Flywire expands its healthcare payments offering
Flywire, a company that offers lower-cost processing options for cross-border education and healthcare payments, announced an expansion of its roster of healthcare client partners, according to PYMNTS.com.
The firm, which historically has focused on cross-border tuition payments, entered the healthcare payments business late last year and became the lead sponsor of the US Cooperative for International Patient Programs (USCIPP), a 60-medical center collective, this April, according to the EconoTimes. Since then, the firm has added eight more hospitals, and is continuing to grow.
Flywire’s platform resolves key pain points associated with high-value international payments. Transferring large amounts of money across borders and between currencies is often a time-consuming and complex process. Flywire’s digital platform competes with traditional banks’ wire services by undercutting their processing and foreign-exchange fees while increasing transparency for both payers and payees. The platform is catching on. In tuition payments, the firm was on track to double its yearly volume and process a cumulative $2 billion for the fiscal year ending in spring 2016.
The company stands to gain from its status as an early entrant to the fast-growing market for cross-border healthcare.
• More customers are seeking healthcare abroad. The global market for international healthcare is now worth $40 billion and will grow at 15-20% per year, according to data provided by Flywire. That gives Flywire a large addressable audience for its product as it continues to expand its partnerships.
• The nature of cross-border healthcare could help the firm attract lucrative customers with a high lifetime value. For tuition payments, Flywire markets to international students because they represent a lucrative demographic, since families of students studying internationally are usually relatively wealthy. It’s likely the same is true for cross-border healthcare, particularly because, according to Flywire, many patients self-pay rather than use insurance. And in addition, if patients see success, it’s likely that could use Flywire for repeat procedures or ongoing treatment, which provides an opportunity to maintain longer-term relationships with clients and built an ongoing revenue stream.