Achieving greater collections efficiency and cash visibility through JomPAY
The client is one of the leading private healthcare service providers among ASEAN countries especially in Malaysia, with a network of specialist hospitals in Malaysia, Indonesia, Thailand and Bangladesh.
The hospitals operated 24 hours daily and received medical bill payments in cash, open account payment, credit card and guarantee letter from insurance companies.
While it was common to pay in cash, it troubled the patients as they need to withdraw large sums of money.
The client incurred high transaction fees with credit card payments and looked to reduce the cost.
The client was also unable to identify the payment easily as some transactions were initiated by the next-of-kin or with lack of payment reference.
Transformation & Success
With HSBCnet and JomPAY Integrated Receivables Solutions implemented, the finance team gained visibility on their collected funds via detailed settlement report on HSBCnet, as well as real-time transactions notification and report from JomPAY. The Client successfully rolled out the JomPAY collection solution to 23 hospitals, having greater cash visibility while enjoying the yield optimisation from the current account with HSBC.
The client successfully adopted a digital solution offering convenience to 2.8 million patients to pay medical bills anytime anywhere, without having to be physically present at the hospitals.
The digital platform significantly streamlined the collection and reconciliation process, with centralised reporting of accounts receivable and enriched payment details.
The client achieved an estimated cost savings of 30% from the solutions.