With more and more customers unable to afford medical and veterinary bills, MediWallet provides your customers with an easy method to finance their expenses in your practice.
MediWallet settles our partner practices on a weekly basis, thereby improving your practice’s cash flow. We take the risk which allows you to focus on providing the best treatment for your Customers. Customers are able to pay over 3 or 18 months in affordably monthly instalments (their first 3 months are interest free). It is a well-known fact that customers who have accounts are more loyal than cash paying customers. MediWallet has an established client base which could also lead to new customers visiting your practice.
MediWallet charges a settlement discount/risk fee, no upfront or monthly charges. For a transactions below R1 000, we take a 5% fee and for transactions above R1 000, we take a 10% fee. Simply put, if the invoice is R1 000 we will settle R950. The reason we charge the settlement discount: 1) we settle our partner practices upfront allowing us to take the risk of the bad debt, 2) we also match the settlement discount with our non-performing accounts which in turn allows us to approve more, higher risk customers. We manage this process dynamically in the background. The product is designed as an alternative payment solution to cash and credit card; for people who don’t have the funds immediately available (new customers).
MediWallet is a product aimed at making access to private healthcare services more affordable or covering services that their Medical or Veterinary Insurance might not cover. MediWallet is a revolving credit facility with instalments over 3 or 18 months and no penalties for prepayment. Customers can also be pre-approved within 30 seconds. Customers are able to use their account at any of the partners listed on the MediWallet network when they need an alternative way to pay.
The only time the front desk is involved is when it comes to processing a transaction or pointing the customer in the right direction to apply for an account.
Once you are signed up, we send you the link to our partner transaction portal www.mediwallet.co.za/processtransaction and your very own password. You will use the customer’s ID number to verify their account, enter the amount and a payment reference is sent to you once completed. Payments are made to practices on Fridays.
Once your practice is signup, we send you a marketing pack with everything you require. Customers can apply for an account in the following 3 ways: