NEW YORK--(BUSINESS WIRE)--Citi® announced today a strategic relationship with Parallon® to provide Citi’s new web-based payment solution – Money2sm for Health – to payers and patients across the U.S. Parallon, a leading provider of healthcare business and operational services, currently serves more than 1,400 hospitals and 11,000 physicians and non-acute care providers. Parallon will join Aetna in the expanding network of health insurance carriers and providers utilizing this groundbreaking payment solution. Citi also announced that the Money2 for Health platform is being piloted now in select markets and is expected to launch nationwide in late 2013.
“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.
Citi Enterprise Payments was established in January 2011 to provide new digital payments services to Citi's institutional and government clients to enable them to better serve their target consumers. Citi Enterprise Payments solutions give clients access to new opportunities in growth markets across the globe, and help them meet their existing customers' current and future needs for convenient, quick and secure digital payment services. Citi Enterprise Payments designed the platform to help speed up payments to providers, prevent delayed or missed payments and reduce costs for patients, providers and insurers. More information is available here: www.enterprisepayments.citi.com.
About Citi
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.
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About Parallon
Headquartered in Franklin, Tenn., Parallon Business Solutions is a leading provider of healthcare business and operational services. Parallon partners with hospitals and healthcare systems to improve their business performance through proven practices in revenue cycle; technology; workforce management and consulting, in addition to group purchasing and supply chain management through HealthTrust. Parallon employs more than 22,000 professionals and, together with HealthTrust, serves more than 1,400 hospitals and 11,000 non-acute care providers. Visit www.parallon.com or follow @ParallonConnect on Twitter.
© 2013 Citigroup Inc. Citi and Arc Design are registered service marks of Citigroup Inc. Money2 is a service mark of Citigroup Inc.
