Health FinTech Nitra raised $62 million in a funding round and launched its first product – a Visa Business card for doctors.
The company will use the funds to deliver modern financial products, integrated medical software and supply chain solutions to healthcare practitioners and physicians, according to a Tuesday, August 23 report. Press release.
“Our goal is to partner with practitioners to provide an ecosystem that combines innovations [FinTech] and cutting-edge software solutions to help physicians better manage their practices and better focus on their patients,” Nitra Founder and CEO Jonathan Chen said in the release.
With the first product launched by Nitra, doctors can use the Visa Business card to earn rewards on everyday expenses and can use software for expense management, business analysis and reconciliation, depending on the version.
Beyond that, Nitra plans to offer doctors, practices and hospitals more financial services products and software tools.
The company has also partnered with many healthcare vendors and vendors, saying this will allow it to provide seamless transactions on its platform, the press release said.
PYMNTS research found that while healthcare providers prefer automated clearing houses (ACH) and direct deposit payments, their customers still make up to 85% of their payments by check or other paper methods.
Read more: Health accounts for 20% of GDP which desperately needs payment efficiency
As noted in the “B2B Payments in Healthcare Tracker,” a collaboration between PYMNTS and American Express, that’s partly because “healthcare is different,” with a large portion of industry purchases going through payment intermediaries. purchase that add an extra layer of complexity to the scanning equation.
Although automation and digitization have taken hold in some aspects of healthcare, there are still significant sticking points, according to the report.