Klaim, an Abu Dhabi-based fintech company, and Wio Bank PJSC, the region’s first platform bank, are pleased to announce the launch of an innovative cash-flow solution for healthcare providers in the UAE.
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This strategic collaboration combines Klaim’s expertise in accelerating insurance claim payments with Wio Business’s digital banking services, underlining Wio Bank’s commitment to championing growth for businesses.
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The partnership aims to streamline healthcare providers’ financial operations and boost their liquidity, empowering them to grow and thrive in an evolving market.
Healthcare providers face cash-flow challenges from delays in insurance claim payments, which typically range from 60 to 120 days, according to Klaim research. Although new regulations aim to reduce payment timelines to 45 days, financial strain persist. Klaim’s solution addresses these issues by purchasing insurance claims at a minor discount, allowing providers to unlock insurance receivables within 24 hours after patient visits.
Through this strategic collaboration, Wio Bank and Klaim will offer short-term working capital solutions to a broader range of healthcare providers, leveraging Klaim’s payment acceleration technology and Wio Bank’s financial strength. Healthcare providers will benefit from upfront payments for approved medical insurance claims, effectively reducing the time taken to receive payments from an average of 60 to 120 days to within 1 to 2 working days, when eligible.
Karim Dakki, Co-Founder and CEO of Klaim, says: “Small and medium healthcare providers often struggle with cash flow issues. Our partnership with Wio Bank offers a timely and effective solution to accelerate access to capital. Our platform allows healthcare institutions to focus on delivering high-quality care while empowering SMEs with the financial resources needed for growth. This marks the beginning of a partnership dedicated to enhancing financial accessibility and driving innovation across the UAE. It also exemplifies how banks and fintechs can collaborate to deliver tailored solutions that meet the specific needs of different sectors.”
Prateek Vahie, Chief Commercial Officer of Wio Bank PJSC, says: “At Wio Bank, we are committed to providing innovative solutions that empower businesses to manage their finances effectively, enabling them to focus on growth. By partnering with Klaim, we are introducing a streamlined approach for healthcare providers to access vital liquidity, enabling them to overcome cash flow hurdles with ease. This collaboration underscores our dedication to driving growth and financial innovation as we continue to seek out best-in-class strategic partnerships that benefit our customers”
Since 2019, Klaim has empowered over 100 healthcare providers across the UAE to unlock cash flow through its innovative medical claims payment acceleration platform, converting unpaid insurance claims into immediate cash without loans or interest. With over one million claims processed, Klaim’s solution allows providers to maintain a predictable cash-flow and focus on patient care and business growth. By integrating Klaim’s tailored healthcare receivables solutions, Wio Bank aims to support small and medium healthcare providers facing financial constraints due to delayed payments. This partnership aligns with Wio Bank’s mission to create seamless banking experiences and to foster growth for businesses while supporting the wider ecosystem of the UAE.
As the UAE continues its journey toward digital transformation, the partnership between Klaim and Wio Bank sets a new financial benchmark for the healthcare industry, by addressing liquidity challenges and unlocking growth opportunities. This collaboration plays a vital role in promoting innovation and sustainability within the UAE economy.
About Klaim
Klaim is an award-winning fintech company headquartered in Abu Dhabi Global Market (ADGM), with offices across the UAE, Saudi Arabia, and Oman. Since 2019, it has been at the forefront of transforming the healthcare industry by enabling healthcare providers with their working capital requirements, allowing them to grow and thrive. For further information about Klaim, please visit our website Klaim.ai.
About Wio Bank PJSC
Founded in Abu Dhabi, UAE, in September 2022, Wio Bank PJSC is the region’s first platform bank bringing together the capabilities of Digital Banking Applications, Embedded Finance, and Banking-as-a-Service. Wio is an integrated digital banking platform jointly owned by Abu Dhabi Developmental Holding Company (ADQ), Alpha Dhabi Holding, e&, and First Abu Dhabi Bank (FAB) – with an initial capital outlay of AED 2.3 billion. The bank is licensed and regulated by the Central Bank of the UAE.
Wio Bank PJSC and its products have been launched both locally and regionally, and recent recognitions include being named as “MENA Digital Bank of the Year”, “Best Neobank – UAE”, “Best Digital Bank Newcomer” and the “Most Innovative Mobile Banking App – UAE”. Recently, Wio Bank has also topped the 2024 Forbes Middle East Fintech 50 list, further solidifying its reputation as a leader in the digital banking space.
