Banks have played an integral part with the expansion of the healthcare industry through the expansion of their products and services. Healthcare organizations are making huge investments in technology, whether investing in EHR systems, managing big data or developing new ways to process payments with their respective bank partners.
For example, according to their bank website, PNC bank markets their investment in healthcare as follows: “At PNC we have taken a unique approach to helping healthcare providers and payers minimize administrative costs and maximize cash flow.
By combining leading clearinghouse capabilities with premier treasury management services, and over 25 years experience working with healthcare payers and providers, PNC provides a full array of integrated solutions to improve the healthcare revenue cycle. We call it the PNC Healthcare Advantage.”
A decade ago, there was a strong likelihood the PNC healthcare marketing information that currently appears on their website did not exist. Although banks were lending to healthcare organizations, they were not seen as an outsourced provider for significantly improving their revenue cycle management. Today, banks outsourced payment technology solutions directly to hospitals, medical clinics, diagnostic centers etc. in order to improve their collection of patient payments and provide payable management products.
Banks continue to increase their investment in healthcare, enabling them to expand their products into new markets and hire resources from the healthcare payment industry to staff new roles that did not exist a decade ago. New positions such as healthcare channel manager, healthcare investment banking manager, product manager healthcare solutions and healthcare market segment product manager are new titles filled at many of the large banks. Banks now have both the credibility and contacts in order to engage in meaningful conversations with the healthcare industry.
However, what are some of the challenges banks face as they become more involved in the health segment? How will this partnership continue to grow in 2016?
For more information read the article at http://www.alacriti.com/New-Revenue-Opportunities-for-Banks-in-Healthcare