Healthcare contributes to 20% of GDP and is the largest sector of the US economy. Paper is the dominant medium in healthcare, from the forms patients fill out to the checks hospitals process from insurers. In the U.S. alone, these manual and paper-based processes cost approximately 35% of the $5 trillion annual healthcare expenditures.
The sector is ripe for embedded finance to modernize its workflows. I’m so excited to announce that Bond is doing just that with Texas Medical Center (TMC). TMC-backed TanaFlow is partnering with Bond to tackle this massive opportunity in healthcare.
“TMC’s Tanaflow will use Bond Treasury to embed financial services into our software applications to save time and money so we can refocus on serving the more than 10 million patients we see annually,” said Odero Otieno, Founder in Residence at TMC and Chief Executive Officer of Tanaflow. “Over time, we expect to expand into other non-clinical tasks and transactions, such as payment acquiring, treasury management, and credit. Bond has the technology platform, talent, and vision to be our long term partner and we are incredibly excited to partner on this new journey.”
TMC has been at the forefront of medical innovation for nearly a century. TMC is the largest medical city in the world with over 60 medical institutions located on a single campus. It includes both the world’s largest cancer hospital (MD Anderson Cancer Center) and the largest children’s hospital (Texas Children’s Hospital). TMC delivers a baby every twenty minutes and starts a surgery every three.
Evolving from a cost center into a profit center
TMC is a massive healthcare system that processes payments, reimbursements, expenses, and payroll for its 106,000 employees and 10 million patients. Reimbursing business expenses specifically is incredibly complex and costly. TMC employees spend more than $300 million per year on work-related expenses, and expense reports are submitted with paper receipts and take weeks to process. Managers and finance teams have little visibility into the expenses and where savings could be realized.
In partnership with Bond, TMC’s TanaFlow will offer physical and virtual cards to TMC employees to minimize the inefficiencies associated with the expense management process — transforming a cost center into a profit center. Automating manual expense reimbursements and automating with fintech software. TMC employees will be able to pay with a TMC debit card to simplify the process; TMC can participate in interchange revenue.
Beyond expenses, healthcare companies process high volumes of financial transactions each year including payments from patients and insurers and disbursing payments to vendors. In partnership with TMC-backed Tanaflow, we are excited to be working together to build software to better automate and streamline mission-critical tasks and workflows that involve health insurance, payments and finance.
Jason Sakamoto, Head of Biodesign Innovation at TMC Innovation, added, “Our partnership with Bond will allow TMC institutions to drive innovation in healthcare financial technology for the healthcare industry the way we've been driving innovation in medicine for over 90 years.”
Enterprises poised for financial innovation
Paving the way to build innovative apps with new economic models for new industries inspires and motivates all of us at Bond. As with TMC, we’re seeing tremendous interest from enterprise businesses across industries with pressing needs to embed financial products into their applications to offer a better user experience.
That’s why we are also announcing Bond Treasury today as the first purpose-built embedded finance solution for larger businesses like TMC. Bond Treasury enables organizations to quickly launch and test new capabilities, and bring customized financial products to their employees, customers and broader ecosystem. Enterprise customers can now easily and quickly embed financial products such as bank accounts, money movement, digital wallets, spend management, invoicing and expense management into their applications and workflows.
Contact us to learn more about how we can help your enterprise or healthcare organization take control of your finances.