Single-Swipe Insurance Payment Flow for Real-Time Reimbursement
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Solution Overview
Problem
Existing systems require separate processes for applying insurance and payment, leading to cumbersome and inefficient reimbursement processes, especially in healthcare scenarios, where consumers often need to pay upfront and seek reimbursement later.
Innovation Solution
A 'one swipe' technology that integrates insurance and payment functionalities, allowing simultaneous identification of accounts, enabling insurance adjudication, payment, and automatic reimbursements in a single transaction, utilizing real-time cross-database machine learning and artificial intelligence.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If separate processes are used for applying insurance and payment, then each function can be performed independently and reliably, but the overall process becomes cumbersome and time-consuming
Solution Approach 1:
The patent combines insurance adjudication and payment processing into a single integrated transaction process. When a consumer swipes their card at the point of sale, the system simultaneously performs insurance verification, claims adjudication, and payment processing in one unified operation, eliminating the need for separate reimbursement requests and reducing overall processing time while maintaining reliability through coordinated system operations.
Solution Approach 2:
The system performs preliminary insurance adjudication and account identification before the actual payment is processed. By pre-verifying insurance coverage and determining reimbursement amounts during the initial card swipe transaction, the system prepares all necessary information in advance, allowing for immediate payment processing and automatic reimbursement without requiring subsequent separate actions from the consumer.
2Adaptability or versatility
If multiple cards are used for insurance and balance payment, then each card can be optimized for its specific function, but the user experience becomes complex and difficult to operate
Solution Approach 1:
The patent implements a universal card system where a single consumer card can perform multiple functions including insurance adjudication, payment processing, and account identification. The card is designed to work across different payment sources (insurance accounts, credit accounts, debit accounts) and different transaction types, providing a multi-functional solution that maintains adaptability while simplifying user interaction to a single card swipe operation.
Solution Approach 2:
The system segments different payment sources and account types (insurance, credit, debit) into distinct account categories that can be individually managed and optimized, while presenting a unified card interface to the user. This allows each account type to maintain its specific characteristics and optimization while being accessed through a single versatile card, separating the complexity of multiple accounts from the simplicity of card usage.
3Reliability
If system silos are maintained between insurance and payment functions, then each system can operate independently and reliably, but data sharing and seamless transactions are prevented
Solution Approach 1:
The patent introduces an intermediary system that acts as a mediator between the insurance adjudication system and the payment processing system. This intermediary layer enables seamless data exchange and coordination between previously siloed systems, allowing insurance information, payment details, and transaction data to flow freely between systems while maintaining the operational independence and reliability of each individual system through standardized communication protocols.
Data Source
AI summary
Computer-implemented methods are provided for receiving information corresponding to a transaction, where the information is received one time. Two or more functions associated with the information can be determined, and two or more functions can be concurrently and automatically executed without additional interaction.