Payment Card is an Industry First for Payment of Flu Vaccinations
Wide acceptance of card at over 17,000 pharmacies across the U.S.
NEW YORK & SAN ANTONIO--(BUSINESS WIRE)-- Citi today announced the launch of the Citi® Flu Care card, a new corporate healthcare payment solution from Citi’s Global Transaction Services. The Citi Flu Care card is an innovative payment service designed to help employers reduce employee healthcare spending by shifting the administration of flu shots from doctors’ offices or on-site clinics to more cost effective pharmacy locations. Based on industry research, it is the first flu shot card payment product that does not require prepayment, and restricts use to flu vaccinations at over 17,000 pharmacies and clinics nationwide including CVS/pharmacy, Rite Aid, Target, MinuteClinic, The Little Clinic and any of the Kroger Family of pharmacies.
Paul Simpson, Global Head of Treasury and Trade Solutions, Global Transaction Services, Citi (Photo: Business Wire)
Until now, companies have relied on costly corporate onsite health providers or doctor visits for flu shot disbursement. With the Citi Flu Care card, employers can direct vaccinations towards lower cost retail channels, significantly reducing the average cost per vaccination by 63%. This means substantial and immediate savings for the company and a convenient, no cost alternative to the employee.
“For nearly 14 years Citi has been pioneering corporate payment solutions for a wide array of payment needs, from payroll and incentives to benefits and rebates,” says Paul Simpson, Global Head of Treasury and Trade Solutions, Global Transaction Services, Citi. “Now, we’re revolutionizing how individuals get their flu shots, providing greater ease, flexibility and access. It’s incredibly exciting to think about the impact this could have on the health and productivity of individuals and our economy as a whole. We’re excited to think about the other applications this product will have in market.”
As the cost of healthcare continues to soar, employers are facing significant challenges with balancing attractive benefits for their employees and maintaining control over operating expenses. A contributor to these costs is the protection against and treatment of the influenza virus. According to an examination in June 2010 by a benefits consulting firm, the average cost of a flu shot when factoring in the vaccination and related services rendered is estimated to be $80 or greater when dispensed at a doctor’s office. By using the Citi Flu Care card, the cost per vaccination is $30 or less.
The Citi Flu Care card uses patent-pending technology that allows employers to pay for flu vaccinations only at the time they are administered. This eliminates the need for prepayment giving employers greater control over the total program cost.
When considering the immediate (insurance claims) and ancillary (reduced productivity, absenteeism, etc.) costs of illness, employers have a vested interest in increasing flu vaccination adoption. The Citi Flu Care card provides companies with a better beneficiary (e.g. employees, spouses and dependants) outreach and communication, and promotes vaccination for overall improved health and productivity.
“The Citi Flu Care card is designed to help employers keep their employees healthy by offering them an easy and convenient way to get a flu shot,” said Dan Miller, Senior Vice President of Rite Aid. “It’s also a good way to get out the message that the CDC recommends a yearly flu vaccine as the first and most important step in protecting against flu viruses.”
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody. For more information on Citi’s Global Transaction Services, visit www.transactionservices.citigroup.com/transactionservices/home/
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, 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 or www.citi.com.
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|Paul Simpson, Global Head of Treasury and Trade Solutions, Global Transaction Services, Citi (Photo: Business Wire)|