves against fraudsters, overbilling and have greater peace of mind.”
About HealthLock
With healthcare fraud, breaches and overbilling on the rise, HealthLock offers a digital solution that syncs with insurance carriers to monitor healthcare claims for red flags putting consumers’ medical identity and finances at risk. HealthLock was created to help patients easily understand, manage and navigate the healthcare system while protecting their privacy and ensuring they only pay what they owe – making healthcare simple and effortless for all. Its analytics-driven technology leverages data from more than half a billion dollars’ worth of medical claims to instantly organize claims, identify potential errors and help members fight back against overbilling. More at healthlock.com.
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1 JAMA Network. “Waste in the US Health Care System Estimated Costs and Potential for Savings.” 2019.
2 Protenus Breach Barometer report: https://www.protenus.com/breach-barometer-report
Contacts
Katie Brashear, PR Account Director, Aker Ink PR & Marketing
(480) 330 0872, [email protected]
