A new report from Aite Group provides an overview of the patient-to-provider payments market for point-of-service (POS) payments, post-service payments, and prescription drug payments. Based on qualitative interviews conducted by Aite Group at banks, healthcare vendors, and card networks in Q1 2010, the report also provides a detailed breakdown of current and anticipated growth, and estimates potential revenue opportunities for issuers and acquirers through 2012.
Models and solutions for patient-to-provider payments (i.e., payments that are the patient’s responsibility for services incurred at provider offices) have been gaining momentum in the U.S. healthcare industry over the past three years. In 2008, the patient-to-provider payments market amounted to approximately US$252 billion, a number that Aite Group anticipates will reach US$356 billion by year-end 2012. Though this segment still comprises the smallest portion of the overall healthcare payments market (11% of the market in 2008), it is rife with opportunities for issuers, acquirers, card networks, and healthcare vendors seeking to enter the healthcare arena.
“The provider community is interested in streamlining its revenue cycle management processes to reduce bad debts and increase the efficiency of paper-based processes,” says Kunal Pandya, senior analyst with Aite Group and author of this report. “To meet these needs, issuers, acquirers, card networks, and healthcare vendors have been developing solutions designed to alleviate pressures on the provider community and manage receivables effectively.”
The report references the following issuers and acquirers: BA Merchant Services, Bank of America, BB&T Financial, Chase Paymentech, Elavon, Fifth Third, First Data, First National Merchant Solutions, Global Payments, Heartland Payments, JPMorgan Chase, M&I Bank, PNC Bank, RBS Lynk, SunTrust Bank, UMB, U.S. Bank, and Wells Fargo.
D.C.