October 27, 2015
Flywire (formerly peerTransfer), the leading provider of global payment solutions for the education industry, today announced the launch of a new cross-border payment solution for patients traveling overseas for medical care. Flywire's new payment solution for medical tourism is targeted at health care institutions serving the growing market of patients seeking medical care abroad – estimated at up to $40 billion annually and growing at a rate of 15-25% per year. The announcement was made at Money20/20 taking place this week in Las Vegas.
Approximately 11 million patients seek health care outside of their home country every year according to Patients Beyond Borders, an organization specializing in medical tourism. The primary reasons range from the availability of specialized treatments, long wait times for care in their home country, desire to recover away from friends and colleagues, and the high cost of care at home.
Flywire is focusing initially on health care facilities in the United States serving the estimated 1.2 million international patients who opt for treatment here each year. Flywire enjoys a strong position in the higher education market today, providing an easy-to-use, cost-effective and secure way for international students to pay their tuition and other expenses at educational institutions located on six continents. Healthcare institutions can now offer these same advantages to international patients seeking medical care, providing a stress-free, localized payment experience while streamlining payment collection and reconciliation efforts in the back office.
The payment challenges faced by hospitals and their international patients are similar to those faced by educational institutions and their international students, said Mike Massaro, CEO of Flywire. A significant percentage of international patients pay for care abroad themselves, without the involvement of insurance companies. It’s a stressful time and patients want the peace of mind knowing that the payment side of their treatment is taken care of, so they can focus on getting better. On the hospital side, the reconciliation issues for international payments can be complex and time-consuming. The more efficiently the hospital can confirm payment, the better it is for everyone involved.
Flywire’s cloud-based solution enables hospitals to offer international patients a variety of familiar online and offline payment options in multiple currencies. Patients can pay in their local currency, using a simple web experience that is customized by their country of residence. Flywire’s discounted currency conversion rates can also offer significant savings when compared to rates offered by banks in the patients’ home countries. Funds are transferred quickly and safely, and patients can track payment status online, via email or SMS. Patients also receive 24/7 multilingual support via phone, chat and email.
Flywire recently changed its name from peerTransfer, in anticipation of expanding its solution beyond education, and setting its sights on becoming the global standard for important, large-sum payments that cross borders.
Flywire, formerly peerTransfer, is a leading provider of high-ticket cross-border payment solutions, connecting institutions on six continents with consumers from around the world. Introduced four years ago as a way for international students to pay their tuition for studies abroad, Flywire is now welcomed by more than 800 colleges, universities, and other educational institutions. The company processes payments on behalf of students from 200+ countries and territories, in more than 100 local currencies. Convenient, fast and secure, Flywire’s scalable cross-border platform accepts bank transfers, online banking, and credit and debit cards − providing currency conversion at exchange rates that can offer significant savings when compared to home-market banks and credit card providers. Committed to a great end-to-end customer experience, the company offers multilingual servicing via phone, email, and chat, as well as 24/7 online payment tracking.
Flywire is headquartered in Boston, MA with international operations in London, Warrington (UK), Shanghai, China, and Valencia, Spain. For more information, visit www.Flywire.com.