— Money2SM for Health now being piloted in select markets —
HARTFORD, Conn.–(BUSINESS WIRE)–The rise in consumer-directed health care has brought new opportunities for consumers to actively engage in their health care. But with these opportunities come challenges. Individuals must now manage increased out-of-pocket payment amounts and providers face increased administrative requirements. In March, Aetna (NYSE: AET) and Citi® announced a collaborative effort to launch a multi-payer digital payment solution, Money2 for Health, designed to simplify health care payments for providers and their patients alike.
“Working with providers to deliver high-quality and more convenient care through our Accountable Care Solutions, we saw a need to help solve immediate issues like patient payments,” said Carl King, head of Aetna’s National Network.
U.S. health care providers in most markets can now sign-up to receive patient payments through this innovative multi-payer service. It will allow consumers to go online or use their mobile device to view their health care claims, receive alerts when balances can be paid, pay bills to providers who accept Money2 for Health, and keep track of their payment history. Individuals will be able to link to and make payments from most checking, flexible spending accounts (FSA), health savings accounts (HSA) and credit cards to participating providers. Those with a linked PayFlex health care account will soon be able to view their PayFlex account balance and pay all of their providers from these accounts.
According to an Aetna survey, the number one reason consumers delay or miss payments is because the process is complex and confusing.
“Money2 for Health will make it easy for consumers to track and make health care payments while at the same time speeding up payments to providers,” said Steve Doyle, head of Network Access Businesses and Consumer Financial Solutions at Aetna. “This platform connects Aetna, consumers and providers; we expect that it will greatly improve the health care experience for everyone.”
Money2 for Health is currently being piloted in select locations and is expected to be made available to Aetna members more broadly next year.
Aetna is one of the nation’s leading diversified health care benefits companies, serving an estimated 44 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities, Medicaid health care management services, workers’ compensation administrative services and health information technology products and services. Aetna’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Trasee Carr, 614-855-6254