Aetna to Go Digital for Payments, Statements, Remittances

Aetna is looking toward September of next year to switch to all-digital payments, remittances and explanation of benefits statements – a goal which it has already started.

A report says the transition began in September of this year.

Aetna is trying to get providers to switch over to its provider portal, Availity, to get info on benefits statements as well as how to use direct deposit or virtual credit cards for payments.

The California Medical Association has said, in response, that physicians should move over to electronic funds transfers. That’s opposed to virtual credit cards, which could see more transaction fees for providers.

The report says Aetna isn’t the only company going for new digital moves – UnitedHealthcare said it would look to digital proofs of payment and other paperwork in some markets as of Nov. 5 this year.

Aetna was acquired by CVS in 2017, in what PYMNTS reported was a buy the No. 3 health insurer, for a price of over $200 per share, which came out to $66 billion.

Read more: CVS Announces Surprise Acquisition Of Aetna

The acquisition was the merger of the biggest pharmacy benefits manager in America with one of the longest-standing health insurance firms.

PYMNTS noted that PBMs like CVS are responsible for delegating drug benefits for health insurance plans and employers, and with new pressure to cut drug prices, the negotiations have become more combative.

The report says CVS was able to get discounts and after-market rebates from drug makers in exchange for including medications in PBM formularies without high co-pays, giving CVS better leverage with drug companies.

U.S. retailers in recent months have been looking for more employees, and CVS health has responded by upping the hourly minimum wage.

PYMNTS writes that the incremental boosts to hourly rates started in August this year. All employees will reportedly be making $15 per hour or more by July of next year.

According to CVS, many of its employees already make over $15 per hour.