Daman and Emirates NBD launch early payment scheme for 2,000 UAE medical facilities

Designed to support businesses operating in the UAE’s vital healthcare sector, the National Health Insurance Company – Daman, and Emirates NBD, announced the new financing initiative which will spread across Daman’s extensive UAE medical network.

Daman’s ‘Early Payment Scheme’ leverages Emirates NBD smartSCF, a fully-automated intuitive supply chain financing solution benefiting around 2,000 medical facilities with an option for early payment of their invoices at an attractive financing rate.

The initiative follows the successful roll out of the ‘Thiqa’ Early Payment Scheme and now makes all claims from medical facilities on the UAE’s largest health insurer’s entire network eligible for early payment.

The initiative is of significant benefit to the UAE’s overall healthcare sector as the scheme covers up to AED4 billion worth of claims eligible for early payment.

Medical facilities enrolled in the scheme will benefit from enhanced cash flows, improved operational capabilities and real-time visibility of their payment status through interactive dashboards on smartSCF.

Those opting for the scheme will benefit from a faster turnaround time for claim payment compared to the industry norm of 30 to 45 days.

CEO of the National Health Insurance Company – Daman, Hamad Al Mehyas, said: “The initiative is a testament to Daman’s commitment to its partners who serve as a vital backbone of support to the community.

“In this period of the healthcare industry’s global evolution, owed to logistical challenges of the pandemic, it is imperative that we facilitate options for businesses to power the future of their operations.”

Senior Executive Vice President and Group Head, Corporate and Institutional Banking at Emirates NBD, Ahmed Al Qassim, added: “Our smartSCF solution streamlines and simplifies supply chain collaborations by infusing liquidity in the supply chain and unlocking working capital.”