Citi is set to develop a new mobile and web-based patient payment technology, known as Money2 for Health, to enable patients to settle healthcare bills, receive claims alerts, pay amounts due and view past payments.
Aetna has been selected as the charter healthcare benefits company to work with Citi to offer this service to its providers.
In order to ensure effective implementation of the payment technology, the global bank will create a network of insurance companies and healthcare providers in the first phase of the solution's development.
Citi Enterprise Payments CEO Paul Galant said that the new payment platform will abridge the payment process by making it easy for consumers to track and pay healthcare bills through its digital wallet while accelerating payments to providers.
The technology is expected to be rolled out in late 2013, and will be offered by participating health insurance carriers and providers to consumers in the US.
Citi's analysis of the US department of health and human services statistics reveals that patient healthcare payments will soon surpass $1 trillion annually, which may accelerate with the implementation of the Affordable Care Act of 2010.
