Sunday, November 7, 2010

A Growing Opportunity for Banks in Healthcare?

Posted by Mark Brousseau

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 lockbox services.

For banks, growing opportunities exist in the healthcare market, and revenue potential is apparent, according to Aite Group. To this end, 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 consumer-directed healthcare (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, Aite Group says.

“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. “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.”

What do you think?

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