MFine introduces wallet to enable cashless OPD for corporate employees

Bengaluru (Karnataka) [India], June 9 (ANI/BusinessWire India): Digital Health platform MFine today announced the launch of MFine Wallet to cover out-of-pocket OPD expenses and simplify OPD reimbursements for corporate employees. Currently, MFine is used by over 500,000 corporate employees and their families for preventive health checks, specialist doctor consultations and advanced screenings. More than 500 corporates have partnered with MFine to offer a wide range of healthcare services and the MFine Wallet will now make it easier for their employees to avail of cashless OPD benefits. Several organizations have already signed up with MFine Wallet as part of the corporate wellness programs for their employees.

Post Covid-19, many organizations have started rolling out corporate wellness programs that go beyond hospitalization benefits and in-patient expenses. Most of them now include telemedicine as part of their employee health programs and the focus has shifted to outpatient expenses such as regular medical check-ups, pharmacy benefits, etc. to help employees manage their health and productivity better. A constant worry for most organizations is employees not opting for medical treatment unless absolutely essential to avoid significant out-of-pocket expenses that are not covered under their medical insurance or corporate wellness initiatives. The current process to avail of the OPD benefit, where it exists, is manual, cumbersome and time-consuming with employees having to keep track and submit physical receipts of the expenses and then claim reimbursements. The tedious process involved makes many employees not use the benefit at all.

MFine's Corporate Wallet addresses these challenges and makes it easier for the employee to manage their OPD expenses and reduce out-of-pocket healthcare expenses. The Wallet is pre-loaded by the corporates in line with the OPD cover and can be used on the go for any online or offline transactions. With MFine's Wallet innovation, corporate employees are able to use their preloaded Wallet balance and pay at any healthcare establishment via the regular UPI QR code of the provider. MFine already partners with thousands of healthcare establishments such as diagnostic centres, pharmacy stores, clinics and hospitals across the country where this pay-by-wallet feature is accepted.

The friction-free process also allows the organization to have complete visibility of the process and makes it easier for them to add dependents, keep track and top up the balance for each employee. It also gives them an insight into bucket-wise expenses to help them offer personalized OPD covers as required.

The launch of the MFine Wallet is a crucial step for MFine to further grow its corporate subscription business. MFine has seen a 4x growth in the number of corporates and users using MFine services over the last one year. MFine is taking a deeper bet on this segment and recently underwent a strategic restructuring to focus and aggressively scale the corporate channel. It will continue to focus on providing innovative on-demand services and health tools for users to manage their health and access high-quality services.

Corporate wellness including OPD expenses is an INR 23000 crore market, growing 25 per cent CAGR. MFine wants to take a substantial share of this expansive market with its broad services and tools platform that they have built over the years.

Supporting Quotes

Prasad Kompalli, CEO & Cofounder, MFine
"The MFine Wallet is a step towards making corporate healthcare programs more inclusive and easy to use, both for employees and organizations. MFine is closely working with many organizations that are investing in solutions which address the long-term health of employees and their families. Many medical conditions do not require hospitalization but might need expensive diagnostics, regular check-ups, and specialist Dr consults for managing one's health. By making it cashless across all healthcare access points, the Wallet will help employees avail these benefits without any hassle."

Archana Jerath, Senior Director Operations (India, APAC & MENA), SHRM
"The need to ensure holistic employee wellness is among the top priorities of big brands and the requirement for tech-driven solutions that help further this cause is ever-increasing. The recently conducted SHRMTECH22 showcased several promising work tech solutions such as MFine, for organizations to explore and benefit from."

Deepansh Gupta, Manager Total Rewards, Myntra
"Outpatient care is something that has been lacking in the healthcare benefits basket for a long time, and recent years have shown that this benefit is equally important to provide end to end coverage and support to our employees. Hence, we are now focussing our investments and efforts into corporate health programs that particularly cover outpatient care, to enable our employees to take better care of themselves and their families."
Ashwin Kumar, Total Rewards & Benefits Consultant, Citrix
"Pandemic has transformed healthcare programs and its insurance models moving into digital platforms. Outpatient care, consultations, lab tests, etc. are all expected to be available in as easy ways as possible, and digitalization would be the right ask. It is essential for corporates to enable digitized healthcare programs which provide flexible and easier solutions towards health care and its services. This will soon evolve into a 'need to have' program than a 'good to have' program."
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