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National health insurance company Daman and leading banking group UAE NBD have launched a new financing scheme offering an “early payment scheme” to Daman’s extensive UAE healthcare network.
The scheme is of great benefit to the entire healthcare sector in the UAE, as it covers up to AED4 billion (US$1.09 billion) worth of claims eligible for early payment.
Dammam’s Advance Payment Program leverages Emirates NBD smartSCF, a fully automated and intuitive supply chain financing solution that benefits approximately 2,000 healthcare organizations with the option to pay invoices in advance at attractive financing rates.
SmartSCF’s digital solution will help Dammam quickly join its extensive healthcare network and will integrate with Dammam’s systems to support large-scale claims processing in a seamless manner.
advance payment
The scheme follows the successful launch of the ‘Thiqa’ advance payment scheme and has been expanded to include claims from the ‘Abu Dhabi Basic’ and ‘Enhanced’ health insurance plans, thus enabling all medical facility claims networks of the UAE’s largest health insurer to have Eligible for advance payment.
Healthcare organizations participating in the program will benefit from enhanced cash flow, improved operational capabilities, and real-time visibility into their payment status through an interactive dashboard on smartSCF.
Small and medium-sized healthcare institutions in particular will benefit from easy access to liquidity through the scheme and be able to contribute to sustainable long-term growth of the economy.
faster turnaround
Providers who choose this plan will benefit from faster claims turnaround times compared to the industry standard of 30 to 45 days.
Commenting on the announcement, Daman CEO Hamad Al Mehyas said: “This initiative aims to enhance the investment and operational capacity of partner healthcare facilities. This initiative is a testament to Daman’s commitment to its partners who are supportive of the community. A vital pillar. Due to the logistical challenges posed by the pandemic, at this time of global evolution in the healthcare industry, we must provide businesses with options to drive the future of their operations.”
Ahmed Al Qassim, Senior Executive Vice President and Group Head of Corporate and Institutional Banking, Emirates NBD, said: “We are proud to partner with Daman to provide digital supply chain financial Businesses benefit. Emirati community.
“Our smartSCF solution simplifies and simplifies supply chain collaboration by injecting liquidity and freeing up working capital in the supply chain. As the corporate bank of choice for the UAE’s leading businesses, we are delighted to secure the achievement of an industry that makes an important contribution to the future economy. Contribute to successful initiatives.”- arab trade news agency
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