EDB and KLAIM Launch Healthcare Receivables Financing for UAE Providers
In a move aiming at the economic development and industrial progress of the UAE, Emirates Development Bank has announced a partnership with KLAIM. The collaboration focuses on providing low-risk, short-term working capital solutions to support healthcare providers in maintaining efficient cash flows.
As part of this alliance, EDB is ready to introduce a Healthcare Receivables Financing product designed to enhance the financial stability of healthcare providers. Using KLAIM's fintech expertise, the product will offer flexible terms and tenor, catering to the needs of both small and large medical facilities. The financing solution, led by real-time data and managed end-to-end by KLAIM, aims to expedite the unlocking of receivables, improving the operational efficiency and financial performance of the healthcare ecosystem across the UAE.
His Excellency Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, emphasised the bank's commitment to supporting the healthcare sector and innovative fintech companies. He highlighted the use of AI and data science technology in KLAIM's integrated platform, streamlining the collection of medical claims from insurance companies and ensuring timely liquidity for healthcare providers.
Al Naqbi stated, "Excelling through partnerships is a core value of EDB, and our collaboration with KLAIM is a significant step forward in our quest to support the transformation of healthcare and fintech industries in the UAE."
Karim Dakki, Co-Founder and CEO of KLAIM, addressed the complexity of healthcare payment and finance, noting the substantial amount of unsettled claims in the UAE. Dakki highlighted KLAIM's role in enabling healthcare facilities to access funds within 24 hours, a significant reduction from the typical 60-90 days claims settlement waiting period. The partnership with EDB is expected to extend this solution across the UAE, providing financial support to healthcare SMEs and facilitating further investment in the sector.
The official signing of a Memorandum of Understanding between H.E. Ahmed Mohamed Al Naqbi and Karim Dakki solidifies the commitment and collaboration between EDB and KLAIM. Healthcare is identified as one of the key sectors targeted by EDB's flexible financing solutions, contributing to innovation, technology deployment, and the non-oil GDP growth of the UAE.
Since the launch of EDB's strategy in April 2021, financing has already reached an impressive AED 8.7 billion, with AED 326 million specifically allocated for the healthcare sector. KLAIM, established in 2019, has played a crucial role in accelerating payment for over 323,000 claims in the UAE, utilising a unique approach of purchasing insurance claims from healthcare providers and expediting the collection process from medical insurance companies.
EDB, committed to providing financial and non-financial support across various business scales, focuses on leading economic competitiveness in priority sectors including manufacturing, food security, healthcare, advanced technology, and renewables.
