Healthcare providers in the region are getting a much-needed capital infusion. Today, many hospitals and clinics continue to be at the mercy of insurance claims, which can be often delayed by months, resulting in serious financial setbacks. To help provide the cash they need quickly, UAE-based fintech KLAIM has created a medical claim purchasing solution that is helping healthcare providers maintain a positive cash flow and continue providing high-quality medical services.
The solution is simple: KLAIM buys the medical claims of hospitals and clinics at a 5% discount, providing the healthcare institution with faster access to hard cash. The need for this kind of cash-in-hands capital service is soaring as more providers realise the benefits of medical invoice factoring as an alternative to bank loans, which are especially hard to access for smaller clinics and hospitals. In fact, healthcare is now the fifth-largest customer of the growing global invoice factoring industry.
To keep this healthcare capital solution growing, KLAIM has now secured a partnership with Knuru Capital, a venture capital firm in the UAE, whose goal is to help fintech firms scale their operations through access to smart capital.
With this partnership, Knuru Capital will provide KLAIM with an initial $5 million within an innovative securitised financing structure. This initial funding is expected to be complemented with funding from a pool of Sharia-compliant investors sourced by Knuru Capital, taking the total investment to $30 million.
“After one year since we did our first medical claim purchase transaction, we have now proven the business model and built a track record that institutional investors such as Knuru are very comfortable with,” said Karim Dakki, the CEO of KLAIM, in response to this new partnership. “We are ready to scale with large debt facilities or funds structures. The capital provided by Knuru Capital will help us further contribute to this stability, ensuring that people in the UAE and across the GCC have access to better and diversified healthcare.”
Medical invoice factoring and the financial stability of healthcare providers
As health insurance continues to take over from cash payment as the primary means of revenue generation for healthcare providers, the delay in receiving cash for invoices sent to insurance providers, has become more existential for them. With payment for medical claims taking up to 112 days in many cases, the financial stability of providers continues to be threatened.
In the UAE, KLAIM has been at the forefront of this embrace of medical invoice factoring. In its first twelve months of operations, it gathered over 12 million claims from 250 healthcare providers, a period during which it also formed partnerships with Etisalat, Al Khair Capital, among others.
By buying the claims of providers and providing them cash within 24 and 48 hours, KLAIM has enabled them to meet their operational expenses and sustain their business. Also, by taking upon itself the duty of collecting cash from insurers, it has helped providers focus on improving healthcare delivery rather than chasing receivables.
Increasing supply to meet increased demand
As more providers find KLAIM’s solution beneficial, the demand for it has been growing. This increased demand has necessitated the expansion of KLAIM – meeting more demands in the UAE and expanding into other GCC countries.
To meet up, KLAIM is now seeking further institutional debt and Series A equity financing.
Towards more partnerships
Healthcare expenditure in the UAE is growing due to changing demographics, availability of better healthcare facilities, the positioning of the UAE as a destination for medical tourism, among others.
It is, therefore, not surprising that about $5.4 billion worth of medical claims are generated in the UAE annually.
But with the tedious claim payment process resulting in delayed payment, providers will continue to suffer from cash flow drought except companies like KLAIM continue to stand in the gap, providing them with the cash they need.
The financial stability of healthcare providers is crucial to the improvement of healthcare delivery and the enhancement of patient experience. Therefore, the growth and expansion of KLAIM becomes important not just to providers but to the society as a whole.
To this end, KLAIM is not resting on its laurels with the Knuru Capital partnership. Instead, it is seeking to generate between $100 and $200 million to become the ATM of healthcare providers in the GCC region and contribute significantly to the improvement of the region’s healthcare sector.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
UAE currency: the story behind the money in your pockets
SERIE A FIXTURES
Saturday (All UAE kick-off times)
Lecce v SPAL (6pm)
Bologna v Genoa (9pm)
Atlanta v Roma (11.45pm)
Sunday
Udinese v Hellas Verona (3.30pm)
Juventus v Brescia (6pm)
Sampdoria v Fiorentina (6pm)
Sassuolo v Parma (6pm)
Cagliari v Napoli (9pm)
Lazio v Inter Milan (11.45pm)
Monday
AC Milan v Torino (11.45pm)
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
If%20you%20go
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ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
