hi, tech

TMC-backed fintech platform announces collaboration to digitize health care expenses

This Texas Medical Center startup is digitizing employee expense management within health care. Photo courtesy of TMC

The Texas Medical Center announced a partnership with San Francisco-based Bond Financial Technologies Inc this month on a platform that will bring an embedded financial solution into the realm of health care expenses.

According to a statement from the companies, inefficiencies make up about 35 percent of the $5 trillion annual health care expenditure in the U.S.

To find a solution, TMC Innovation launched its own fintech company, Tanaflow, which aims to digitize health care expense management through applying machine-based learning. Bond Financial launched Bond Treasury in tandem to facilitate the innovation.

Together the products will first aim to tackle the often paper-based and cumbersome task of employee expense reimbursements, which accounts for an estimated $300 million a year at TMC, according to the statement.

“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,” Odero Otieno, founder in residence at TMC and CEO of Tanaflow, says in a statement. “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.”

The Tanaflow technology will be integrated across TMC's 61 institutions and 21 hospitals.

This will be Bond Financial's first foray into the health care industry. The company, founded in 2019, aims to create, launch and scale embedded financial experiences across industries at an enterprise level through its API platform. Investors include the likes of Goldman Sachs and Mastercard.

"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,” Roy Ng, co-founder and CEO of Bond, adds in a statement.

The TMC is also currently underway on its 250,000-square-foot, $186 million TMC3 Collaborative Building, which will house research initiatives and foster collaboration among academic health care institutions and industry partners. Slated to open in the fall of 2023, it's also designed to support strategic initiatives and investment from life science-focused firms and national venture and equity and partners.

Trending News

Building Houston

 
 

Based on business activity in town, a new study ranks Houston as a top city for Asian Americans. Photo via Getty Images

Known for its diversity, Houston ranks as the third best major metro area in the U.S. for Asian American entrepreneurs, according to a new study.

Personal finance website SmartAsset analyzed data for 52 of the largest metro areas to come up with the ranking. The analysis looked at nine metrics in three categories: prevalence of Asian-owned businesses, success of new businesses, and income and job security.

About 9 percent of the Houston metro area’s residents identify as Asian.

The SmartAsset study puts Houston in fifth place for the number of Asian-owned businesses (nearly 19,900) and in fourth place for the share of Asian-owned businesses (almost 17.9 percent) among all businesses. Furthermore, Houston ranks 14th for the increase (nearly 9.6 percent) in the number of Asian-owned businesses from 2017 to 2019.

Leading the SmartAsset list is the San Francisco metro area, followed by Dallas-Fort Worth. Austin comes in at No. 11 and San Antonio at No. 14.

The largest minority-owned business in the Houston area, as ranked by annual revenue, is Asian-owned private equity firm ZT Corporate.

Founded in 1997 by Chairman and CEO Taseer Bada, who was born in Pakistan, ZT Corporate is valued at more than $1 billion. ZT Corporate generates more than $600 million in annual revenue and employs over 3,000 people.

“As we look ahead, the vision for ZT Corporate is limitless. Our team will continue pushing boundaries and finding the bright spots in the economy that produce consistent financial gains for our investors,” Bada says in a news release marking his company’s 25th anniversary.

ZT Corporate’s flagship businesses are:

  • Altus Community Healthcare, a provider of health care services.
  • ZT Financial Services, a wealth management firm.
  • ZT Motors, which owns and operates auto dealerships. Last year, ZT Motors bought three Ron Carter dealerships in the Houston area.

“ZT Corporate is a vital asset to our citizens as a longtime local employer,” Houston Mayor Sylvester Turner says, “and has positively affected many lives through their health care organizations and philanthropic efforts.”

Trending News