Citi is developing a mobile and Web-based payment platform to enable patients to reconcile and pay health bills, review past payments, and receive alerts when claims are ready for viewing.
Aetna is the first health insurer to join and Citi hopes to attract other payers as well as provider organizations for the new service, called Money2 for Health, scheduled to launch in late 2013. McKinsey & Company research that shows 19 percent of patients delay payments because of limited payment options and 17 percent delay payments because of discrepancies between provider bills and payer explanation of benefits, demonstrates the need for the service, according to Citi.
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