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Tag Archives: Losses

How Customer Expectations Contribute to Fraud and Losses

April 29, 2019   CRM News and Info

Contemporary online retail enables faster, smoother and more profitable interactions between consumers and merchants. Individuals can shop and make purchases at any time, from any location, with the help of the devices resting in their pockets. Plus, with innovations like same-day shipping, IoT-connected devices, and much more, it’s never been easier to be a consumer.

As a merchant, you have a vested interest in streamlining the customer experience and minimizing friction wherever possible in the purchasing process. There are downsides to this premise, though.

For example, the speed and ease of access to online shopping created a culture of instant gratification. This culture was not accompanied by a broader discussion of the expectations, protections and responsibility that every party carries, though. That disconnect has significant ramifications for businesses and consumers alike, with a financial impact totaling billions of dollars every year.

The Problem With Convenience

We obviously tend to think of increased convenience in a positive light. After all, removing friction from the process and making sales faster and easier is a benefit for consumers, as well as for the merchants who sell to them. How could convenience be a bad thing?

The problem is that, simply put, online fraud is a serious concern. Despite the risk, though, the expectation of ever-increasing convenience has led to a situation in which businesses and consumers alike prioritize convenience over due diligence. Fraudsters employ increasingly sophisticated tactics to abuse consumers, constantly adapting to stay ahead of fraud detection tools.

Let’s look at identity fraud as an example. The number of victims in the U.S.
increased by 8 percent in 201, rising to 16.7 million individuals, according to Javelin’s 2018 Identity Fraud Report. Fraudsters can deploy phishing tactics to steal consumers’ information, and the consumers, not trained to perform due diligence for personal protection, fall for the trap. In total, fraudsters managed to steal US$ 16.8 billion through identity theft during that period — and that’s just one of many potential points of attack.

Of course, customers do have some recourse when fraud occurs. Buyers can file chargebacks, which are forced payment reversals. Chargebacks empower the cardholder’s issuing bank to claw back the funds from a transaction if that transaction is found to be fraudulent. As we’ll see, though, this state of affairs creates more problems than it actually solves.

Enables a Sense of Entitlement

When consumers fail to secure their personal data and online accounts, they’re not acting according to security best practices. However, they feel entitled to do this by the culture of convenience surrounding e-commerce. This behavior is reinforced by the proliferation of “zero-liability” accounts and other standards that shift liability away from buyers.

In the customer’s mind, they expect others to reimburse their losses when fraud occurs. If customers don’t feel vulnerable to fraud, then they don’t feel the pressure to try to avoid it. Banks and card networks encourage this consumer entitlement by absolving customers of financial responsibility. This combination of circumstances has led to the rise of what we call “friendly fraud” over the last decade.

Unlike the more conventional forms of online fraud that most readers are familiar with, friendly fraud is a form of chargeback abuse practiced by cardholders. The buyer makes a purchase, then later files a chargeback without proper justification. It could be due to confusion about the merchant’s return policy, buyer’s remorse, or even a very simple misunderstanding. In any event, the end is the same: The customer gets something without paying for it, and the merchant loses both merchandise and sales revenue.

We have a clear double standard in the chargeback system as it is now. The burden of preventing fraud falls on merchants, regardless of whether the incident is their fault. It’s gotten to the point that a mechanism intended to protect consumers from fraud now enables it instead.

Chargeback abuse distorts the e-commerce marketplace, determining “winners” and “losers,” while making it more difficult to produce reliable data about fraud.

Short-Term Losses, Long-Term Threats

Friendly fraud seems like an annoyance for merchants at first glance. After all, when consumers file chargebacks without reason, it costs sellers their hard-earned revenue and any merchandise shipped. Still, are chargebacks really that big a deal? Absolutely.

The effects of each dispute go beyond the lost revenue. For example, the average merchant acquirer assesses a fee for every chargeback, no matter the card brand involved, to cover the cost of chargeback administration. These fees add up quickly as chargebacks mount.

Then there’s the risk of breaching chargeback thresholds. The chargeback threshold is a limit imposed on merchants at the card scheme level. Visa and Mastercard dictate the acceptable threshold. For several years, both thresholds stood at 1 percent of transactions and at least 100 transactions per month.

In October 2019, though, Visa actually will lower its threshold, making it harder to remain in compliance. This is serious business; if you can’t remain within the acceptable range, your acquirer will restrict or even terminate your account. Even worse, you may end up on the MATCH list, blacklisting you from getting another standard merchant account.

It’s not just bad for merchants, though. Chargeback abuse has negative ramifications for everyone:

  • Card Networks: More reports of fraud occur on their networks, distorting fraud data and making it hard to develop viable, useful policy.
  • Issuers: Banks find themselves bogged down with an ever-increasing number of chargebacks, making it difficult to apply due diligence and resolve cases.
  • Acquirers: As merchants breach thresholds, acquirers and processors run the risk of losing their customers.
  • Consumers: Honest consumers ultimately pay more for goods and services due to increased operating costs and stifled competition in the e-commerce market.

Customer expectations have a dramatic, real-world impact, and we can’t afford to let this problem go unaddressed any longer. What we need is a two-part solution: We need to overhaul the chargeback system to ensure the future sustainability of e-commerce, while redefining consumer expectations.

Standardizing the Chargeback Process

A major obstacle standing in the way of improved chargeback processes is the lack of standardization. How we manage chargebacks at present is very inconsistent; each scheme has its own rules and processes. This makes it impossible to develop the kind of consistent, long-term solutions we need in the e-commerce space.

Lack of standardization creates even more problems down the road, as it leaves banks to interpret the chargeback regulations handed-down by the card schemes. In turn, merchants have to interpret the information they get from banks, adding even more layers of confusion. There’s no consistency, so there’s no expectation or guideline for how to design and implement new tools or processes, or to adjudicate disputes.

The solution is coordination between merchants, banks and card schemes. This will make it possible to develop the widely applicable standardized processes we need. Recent chargeback overhauls like Visa Claims Resolution and Mastercard Dispute Resolution are moves in the right direction.

However, we’re going to keep having problems until we achieve a more consistent set of guidelines for how to handle chargebacks. In the meantime, it’s up to you to protect your business.

Take Action Against Chargebacks

You can be proactive about fraud and chargebacks by adopting a more comprehensive, multilayer strategy. The key is a two-fold approach: Prevent incidents wherever possible, and then respond to those you can’t prevent with a tactical approach.

Chargebacks rooted in criminal fraud or simple merchant errors are preventable, assuming merchants deploy the right tools and business best practices. For example, you should do the following:

  • Answer all phone calls within three rings.
  • Provide 24-hour customer service, seven days a week.
  • Ensure all return policies are easily accessible from every page of your site.
  • Offer fast shipping, along with tracking and delivery confirmation.
  • If you offer subscriptions using negative billing, make them “opt-in,” rather than “opt-out.”
  • Consider offering bonus credit for customers willing to exchange goods for store credit. This will incentivize customers to exchange goods, rather than potentially file a chargeback.

Yes, these practices accommodate consumers’ expectations of increased convenience. However, I want to distinguish between unreasonable expectations on your customers’ part and reasonable measures to provide a better customer experience. As a seller, you should aim to offer a more convenient, enjoyable customer experience — so long as it’s still possible to provide security and encourage responsible customer behavior.

Of course, even if you take steps to address chargebacks, the fact remains that friendly fraud isn’t likely to go away any time soon. That’s why you need to respond agilely through chargeback representment.

Representment works differently depending on the card scheme; as mentioned above, Visa and Mastercard use different frameworks for handling chargebacks on their networks. However, the basic, litigation-based process involves using evidence to counter a customer’s claim and overturn a chargeback.

Some merchants choose to go it alone and assemble evidence, submit documentation, and communicate directly with an acquirer to manage disputes. This is a complicated and time-consuming process. Most merchants, even those who have their own internal chargeback management teams, find it hard to make self-management cost-effective.

Others turn to professional chargeback management instead. A chargeback management service can distinguish between friendly fraud and legitimate chargebacks, ensuring you don’t end up fighting customers who are actual fraud victims.

Then your service provider can deploy the right tools and strategies to win disputes and minimize the risk of chargebacks going forward. Obtaining specialized expertise can result in more efficient allocation of staff and resources, as well as better long-term revenue retention.

Take Steps to Stop Chargebacks and Fraud Now

Unfortunately, things will get worse before they get better. Tackling consumer entitlement by fighting back against friendly fraud and establishing clearer standards for customer responsibilities isn’t going to win any fans in the short term. It’s in everyone’s best interests, though, including the customer’s, to take those steps.

We need to have clear, defined standards for how consumers and merchants interact. Otherwise, the issues present in the e-commerce market now will get worse, and that will have a profound impact on e-commerce in the future.
end enn How Customer Expectations Contribute to Fraud and Losses


Monica%20Eaton Cardone How Customer Expectations Contribute to Fraud and Losses
Monica Eaton-Cardone is an international entrepreneur, speaker, author and industry thought leader. She is the cofounder and COO of
Chargebacks911, the first global company dedicated to mitigating chargeback risk and eliminating chargeback fraud.

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How Pre-Payment Prevention Can Lower Health Care Losses

February 5, 2019   FICO
Health Care Fraud Waste and Abuse How Pre Payment Prevention Can Lower Health Care Losses

Health care payers use a variety of strategies, tools and solutions to fight fraud, waste and abuse (FWA) in their fee-for-service healthcare claims.  Recently, Pre-Payment prevention of losses has been a popular topic in the payment integrity space.  Why is that, and what is the best way to prevent losses to FWA prior to payment?

Here are some things to think about:

Your payment policy and your claims adjudication system are designed to prevent inappropriate payments. However, no payment policy is perfect, no adjudication system is error free, and the “bad guys” are always alert to weaknesses in your business.

The problem with reliance upon a post-payment approach to payment integrity is that once you have paid someone money that they are not entitled to, you might recover only 70% of your losses, and once you realize that you have a problem, you’ll continue to leak money until you address it.

A common approach to prevention of losses to FWA prior to payment is “Pre-Payment Provider Review.” First, you identify providers who are known problems.  Then you manually review some or all of their claims prior to payment.  While this is a common approach, Pre-Payment Provider Review is labor-intensive, and you typically address only the problems that you already know about.

Numerous vendors offer packages of rules-based edits and queries for identification of problematic claims prior to payment. But edits and queries focus upon known problems, and emerging patterns of FWA can easily circumvent the controls of static edits and queries, and it takes time to introduce new edits and queries in response to changes in patient and provider behavior.  As with post-pay mitigation to FWA, you’ll continue to leak money while you wait to see a new edit or query implemented in production.

Sophisticated technology like explainable artificial intelligence (xAI) and machine learning are nimble, they are available in the market, and they can identify not only known FWA, but also emerging patterns of FWA.

How to Effectively Prevent Losses Prior to Payment

We recommend that you consider the following things:

  • We believe that the most effective approach to pre-payment prevention of losses to FWA is to risk score your claims, post-adjudication, prior to payment, in production strength software which uses xAI and machine learning and which is integrated with your host system to allow you to stop payment on inappropriate claims. The FICO insurance fraud solution delivers this capability.
  • Successful adoption of Pre-Payment prevention strategies requires that you have your stakeholders on board. Engage your stakeholders to maximize the results you achieve with Pre-Payment mitigation of losses to fraud, waste and abuse.
  • Be prepared for change, because the people who inappropriately take your money are entrepreneurial. Make sure that your Pre-Payment solution has features like explainable AI and machine learning that will allow you to keep up with the bad guys.

We welcome your comments.  Stay tuned for our next blog on health care fraud, waste and abuse.

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Job losses from artificial intelligence software seen as unlikely

July 22, 2016   BI News and Info
TTlogo 379x201 Job losses from artificial intelligence software seen as unlikely

As artificial intelligence software has grown in prominence in recent months, one fear has flowed beneath the surface of many discussions: What will the technology’s effect be on jobs?

In some cases, AI applications are being designed to automate specific jobs, like that of customer service agents. More broadly, some commentators have suggested the technology could become general enough to perform most tasks currently being performed by workers, whether blue collar or white collar.

But Matt Gould, founder and chief strategy officer at Arria NLG, a software company that uses a flavor of AI to produce business reports in natural language, says we have nothing to fear from the coming artificially intelligent future. In this interview, he explains why workers stand to gain far more than they may lose as more and more enterprises adopt AI applications.

What is the impact of artificial intelligence software on jobs going to be?

Matt Gould: The same that has happened with every automation technology since the wheel or the loom or the word processor: People get freed up to do more creative things and they love it. It creates more opportunities. We’re not seeing automation taking jobs; we’re seeing it changing jobs, and usually changing them for the better. There’s a tipping point coming where, with AI, we’re going to see a great emancipation. It’s got to be managed well, but it’s not going to be one of those emancipations of the workforce that destroys communities or erodes people’s lives like the automation of vehicle production lines. What we’re talking about for the first time is automation of white collar work, and it’s going to have a positive effect. It’s not something to be feared; it’s something to be welcomed.

As artificial intelligence applications become more common, are workers going to need to acquire new skills to work with these tools?

Gould: I think that’s kind of like generals fighting the last war. People think something’s going to happen because they’ve seen it before; the automation of agriculture, the automation of production lines which put some people out of work. But the key difference here is we’re not talking about automating a specific set of skills; we’re automating expertise and removing the drudge part of it. It’s like saying word processors put stenographers out of work. Maybe there was a little bit of that, but the benefits to so many people at every level of society from being able to quickly and efficiently generate documents and writing and share it in real time was huge.

So you have an optimistic take on how this is going to play out in the future, but many people are more pessimistic. What would your message be to people who are more pessimistic about artificial intelligence software?

Gould: It’s always happened; it’s nothing new. It’s always happened in the arc of history that these innovations and technology changes have swept through and overall it’s been a net benefit. And of all the changes that have happened historically this has got the potential to be the most benign and positive. There will be stresses on particular businesses. You go and talk to the people who used to work at Yellow Pages and were sales people and now it’s all about Google. I’m sure there are points of pain there, but then most of them will have found other positive things and overall we wouldn’t prefer to not have Google now. I’m not saying there won’t be difficulties and people are right to be aware of that change and to know that it’s coming, but also know that this is overall a positive change. Way more jobs are going to be created, and the jobs are just going to get more interesting. 

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Lenovo Reports First Quarterly Losses Over Past Six Years

November 22, 2015   Mobile and Cloud

China’s Lenovo published its unaudited performance for the second financial quarter ended September 30, 2015, stating that the group’s revenue increased by 16% year-on-year to USD12.2 billion, which included the details of SystemX and Motorola for the entire quarter.

Meanwhile, the group reported one-time costs of USD923 million, including USD599 million for restructuring and USD324 million for clearing smartphone stock. The group is expected to save USD650 million expenses in the second half of this financial year. In addition, the group said their losses before tax were USD842 million during the reporting period; and net losses were USD714 million.

The financial report pointed out that Lenovo Group’s business restructuring went smoothly during the second financial quarter, disregarding the USD599 million restructuring costs and the USD324 million one-time costs.

Moreover, the report revealed that during the six months ended September 30, 2015, Lenovo Group’s comprehensive revenue increased by 10% year-on-year to USD22.866 billion; while its PC business revenue decreased by 9% year-on-year to USD15.425 billion. At the same time, the group’s mobile businesses, including Lenovo and Motorola sectors, saw a revenue increase of 65% year-on-year to USD4.797 billion; its enterprise services, including Think servers and SystemX business, saw a revenue increase of 560% to USD2.254 billion; and the revenue of other products and services was USD390 million.

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Lenovo Reports First Quarterly Losses Over Past Six Years

November 21, 2015   Mobile and Cloud

China’s Lenovo published its unaudited performance for the second financial quarter ended September 30, 2015, stating that the group’s revenue increased by 16% year-on-year to USD12.2 billion, which included the details of SystemX and Motorola for the entire quarter.

Meanwhile, the group reported one-time costs of USD923 million, including USD599 million for restructuring and USD324 million for clearing smartphone stock. The group is expected to save USD650 million expenses in the second half of this financial year. In addition, the group said their losses before tax were USD842 million during the reporting period; and net losses were USD714 million.

The financial report pointed out that Lenovo Group’s business restructuring went smoothly during the second financial quarter, disregarding the USD599 million restructuring costs and the USD324 million one-time costs.

Moreover, the report revealed that during the six months ended September 30, 2015, Lenovo Group’s comprehensive revenue increased by 10% year-on-year to USD22.866 billion; while its PC business revenue decreased by 9% year-on-year to USD15.425 billion. At the same time, the group’s mobile businesses, including Lenovo and Motorola sectors, saw a revenue increase of 65% year-on-year to USD4.797 billion; its enterprise services, including Think servers and SystemX business, saw a revenue increase of 560% to USD2.254 billion; and the revenue of other products and services was USD390 million.

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CMOs talk mobile strategy wins and losses (webinar)

November 3, 2015   Big Data

Join us for this live webinar on Thursday, November 5th at 10 a.m. Pacific, 1 p.m. Eastern. Register here for free.  


When GameStop first launched its mobile app, it underestimated just how passionate its users were in the mobile space. It may be the leader in retail gaming — with over 6,600 retail locations throughout the world — but like all brands, it’s had to learn some important lessons in evolving its mobile strategies, and this one was learned the hard way.

When it launched its new app in 2014, and offered loyalty points for users who checked in at retail stores, the initial code was written to accept check-ins within a five-mile radius. When they discovered customers were checking in from home, they changed the radius to one mile — and customers got really angry.

“We got so much backlash from our customers,” says Jason Allen, VP, Multichannel at GameStop, “and the reality was, whether they were checking in from home or in a store was inconsequential to the points we were awarding. But for those highly engaged mobile users, we saw how passionate they are about the services being provided and how vocal they are about the things they like and don’t like — and that led to us forging a better relationship because the more wiling they are to share what they’re doing and not doing, the more wiling they are to share what features they want to see next.”

And that formed the strategy of refining its mobile app which today has led to amazing growth: according to Allen, sales from mobile to store have been up by over 200 percent, traffic has seen strong double digits, and other important metrics such as pre-orders and trade-ins are all way up.

Explains Allen: “The secret to our success was no more basic than actually listening to our customers — and doing what they’re telling us they’re interested in as opposed to us pretending that we know what’s best for them.”

Focus on a few things

A mistake many brands fall into in their mobile strategy is trying to duplicate their entire online offering in the mobile space. Allen avoided this, and armed with a vast amount of customer data the company had amassed through its loyalty program, focused on what customers most wanted.

“Instead of saying ‘How can we take the entire desktop site and stuff it into a phone’, we said, ‘Why don’t we start off — with the capability to always do more — by focusing on the four or five things that customers are telling us every day they’d like to have.”

That resulted in their highly successful app that does five things really well for customers: standard things like finding a store near them, browsing and finding the products they want, and tracking pre-orders. But additionally, the app enables them to track their awards points and what they can spend them on, as well as look up the trade value of their products online. “We never gave customers that ability before we came out with the app,” says Allen.

Counter-intuitive multi-channeling

Those trade-ins are part of the reason that Gamestop is in an enviable position. Unique aspects of the game industry have allowed them huge success in a multi-channel approach. Rather than mobile, or online in general, cannibalizing other parts of their business, mobile has become a truly integrated component of sales.

“We are seeing the opposite of showrooming,” says Allen. “Customers still want to go to our stores and  engage in a physical environment.” Of course, along with trade-ins, there’s a powerful sense of urgency in the gaming community — passionate customers waiting for a new game release don’t want to order it online and wait for delivery. And there’s also simply the in-store experience of talking to equally passionate in-store associates.

“What we saw was a tremendous amount of customer engagement online for browsing purposes to lead to in-store purchases,” Allen explains. He points to the tendency of marketers to want to translate desktop conversion into mobile, and how that can be problematic.

“Because they see desktop traffic declining and mobile traffic increasing, a lot of folks want to convert on a mobile device just like they would on desktop device,” says Allen. The challenge they run into is that conversion typically happens at a third of the rate of desktop conversion.

“For us, we don’t really look at that at all because we can see if Joey over here is browsing Halo on his mobile phone, and then within 24 hours goes into a store and buys Halo, we look at that as an influential sale. So we’re less focused on a myopic single channel and more focused on growing the business in any channel. By having visibility to how our customers interact across all channels, we’re able think more strategically as opposed to trying to hit a particular conversion number in one particular channel — when we know that traffic is influencing five to ten times that in stores.”

These are just some of the insights Allen shared in his conversation with VentureBeat. He’ll be going into far more detail during this week’s webinar and joined by another powerhouse marketer — Robin Zucker of Playboy Media.

Don’t miss this chance to eavesdrop on the inside strategies of these two, along with the deep insights from John Koetsier, Mobile Economist at Tune.


Don’t miss out!

Register here for free.


What you’ll learn:

  • Hear the mobile strategies that top tier B2C companies are using to engage consumers.
  • Discover the mistakes some marketers make in measuring mobile engagement.
  • Achieve the sweet balance between mobile customer engagement and user acquisition.
  • Get top notch industry survey results from VB Insight’s latest mobile report.

Speakers:

John Koetsier, Mobile Economist, Tune
Robin Zucker, SVP Marketing, Digital Research, Playboy Media
Jason Allen, VP, Multichannel, GameStop

Moderator:

Wendy Schuchart, Analyst, VentureBeat


This webinar is sponsored by Tune.

GameStop Corporation is an American video game, consumer electronics, and wireless services retailer.The company is headquartered in Grapevine, Texas, United States and operates 6,457 retail stores throughout the United States, Canada,… read more »

Founded and initially bootstrapped by twin brothers Lucas and Lee Brown, TUNE is the Seattle-based attribution analytics company behind the products MobileAppTracking (MAT) and HasOffers. With a mission to make mobile marketing better … read more »

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HTC Reported Net Losses Of USD261 Million In Q2 2015

July 26, 2015   Mobile and Cloud

Due to a smartphone sales decline and valuation losses caused by idle production lines, HTC suffered losses again in the second quarter of 2015.

HTC said that by June 30, 2015, the company’s unaudited net losses for the second quarter of 2015 were NTD8.03 billion, which was about USD261 million. The losses marked the end of HTC’s minor profits for four consecutive quarters. HTC’s minor profits in the previous four quarters were contributed by its strategy changes, including selling more medium-end phones instead of expensive ones in emerging markets and outsourcing some productions to cut costs.

During the second quarter of 2015, HTC’s operating revenue was NTD33.01 billion, which was only about half of its operating revenue in the same period of last year. HTC did not disclose its smartphone shipment number; however, the company said due to a sales decline and outsourcing of some production, they had shut down some manufacturing facilities. The company did not reveal the detailed valuation losses caused by idle production lines

HTC was once the world’s largest Android smartphone maker a few years ago. The company’s current situation proved that it is hard for a second-tier smartphone manufacture to survive in a mature market. Although the company launched its new flagship product One M9 in 2015 and gained praise for its fashionable design, some analysts still thought that the new product was only a small hardware upgrade compared with One M8 launched in 2014.

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Mounting Expenses Lead To Alibaba Health Losses

July 13, 2015   Mobile and Cloud

Alibaba Health Information Technology Limited says it saw no profit as it published its annual performance report ended March 31, 2015, and revealed its future business direction.

Alibaba Health made losses of HKD101 million, which was about CNY80 million, during the reporting period. Several sectors saw the largest expense increases, including sales and market promotions and labor expenses caused by product research and development.

Meanwhile, Alibaba Health will continue to promote the implementation of its medical electronic monitoring network and provide related technical support services. The company will establish a service network to connect Chinese medical and health industry participants, integrate offline and online trading platforms, and enhance platform service capacity and data analysis ability.

In 2015, Alibaba Health launched a mobile application to promote its medical O2O plan. So far, it has entered over 20,000 physical retail stores of 300 pharmacy chains.

At the same time, the company is building a cloud hospital platform to connect doctors, patients, pharmacies, and third-party medical service suppliers; and provide a free-of-charge cloud system to medical organizations to connect their databases. At present, those two projects are undergoing development.

Alibaba Health plans to further connect other participants such as medical insurance suppliers and medical manufacturers and distributors. The company will also promote the application of new medical and health technologies, mobile Internet technologies, and big data analysis within the network to build a medical and healthcare service network.

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