New payment service for diaspora in the USA

 

It recently received $500,000 in seed funding from a strategic investor to support the roll out of this mobile service by the end of this year in its first market — El Salvador.

Alex Castillo, Kyle Becker and Jonathan MacDonald are the co-founders. Castillo was born in El Salvador and immigrated to the USA.

Part of the company’s goal entails building a network of international healthcare providers. The aim is a network that connects doctors in emerging markets with their current patients and their families. It also wants to give them an opportunity to introduce their services to new patients to help them coordinate payment for medical treatment.

Kyle Becker says: “A huge amount of medical services in Latin American countries are paid for by family members, often distributed across multiple countries. This leads to problems in miscommunication, expensive money transfer schemes, and a procedural opacity for each member of the family that can lead to inefficiencies, frustration, and mistrust. Our service is being built to alleviate these issues so that families can spend more time on what really matters: supporting each other in their time of need.”

The typical customer will be a first and second-generation family where a patient has a lucrative job in the USA but tends to go home to El Salvador for dental procedures because it is cheaper and they have roots there.

This demographic enjoys a high income in other countries but maintains local ties, and a cultural and linguistic understanding that makes travelling for healthcare more comforting and appealing. They are also likely to have dispersed social circles with family and friends still living in their country of origin.

There will be a benefit to physicians in these emerging countries. The new service wants to standardize and speed up the way they receive payment for their services. It may also heighten their profile and create new opportunities to tap other Diaspora medical tourists based on word-of-mouth referrals. To support this MedicSana has developed social network components for its platform to allow healthcare professionals, patients, and their families the option to connect.

A limited pilot will launch by July with a fully developed version available by the end of the year.

Related link: MedicSana

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