As the CDH market expands, opportunities for banks to service the healthcare market—and increase revenues—are growing.
Boston, November 1, 2010 – A new report from Aite Group provides an overview of the current state of healthcare banking in the United States, ranging from consumer-directed healthcare (CDH) to revenue cycle management solutions via medical lock boxes. Additionally, it provides insights on the future state of U.S. healthcare banking, focusing on the provider community’s rising interest in healthcare payments, healthcare exchanges, and accounts payables and receivables solutions. The report is based on 15 qualitative interviews conducted by Aite Group with national, super-regional, and regional U.S. banks that have a strong presence in the healthcare space.
The banking industry has been an integral part of the healthcare world for decades, providing back-end financial administration services to health plans, ranging from processing premium payments and the financial part of the claims payments through medical lock box services. For banks, growing opportunities exist in the healthcare market, and revenue potential is apparent. Banks are developing new products and services by applying business rules from existing products and services to cater to the healthcare space. With increased consumerism in the healthcare space since the beginning of the CDH movement, banks have been leaning on the core strengths and capabilities they have mastered in the retail environment in order to develop new product strategies.
“Banks are in the unique position to be able to leverage their existing relationships with various stakeholders, including health plans, clearinghouses, healthcare providers, and healthcare vendors,” says Kunal Pandya, senior analyst with Aite Group and author of this report. “Although banks’ overall focus in targeting the healthcare market is similar across the board, their approach to targeting specific areas varies widely based on their understanding of the space, relationships in the space, and overall corporate strategy.”
This 22-page Impact Report contains four figures and one table. Clients of Aite Group's Health Insurance service can download the report.