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Vertical Markets: Health-care |
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The prognosis is good for ISOs and merchant processors whose health-care portfolios are on life support. Industry insiders say recent developments are making now the perfect time to rehabilitate old merchant relationships and forge new ones.
A push for electronic payment and related systems to process both out-ofpocket and reimbursable health-care costs offers the first in.
Last year, consumers spent about $250 billion on out-of-pocket health-care costs, according to research and consulting firm Celent LLC. Of that total, $242 billion came from traditional payment methods, such as checks, cash, and credit and debit cards. The remaining $8 billion was generated by health-care cards, namely flexible spending accounts (FSAs), health savings accounts (HSAs), and health reimbursement accounts (HRAs) tied to either employer-funded accounts or demand deposit savings.
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