Aetna has set a target of moving to digital payments, remittances, and explanation of benefits documents by September 2022. According to an October newsletter, the payer is urging providers to use its ability provider portal for explanations of benefits statements and payments via direct deposit or virtual credit cards.
- Proposal: The California Medical Association reacted to the proposal by advising physicians to choose electronic cash transfers over virtual credit cards, as the latter could result in transaction fees for providers.
- Proof of payments: UnitedHealthcare stated in August that, starting Nov. 5, it would go digital for proof of payment and other papers in some regions. In response, the California Medical Association has stated that physicians should switch to electronic payments transfers. In contrast, virtual credit cards may result in higher transaction costs for suppliers.
- Initiatives: According to the report, Aetna isn’t the only company pursuing new digital initiatives; UnitedHealthcare announced on Nov. 5 that it would begin using digital proofs of payment and other paperwork in some markets. CVS bought Aetna in 2017, according to PYMNTS, for a price of over $200 per share, which amounted to $66 billion.
- Combination: The deal involved the combination of America’s largest pharmacy benefits manager with one of the country’s oldest health insurance companies. PYMNTS said that PBMs like CVS is in charge of delegating prescription benefits to health insurance plans and businesses and that the discussions have gotten more aggressive due to growing pressure to lower drug prices.
- Rates: According to PYMNTS, the progressive increases in hourly rates began in August of this year. By July of next year, all employees will supposedly be earning $15 per hour or higher. According to the research, CVS was able to obtain discounts and after-market rebates from drug firms in exchange for including drugs in PBM formularies with low co-pays, providing CVS more negotiating power.
