Citi ® announced today that Aetna will be the charter healthcare benefits company in the development of a new mobile and web-based patient payment solution – Money 2 SM for Health. The payment platform, which will bring together a network of insurance carriers and healthcare providers, will enable patients to go online or use their mobile devices to reconcile their healthcare bills, receive alerts when claims are ready to be viewed, pay amounts due and view past payments – all in one digital location. It will be offered to consumers in the U.S. by participating health insurance carriers and providers to enable mobile and online healthcare payments through the Money 2 for Health platform. It is expected to launch for patients in late 2013.
The healthcare industry is changing dramatically as costs are being increasingly shifted to patients to shoulder more of the expense. Patient healthcare payments will soon exceed $1 trillion annually and continue to rise significantly in a payment system that is complex. This trend is expected to accelerate with the implementation of the Affordable Care Act of 2010’s insurance expansion provisions, and bad debt is expected to reach $200 billion by 2019, according to Citi’s analysis of U.S. Department of Health and Human Services statistics. Money 2 for Health will be a valuable resource to help patients better manage their personal healthcare expenses, especially in an evolving healthcare environment.
“Paying healthcare bills is often confusing and time-consuming, and the disjointed and inconsistent array of payment options available today leads to delayed or missed payments and higher costs for patients, providers and insurers,” said Citi Enterprise Payments CEO Paul Galant. “ Money 2 for Health, the latest example of Citi’s commitment to developing and providing advanced digital solutions that enhance clients’ lives, will simplify the payment process by making it easy for consumers to track and pay healthcare bills through its digital wallet while at the same time speeding up payments to providers. Given Aetna’s ongoing commitment to innovation and its ample network of members and providers that can benefit from the new platform, we are thrilled to have them as our charter health plan.”
Research from McKinsey & Company reveals that 19 percent of patients delay payments because of the limited payment options available and 17 percent delay payments due to discrepancies between billing statements from providers and Explanation of Benefits letters from insurance companies. Patients are responsible for paying all of their different providers through many different forms of payment, such as mailing checks, managing multiple provider payment portals or submitting expenses for reimbursements from tax-advantaged accounts.