Boston, November 27, 2019 –The healthcare provider revenue cycle is awash with evidence of a retail transformation. But one outcome of a retail collection process is often overlooked—refunding patients for overpaying their claims. There are risks to continuing to overlook this, as the frequency of refunds could get worse before it gets better. As with any healthcare payments market, providers have options to mitigate their risk and evolve the process, and they need look no further than treasury banks and payments partners.
This report examines the market trends impacting the patient refund space and sizes the payments market across total payments volume, transactions, and payment methods. It is based on two data sources: a Q3 2018 Aite Group survey of U.S. consumers aged 18 and older who paid a medical bill to their healthcare provider in the 12-month period from September 2017 to August 2018 and Q3 2019 interviews of 22 executives from payments vendors and banks that offer disbursement services to healthcare providers.
This 25-page Impact Report contains 13 figures and five tables. Clients of Aite Group’s Health Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions ACI Worldwide, Alacriti, Ally Bank, Availity, Bank of America, BNY Mellon, Centers for Medicare and Medicaid Services (CMS), Change Healthcare, Discover Bank, Early Warning Services, Experian Health, Fifth Third Bank, FinPay, Fiserv, Health Care Service Corporation (HCSC), Health Payment Systems (HPS), Huntington Bank, InstaMed, Integris, JPMorgan Chase Bank, KeyBank, Mastercard, PayPal, PNC Bank, Recondo Technology, TransUnion Healthcare, U.S. Bank, Visa, and Wells Fargo.