Daman & Emirates NBD launch new ‘Early Payment Scheme’ to benefit 2,000 medical facilities

UAE – Emirates NBD and the National Health Insurance Company (Daman) have launched ‘Early Payment Scheme’ to deploy this new financing initiative across Daman’s medical network in the UAE.

Daman’s initiative will be integrated with Emirates NBD smartSCF, a fully automated intuitive supply chain financing solution, benefiting around 2,000 medical facilities with an option for early payment of their invoices at an attractive financing rate, according to a press release.

The scheme will enable medical facilities to benefit from enhanced cash flows, improved operational capabilities, and visibility of their payment status through dashboards on smartSCF.

Medical facilities opting for the scheme will benefit from a faster turnaround time for claim payment compared to the industry norm of 30 to 45 days.

The initiative is of significant benefit to the UAE’s overall healthcare sector as the scheme covers up to AED 4 billion (US$ 1.09 billion) worth of claims eligible for early payment.

Daman’s ‘Early Payment Scheme’ leverages Emirates NBD smartSCF, a fully automated intuitive supply chain financing solution SmartSCF’s digital solution will facilitate Daman to quickly onboard its extensive medical network and will integrate with Daman’s systems to support mass claim processing in a seamless manner.

The initiative follows the successful roll out of the ‘Thiqa’ Early Payment Scheme and has been extended to include claims on ‘Abu Dhabi Basic’ and ‘Enhanced’ health insurance plans, thus making all claims from medical facilities on the UAE’s largest health insurer’s entire network eligible for early payment.

Medical facilities enrolled in the scheme will benefit from enhanced cash flows, improved operational capabilities and real-time granular visibility of their payment status through interactive dashboards on smartSCF.

SME medical facilities, in particular, will benefit from the easy access to liquidity via the scheme and be able to contribute towards the sustainable long-term growth of the economy.

The CEO of the National Health Insurance Company – Daman, Hamad Al Mehyas, said: “In this period of the healthcare industry’s global evolution, owed to logistical challenges of the pandemic, it is imperative that we facilitate options for businesses to power the future of their operations.“

Meanwhile, the Senior Executive Vice President and Group Head, Corporate, and Institutional Banking at Emirates NBD, Ahmed Al Qassim, commented: “Our smartSCF solution streamlines and simplifies supply chain collaborations by infusing liquidity in the supply chain and unlocking working capital.”

The initiative is of significant benefit to the UAE’s overall healthcare sector as the scheme covers up to AED 4 billion (US$ 1.09 billion) worth of claims eligible for early payment.

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