Citi forms strategic relationship with Parallon to provide new payment solution across US

"Our goal with Money² for Health is to simplify the payment process for patients and help get healthcare providers paid faster," said Citi Enterprise Payments CEO Paul Galant. "The healthcare providers that Parallon serves touch millions of patients each year and this portal will increase the already high quality of care these providers offer by further extending their focus on patient satisfaction to the payment cycle. Consumers expect easy 24/7 access to their healthcare information, and our charter insurer and providers are leading the way in meeting consumer needs and enhancing efficiency while increasing the speed and convenience of patient payments. Citi Enterprise Payments is working to develop and provide advanced digital payments solutions that streamline and improve people's lives, and Money2 for Health is a good example of this."

Based on recent Citi consumer research, 71 percent of all consumers match their explanation of benefits (EOBs) to their healthcare bills before paying their healthcare providers, causing significant payment delays. Money² for Health solves this problem working cooperatively with innovative payers and providers like Aetna and the providers served by Parallon. Money² for Health enables patients to go online or use their mobile devices to reconcile their healthcare bills, receive alerts after the claim has been adjudicated, 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.

"Our industry is facing overwhelming payment and cost challenges. Parallon is committed to helping providers tackle these financial concerns, address the complexities of daily operations and focus on enhancing the patient experience," said Mike O'Boyle, president and CEO, Parallon. "Our relationship with Citi is an example of the value we place on collaborative problem-solving. We are excited to be at the forefront of a solution that will transform the payment experience for everyone - patients, providers and insurers."

Patients often delay or miss payments due to limited online payment options or discrepancies between physician invoices and insurance explanations of benefits. Money² for Health streamlines the payment process by creating a single access point to view reconciled insurance claims and bills. Patients can view past payments and pay current bills with any funding source (such as checking accounts, credit cards or tax-advantaged accounts) from any financial institution.

SOURCE Citi