Finance & Economics

U.S. Bank Launches Services for Medical Institutions

U.S. Bank announced its intention to start providing small medical clinics with the same financial support as larger institutions of similar functional purpose.

U.S. Bank Launches Services for Medical Institutions

Last Thursday, September 14, the lender announced that it had developed a special program for medical clinics whose annual income does not exceed the $25 million mark. As part of this set of financial support solutions, U.S. Bank will provide banking services, payment transactions, and money management offers to small institutions working in the area of healthcare.

The lender’s press release notes that currently representatives of the American banking sector, belonging to the category of traditional organizations in this industry, in the framework of interaction with the healthcare system, focus their service offerings on hospitals and large companies of the relevant profile, although more than 50% of practitioners work in firms that are part of the small and medium-sized businesses.

U.S. Bank claims that small clinics need access to financial solutions. The lender is of the opinion that providing these organizations with medical services will simplify their finances and transactions. Also, proper banking services will allow practitioners to devote more time to patients and not be distracted by administrative tasks.

The press release of the financial institution indicates that 50 new positions will be added in the United States to launch the new program. The lender also said that each client will be served by a team led by a banker in the area of healthcare.

U.S. Bank hired Joe Persichetti, a veteran of Huntington National Bank and Bank of America, to lead the implementation of the new program.

The current moment is suitable for implementing efforts to improve the forms of providing banking services to organizations working in the healthcare sector since these institutions need assistance that can optimize the customer service process.

According to experts, the introduction of such innovative solutions as unified medical services platforms will help to cope with the problems relevant to consumers. In this case, it may be possible to form a full understanding of insurance coverage in patients. Also, the mentioned innovative solution can simplify the process of paying the franchise.

The results of industry research indicate that currently in the United States, 21% of healthcare consumers believe that the process of paying for the care received is difficult. Also, 18% of clients of a healthcare institution say that the accounts in the relevant organizations are confusing. This circumstance has become an obstacle to effective payment. Also, 13% of consumers stated that it was impossible to decipher the cost of specific services. At the same time, 9% of respondents recorded a discrepancy between the amounts of expenses indicated in medical account statements and those published on the online portal for patients.

Three months earlier, U.S. Bank presented a solution designed to manage cards, expenses, and trips. This offer of a financial institution is aimed at medium-market businesses.

The new commercial rewards card of this bank provides discounts for firms whose annual income ranges from $10 million to $150 million.

As we have reported earlier, Citi Adds New Payment Solutions.