Bond Partners with Texas Medical Center; Introduces Embedded Finance for the Healthcare Vertical
SAN FRANCISCO and HOUSTON, March 22, 2022 /PRNewswire/ -- Bond Financial Technologies, Inc. announces its partnership with Texas Medical Center (TMC) and TMC-backed Tanaflow to enter the healthcare payments space with the launch of Bond Treasury.
Nearly all healthcare transactions and tasks involve health insurance, payments, and finance yet financial technology specialized for healthcare is not widely available. Because more than 87% of the data needed to complete these tasks are unstructured and not readily available in databases, healthcare institutions are dealing with an avalanche of manual and paper-based processes that are spiraling out of control. In the U.S. alone, these inefficiencies cost 35% of the $5 trillion annual healthcare expenditure. Embedded finance offers an elegant solution to this mounting problem.
TMC is the world's largest medical city with over $25 billion in annual revenue and over 106,000 employees, who spend more than $300 million each year on work-related expenses. Today, TMC employees submit paper expense reports along with paper receipts, which takes weeks to complete. By bringing modern fintech products into the world of healthcare, TMC and Bond will save hospitals both time and money while allowing TMC's employees to focus on their core mission of serving patients. TMC's innovation team launched Tanaflow to digitize healthcare expense management. Business units and finance teams in healthcare institutions will have access to spend management and controls while gaining data about expenses in real-time.
"We're seeing tremendous interest from enterprise businesses that want to embed purpose-built financial products into their software applications, and are excited to partner with impactful organizations such as TMC to bring more efficiencies into the healthcare vertical," says Roy Ng, Co-founder and CEO of Bond.
Yan Wu, Co-founder and COO of Bond, added, "We are launching Bond Treasury today as the first purpose-built embedded finance solution for larger businesses like TMC to quickly launch customized financial products for their employees, customers, and broader ecosystem. Enterprise customers can now embed financial services such as bank accounts, money movement, digital wallets, spend management, invoicing and expense management into their applications and workflows quickly and with ease."
"TMC's Tanaflow will use Bond Treasury to embed financial services into our software applications to save time and money so we can refocus on serving the more than 10 million patients we see annually," said Odero Otieno, Founder in Residence at TMC and Chief Executive Officer of Tanaflow. "Over time, we expect to expand into other non-clinical tasks and transactions, such as payment acquiring, treasury management, and credit. Bond has the technology platform, talent, and vision to be our long term partner and we are incredibly excited to partner on this new journey."
Jason Sakamoto, Head of Biodesign Innovation at TMC Innovation, added, "Our partnership with Bond will allow TMC institutions to drive innovation in healthcare financial technology for the healthcare industry the way we've been driving innovation in medicine for over 90 years."
The partnership between TMC's Tanaflow and Bond represents the continued realization of Bond's long-term vision as the enterprise-grade embedded finance platform serving the unmet financial needs of major institutions and industries.
About Bond
Bond is the leading embedded finance company that enables organizations from any industry to create personalized financial experiences inside their software using Bond's API platform. Bond's modern, enterprise-grade developer platform orchestrates the critical infrastructure that companies need to build, launch, and scale these personalized financial products. Bond was founded in 2019 by industry veterans from Twilio, SoFi, SAP, Goldman Sachs, and Blackrock, with deep roots in enterprise software, technology, and financial services. The company maintains key offices in San Francisco (HQ), New York City, and Salt Lake City. Visit http://www.bond.tech to learn more.
About Texas Medical Center and Tanaflow
Texas Medical Center is the world's largest medical city. TMC has over 106,000 employees and comprises 61 institutions and 21 hospitals, including the M.D. Anderson Cancer Center, the #1 cancer hospital in the world, and Texas Children's Hospital, the largest children's hospital in the world. Visit https://www.tmc.edu/ to learn more.
Tanaflow, backed by TMC, is the technology platform that builds the economic infrastructure that unburdens healthcare. Healthcare businesses of every size – from small practices to the world's largest medical center – use Tanaflow's software to automate and streamline mission-critical tasks and workflows that involve health insurance, payments and finance. The company is headquartered in Houston, Texas. Visit https://www.tanaflow.co to learn more.
Media Contacts
Brian Chevalier-Jordan, Bond: [email protected]
Odero Otieno, Texas Medical Center and Tanaflow: [email protected]
Jill Reed, Sift Communications: [email protected]
SOURCE Bond Financial Technologies, Inc.
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