Boston, October 16, 2012 – A new report from Aite Group examines bank attempts to better serve healthcare clients through banks’ treasury divisions. Based on 15 Q3 and Q4 2012 Aite Group interviews with treasury services and healthcare payments executives across banks, financial services companies, and service providers, this report explores banks’ development of a healthcare vertical. Specifically, it looks at treasury strategies, defines development stages, identifies healthcare banking opportunities across providers and payers, and outlines the competitive marketplace.
Banks that are in the later stages of a healthcare strategy are positioning themselves as a single financial services partner for healthcare providers. In order to do so, they are going to market with an integrated sales approach involving treasury, investment, and lending products for healthcare providers. For treasury services, strategies are evolving beyond payments receivables and into point-of-service payments and healthcare transaction processing.
“While Aite Group does not advocate that every bank adopt a healthcare vertical market approach, there are compelling reasons for banks to implement healthcare services or expand existing ones,” says Michael Trilli, senior analyst with Aite Group and author of this report. “These include customer demand for healthcare treasury solutions and legislation that places a premium on electronic receivables and payables processing for providers and payers. Banks that lack such a solution risk being left out of this healthcare opportunity.”
Banks and service providers highlighted in this report for their activity within the healthcare vertical are BNY Mellon, Fifth Third Bancorp, J.P Morgan, KeyBank, TSYS, and Wells Fargo.
This 39-page Impact Report contains one figure and eight tables. Clients of Aite Group’s Health Insurance service can download the report.