Citi Announces Aetna to Be the Charter Healthcare Benefits Company for Comprehensive Digital Health Payment Platform

  Citi Announces Aetna to Be the Charter Healthcare Benefits Company for
  Comprehensive Digital Health Payment Platform

 Citi to Build Out Network of Insurance Companies and Healthcare Providers in
 First Phase of New Mobile and Online Patient Payment Solution - Money^2 for
                                    Health

Business Wire

NEW YORK -- March 4, 2013

Citi^® announced today that Aetna will be the charter healthcare benefits
company in the development of a new mobile and web-based patient payment
solution – Money^2[SM] for Health. The payment platform, which will bring
together a network of insurance carriers and healthcare providers, will enable
patients to go online or use their mobile devices to reconcile their
healthcare bills, receive alerts when claims are ready to be viewed, pay
amounts due and view past payments – all in one digital location. It will be
offered to consumers in the U.S. by participating health insurance carriers
and providers to enable mobile and online healthcare payments through the
Money^2 for Health platform. It is expected to launch for patients in late
2013.

The healthcare industry is changing dramatically as costs are being
increasingly shifted to patients to shoulder more of the expense. Patient
healthcare payments will soon exceed $1 trillion annually and continue to rise
significantly in a payment system that is complex. This trend is expected to
accelerate with the implementation of the Affordable Care Act of 2010’s
insurance expansion provisions, and bad debt is expected to reach $200 billion
by 2019, according to Citi’s analysis of U.S. Department of Health and Human
Services statistics. Money^2 for Health will be a valuable resource to help
patients better manage their personal healthcare expenses, especially in an
evolving healthcare environment.

“Paying healthcare bills is often confusing and time-consuming, and the
disjointed and inconsistent array of payment options available today leads to
delayed or missed payments and higher costs for patients, providers and
insurers,” said Citi Enterprise Payments CEO Paul Galant. “Money^2 for Health,
the latest example of Citi’s commitment to developing and providing advanced
digital solutions that enhance clients’ lives,  will simplify the payment
process by making it easy for consumers to track and pay healthcare bills
through its digital wallet while at the same time speeding up payments to
providers. Given Aetna’s ongoing commitment to innovation and its ample
network of members and providers that can benefit from the new platform, we
are thrilled to have them as our charter health plan.”

Research from McKinsey & Company reveals that 19 percent of patients delay
payments because of the limited payment options available and 17 percent delay
payments due to discrepancies between billing statements from providers and
Explanation of Benefits letters from insurance companies. Patients are
responsible for paying all of their different providers through many different
forms of payment, such as mailing checks, managing multiple provider payment
portals or submitting expenses for reimbursements from tax-advantaged
accounts.

“Money^2 for Health complements Aetna’s commitment to give our members
resources that help them live healthier lives and achieve financial security,”
said Rob Butler, head of Consumer Financial Solutions for Aetna. “This
platform connects Aetna, patients and providers, which will improve the
healthcare experience for everyone.  Aetna is also excited to be the first
healthcare benefits company to work with Citi to offer this service to our
providers. We believe this will be a valuable service for our providers as
they seek ways to manage the increase in patient payments.”

Money^2 for Health aims to simplify and expedite the payment process for
patients in several ways, including:

  *One portal, one enrollment and one password
  *Easy reconciliation of insurance claims and healthcare bills with links to
    claim details
  *Single-click payment via mobile or web

       *Patients will be able to use a single click to pay all enrolled
         providers using their preferred funding source (such as checking
         accounts, credit cards or tax-advantaged accounts) and will be open
         to customers of any bank
       *Multi-channel alerts with the option to “Pay Now” will be available
         through a patients’ choice of channel (such as email or mobile alert)

  *User-friendly presentation of current and historical healthcare spending

       *Patients will be able to view and analyze all of their healthcare
         spending, leading to better planning decisions

  *Fewer questions and calls

       *Access to online information will improve patient understanding and
         reduce the need to reach out to call centers

“The challenges in the healthcare payment space continue to be pervasive,
defining the need for a solution that connects patients, payers and providers
in a comprehensive way that would alleviate much of the unnecessary burden and
costs that exist today,” said Healthcare Information and Management Systems
Society (HIMSS) Senior Vice President John Casillas. “It is good news for our
industry that major organizations are coming together to address that problem
with the needs of consumers and payers in mind.”

Citi Enterprise Payments was established in January 2011 to provide new
digital payments services to Citi’s institutional and government clients to
enable them to better serve their target consumers. Citi Enterprise Payments
solutions gives clients access to new opportunities in growth markets across
the globe, and helps them meet their existing customers’ current and future
needs for convenient, quick and secure digital payment services.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Aetna

Aetna is one of the nation’s leading diversified health care benefits
companies, serving approximately 37.3 million people with information and
resources to help them make better informed decisions about their health care.
Aetna offers a broad range of traditional, voluntary and consumer-directed
health insurance products and related services, including medical, pharmacy,
dental, behavioral health, group life and disability plans, and medical
management capabilities, Medicaid health care management services and health
information technology services. Our customers include employer groups,
individuals, college students, part-time and hourly workers, health plans,
health care providers, governmental units, government-sponsored plans, labor
groups and expatriates. For more information, see www.aetna.com.

© 2013 Citigroup Inc. Citi and Arc Design are registered service marks of
Citigroup Inc. Money^2 is a service mark of Citigroup Inc.

Contact:

Citi
Andrew Brent, 212-559-1299
Cell: 347-266-3748
andrew.brent@citi.com
or
Fleishman-Hillard for Citi
Kim Coutts, 619-237-7723
kim.coutts@fleishman.com
or
Aetna
Trasee Carr, 614-855-6254
carrt@aetna.com