Designed to support businesses operating in the United Arab Emirate’s vital healthcare sector, the National Health Insurance Company – Daman, and Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region have announced the launch of a new financing initiative providing an ‘Early Payment Scheme’ to Daman’s extensive UAE medical network.
Daman’s ‘Early Payment Scheme’ leverages 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. 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.
The initiative is of significant benefit to the UAE’s overall healthcare sector as the scheme covers up to AED 4 billion worth of claims 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.
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.
Commenting on the announcement, Hamad Al Mehyas, Chief Executive Officer of the National Health Insurance Company – Daman, said: “We are pleased to be partnering with Emirates NBD as one of the MENAT region’s leading banking groups for the launch of this scheme which is set to enhance the investments and operational capabilities of partner medical facilities. The initiative is a testament to Daman’s commitment to its partners who serve as a vital backbone of support to the community. 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.”
Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking at Emirates NBD, said: “We are proud to collaborate with Daman to offer a digital supply chain finance solution that benefits businesses operating in the vital healthcare sector and the wider UAE community. Our smartSCF solution streamlines and simplifies supply chain collaborations by infusing liquidity in the supply chain and unlocking working capital. As the corporate bank of choice for the UAE’s leading businesses, we are delighted to contribute to initiatives that ensure the success of sectors that are vital contributors to the future economy.”