2018 Innovation Name: LanternPay
Awards: 25th Most Innovative Company
The claiming process for tri-party compensation schemes is slow and expensive. Schemes have high processing costs, poor data, poor participant experience and high IT remedy costs. High friction costs and slow payment times dissuade provider participation. Contrary to goals of the schemes, consumers therefore do not have true provider choice.
LanternPay helps you know your budget and easily pay for health, care or disability services and gives your provider one simple process to change for the goods or services they provide you, no matter who is paying for your services. This makes it easier for schemes and organisations paying for your care, saving them money that they can reinvest in you. Making it easy and accessible for service providers encourages a deeper pool of providers for scheme participants to choose from. LanternPay therefore makes choice and control a reality for scheme participants and helps schemes deliver care more efficiently.