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Discover Brings Innovative Payment Solutions to Healthcare Through Partnership With TYDEi
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Discover Global Network is partnering with TYDEi to enhance healthcare payments by digitizing the vendor management system. This collaboration addresses the $40 billion in waste associated with manual processing in the healthcare sector, where 85% of purchasing is still done via paper checks. TYDEi's blockchain-enabled solution streamlines hospital procurement, reducing costs and risks while improving payment tracking. With over 280 million cardholders and a significant merchant acceptance network, Discover aims to leverage its capabilities in the trillion-dollar healthcare payments market.
Positive
Partnership with TYDEi enhances payment solutions in healthcare, targeting $40 billion in inefficiencies.
Utilization of blockchain technology in TYDEi's platform reduces costs and risks for hospitals.
Discover's extensive network supports over 280 million cardholders and 60 million merchant locations, enhancing market reach.
Negative
None.
RIVERWOODS, Ill. & CHARLOTTE, N.C.--(BUSINESS WIRE)--
Discover Global Network, the payments brand of Discover, will facilitate payments for TYDEi’s new healthcare vendor management system, thereby digitizing and streamlining payments in an industry where 85 percent of healthcare purchasing is done manually via paper checks. This partnership will contribute to improved solutions addressing the nearly $40 billion in waste and inefficiencies associated with healthcare invoicing.1
TYDEi’s solution offers an industry-first solution for hospitals to connect with their suppliers. It reduces common frictions in hospital purchasing by moving the procurement process to a block-chain enabled platform that reduces costs and risks for hospitals. The partnership with Discover Global Network will enable TYDEi’s payments platform, offering hospitals a streamlined and secure way to pay for and track payment for supplies. Currently, Day Kimball Healthcare (Putnam, CT) and Lighthouse Surgery Center (Hartford, CT) use the TYDEi platform.
“The healthcare payments sector is a trillion dollar market and Discover’s entrance into this space continues to showcase how our payment solutions can benefit many different industries,” said Megan West, director of business development at Discover. “TYDEi is offering an innovative solution and through our partnership is able to provide a seamless payments experience for their customers.”
“This partnership represents an incredible leap forward in healthcare payments by providing automation, digitization and a trusted payment network in one platform,” said John Hatchell, co-founder and CEO, TYDEi Health. “Our combined efforts have generated the first payment solution truly crafted to benefit the healthcare facility.”
“As a large ambulatory surgery center our purchasing, supply chain, and inventory management is outdated and time-consuming,” said Dr. Michael Joyce, CEO, Lighthouse Surgery Center. “TYDEi and Discover Global Network are solving the right problem at the right time. They allow us to streamline our system and improve our productivity with the best payment platform in the healthcare industry.”
Discover Global Network has more than 280 million cardholders, more than 60 million merchant acceptance locations and 1.8 million ATM and cash access locations. Discover Global Network includes Discover Network, Diners Club International, PULSE and more than 25 alliance partner networks across the globe. The network supports payments through unique payment solutions in industries such as healthcare, transportation, higher education, government, insurance and gaming.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation's leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.
About TYDEi
TYDEi Health offers the most cost-effective and frictionless vendor management platform on the market. With best-in-class technology, TYDEi Health provides healthcare facilities and its leaders full line of sight while delivering autonomous capabilities with unmatched efficiency and accuracy. To learn more please visit us at: tydei.io.
