Phoenix, Ariz. – July 14, 2011 – BillingTree, one of the nation's leading on-demand payment processors, was rated to have the highest product penetration of the organizations surveyed in the recent report Patient-to-Provider Payments: A Vendor Overview, published June 2011 by financial services research analysts Aite Group. In the report, BillingTree recorded a 42 percent product penetration rate compared to a peer average of 27 percent. Other companies taking part in the survey were Alacriti, Aliaswire, FIS, and Online Resources.
The report by senior Aite Group analyst Kunal Pandya, aims to give financial institutions and healthcare providers a greater insight into suppliers of patient-to-provider payments technology and for patient-to-provider payments vendors to better understand their market environment.
The findings in the patient-to-provider payments report covered IVR, call center, web and email bill presentment and payment. Report author Kunal Pandya, a senior analyst, commented: "This serves as a yardstick to measure the robustness of vendors' various service offerings.""We view BillingTree as an offering that is well suited for billers with 1,000 to 50,000 bills a month, especially in the verticals of healthcare. The vendor has created a nice niche for itself in the healthcare arena."
According to the report, US patient-to-provider payments will spiral to $381 billion by year-end 2014 from $270 billion last year fuelled by a change in the dynamics of the healthcare market, an ongoing shift of responsibility onto the consumers to take control of their healthcare, and where the percentage of consumer payments is expected to rise even further after 2014 as membership in individual high-deductible health plans (HDHPs) grows alongside the uninsured population that buys insurance through state-based exchanges.
This is the second Aite Group report where BillingTree has rated highly. The company was recently rated the largest biller direct vendor by number of customers in a recent report on Biller Direct Technology: Vendor Overview published April 2011. The Report found BillingTree enjoyed a 20 percent growth with over 1,500 customers. In terms of acquisition velocity – number of clients divided by the years in business – BillingTree was the highest of the companies surveyed.
BillingTree supplies the leading fully integrated, multi-channel electronic payment platform to a growing list of Industries, including Insurance, Utilities, such as power, cable, municipal, and phone, as well as Healthcare and Subscription-billed services. Benefits of electronic payment solutions include an accelerated availability of consumer funds, reduced costs associated with manual-payment processing, improved cash management, and integrated processing by managing all payments, returns, and corrections through a single portal.
About Aite Group, LLC
Aite Group is a leading independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services industry. It was founded by leading industry experts in Banking and Securities & Investments. Aite Group brings together a team of business strategy, technology and regulatory experts to deliver comprehensive, timely and actionable advice to financial institutions and technology vendors. It seeks to become a true partner, advisor and catalyst by exchanging ideas with and challenging basic assumptions of its clients, ensuring that they always stay one step ahead of the competition.
The proven leader in on-demand payment processing, BillingTree empowers customers with competitive advantage through a simplification of the billing and receivables process. By delivering the most innovative technology while making it as easy and inexpensive as possible to accept payments, BillingTree has revolutionized the payments landscape. Our software-as-a-service (SaaS) model delivers industry-leading payment solutions, proven integration, and point-and-click simplicity. BillingTree’s focus on innovation has allowed us to help more than 1,600 customers eliminate manual processes and automate their payment cycles. BillingTree – Growth is our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.
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