Parallon Business Solutions announced today it has agreed to use Citi’s health care payment technology with its hospital, health system and physician clients.
Dubbed Money2 for Health, the technology will be used to help Parallon’s clients more efficiently collect payment. The client based consists of 1,400 hospitals and 11,000 physicians.
“Our industry is facing overwhelming payment and cost challenges," Mike O’Boyle, Parallon president and CEO, said in a release. "Parallon is committed to helping providers tackle these financial concerns, address the complexities of daily operations and focus on enhancing the patient experience. 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.”
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.
Citi officials stated in the same release that the Money2 for Health platform is in a “pilot stage,” available in select markets, and is expected to launch nationwide later this year.