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Jun 03, 2021

MAPay to Implement Blockchain-based Solutions on Algorand to Reduce Healthcare Cost in Bermuda

By: MAPay

MAPay’s healthcare payment solutions, built on Algorand’s blockchain network, has the capacity to transform Bermuda’s healthcare system and move $800 million in traditional healthcare payments to the blockchain. 

June 03, 2021 -- Voorhees, New Jersey --- MAPay, a global healthcare technology firm with a focus on decentralized payment networks, today announced it will introduce its own stablecoin on Algorand to improve the efficiency of the healthcare system, starting in Bermuda. With key healthcare partnerships in the US and beyond, MAPay will use Algorand’s blockchain as the backbone for its forthcoming advancements in the healthcare sector. 

Traditional healthcare payment systems are slow, cumbersome, and riddled with unnecessary expenses. By leveraging an advanced blockchain, MAPay is creating efficiency across key players in the system including insurance companies, government health providers, and banks by eliminating intermediaries that have hindered the settlement process and driven up expenses for all involved parties. In addition to providing an open, public infrastructure, Algorand’s technology is a high performing Layer-1 that enables immediate transaction finality, security required in the healthcare space, and advanced smart contracts that expand future potential. 

Through this collaboration,  MAPay will provide Bermuda with a country-wide deployment plan to lower transaction costs of healthcare encounters through the MAPay network, which will run on Algorand.  MAPay will also implement a patient-driven data exchange aimed at providing medical interoperability, population health management, and better overall outcomes. 

“Our relationship with Algorand is a global-game changer in healthcare commerce and data exchange,” said MAPay CEO Michael Dershem, aka Dersh. “Not only is our tech in alignment, but just as important, if not more so, our collective management vision and passion is spot-on.”

“MAPay has delivered on their promise to make Bermuda their global headquarters and attract world-class partners to the island. When I first met Team MAPay ​in 2018, they clearly communicated the positive impact that blockchain-enabled solutions could have in addressing the inefficiencies in healthcare payments; both locally and cross-border. This vision was very inspiring,” said Kevin Richards, former manager at the Bermuda Business Development Agency (BDA), who now leads Bermuda Asset Management (BAM) “To see it come full circle with a launch partner like Algorand is extremely exciting and delivers on BAM's goal of enabling economic diversification through transformational technology. Bermuda's innovative regulatory framework for digital assets continues to attract transformational projects and places us at the center of what could power a global change in the way healthcare payments are transacted in Bermuda and around the world.” 

“An opportunity exists to eliminate a major portion of the claim processing and transaction costs associated with our global cross-border care. By working with MAPay, we will be improving legacy international payment dysfunction while providing real-time transactions and clinical data visibility,” says Edgar Vesga, the CEO of Philadelphia International Medicine.

"We have a shared vision with MAPay on how friction can be eliminated from payment and settlement systems in an efficient, secure and transparent manner where all involved parties benefit from immediate transaction finality and simple to use services,” said W. Sean Ford, COO at Algorand. “MAPay is at the forefront of creating a completely new model for healthcare payments and we look forward to seeing them redefine successful financial infrastructures on Algorand.”

MAPay already received accolades and recognition for its novel patent-pending payment technology. The firm is working in collaboration with leading organizations focused on interoperability and payment as a service models; including large pharma, insurers, health systems, banks and governments.

This is the beginning of MAPay integrating blockchain throughout its offering. John Parker, Chief Managing Officer of MAPay remarked, “Our vision is globally impactful. With blockchain-enabled solutions we can drive interoperability and improve healthcare outcomes. Additionally, with the patent pending use of novel NFTs, every individual will realize benefits once deemed inconceivable.” 

“If we can reduce global healthcare transaction costs by even 10 percent, that would free up nearly $1 trillion,” Dersh said at the global Catalyst Health Innovation Forum in March 2021. That would go a long way to providing vaccines in developing geographic regions, access to care in urban health deserts, and orphan drug research. Not a bad day after all.” 

About MAPay

MAPay is a global healthcare fintech company that is deploying distributed ledger technology to power smart contracts, transacting secure medical solutions. The company has developed a hybrid architecture of both centralized and decentralized protocols for multi-party medical payments and HIPAA-compliant data exchange. MAPay is working in association with hospital networks, practice management systems, drug companies, insurance payers and government entities. The company is committed to empowering patients and healthcare providers by leveraging blockchain technology to improve and align incentives, reduce costs, and bring increased transparency and data exchange. The company believes in permissionable open-sourced system collaboration, and solution sets that are economically and socially impactful. For more information, please visit https://www.mapaycorp.com/

About Algorand Inc. 

Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for decentralized finance (DeFi), financial institutions, and governments to smoothly transition into FutureFi. The technology of choice for more than 500 global organizations, Algorand is enabling the simple creation of next-generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.