MAPay to Launch Blockchain-based Solution on Algorand to Decrease Healthcare Costs in Bermuda

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MAPay to Launch Blockchain-based Solution on Algorand to Decrease Healthcare Costs in Bermuda
MAPay to Launch Blockchain-based Solution on Algorand to Decrease Healthcare Costs in Bermuda

MAPay, a global healthcare technology company focused on decentralized payment networks, announced today that it will launch its own stablecoin on Algorand to improve healthcare system efficiency from Bermuda. With key healthcare partnerships in the US and other regions, MAPay will leverage Algorand’s blockchain as the pillar of its upcoming healthcare advances.

MAPay Creates Efficiency for Medical Service Providers and Banks

The traditional health care payment system is slow, cumbersome and full of unnecessary expenses. Using advanced blockchain, MAPay creates efficiency for the system’s key participants (including insurance companies, government medical service providers and banks) by eliminating intermediaries that hinder the settlement process and increase the costs of everyone involved. In addition to providing open public infrastructure, Algorand’s technology is also a powerful Layer 1 that enables instant transaction security, healthcare required security, and advanced smart contracts that can expand future potential.

Through this collaboration, MAPay Bermuda will provide a statewide deployment plan to reduce healthcare transaction costs through the MAPay network, which will run on Algorand. MAPay will also implement patient-led data sharing aimed at delivering medical interoperability, population health management, and better overall outcomes.

Michael Dershem (aka Dersh), CEO of MAPay, said, “Our relationship with Algorand is a global game-changer in healthcare commerce and data exchange. 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, a 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 Company Works with Leading Organizations Focused on Payment as a Service

MAPay has been praised and recognized for its patent-pending novel payment technology. The company works with leading organizations focused on interoperability and payment-as-a-service models, including large pharmaceutical companies, insurance companies, healthcare systems, banks and governments.

This is the start of integrating MAPay’s blockchain into its overall product. John Parker, MAPay’s chief managing director, said, “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.”

Dersh said at the Global Catalyst Health Innovation Forum in March 2021, “If we can reduce global healthcare transaction costs by even 10 percent, that would free up nearly $1 trillion. 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.”