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Selling Remote Deposit Capture to Healthcare Providers: New Celent Report

The US healthcare market is a big one, with over a half million points of service. The provider landscape is dominated by small businesses: 90% have fewer than 20 employees. These businesses have below general market awareness of remote deposit capture and above general market interest in the product—a made-to-order opportunity for financial institutions willing to make an investment in the market segment. In a new report, Selling Remote Deposit Capture to Healthcare Providers, Celent examines the US healthcare provider market, highlighting its strong RDC affinity.

RDC has been the most rapidly adopted technology in the history of the US financial services industry. But you wouldn’t know that given RDC’s low current adoption among providers. Less than 10% of providers currently use RDC, and barely a third (35%) are even aware of the service. The opportunity for RDC adoption is manifest. In two separate surveys conducted in the second half of 2007, providers expressed significant interest in RDC (36%). Analysis of the broader survey results suggests that a primary reason for low RDC adoption is low awareness, not disinterest in the solution. For most of RDC’s short history, deployers have been focused on middle market and large corporate clients as a first priority. In contrast, small businesses have received comparatively minor and recent effort. This appears to be the story for healthcare providers as well.

"Green field opportunities don’t come around very often, and RDC among healthcare providers is a big one," says Bob Meara, author of the report and senior analyst with Celent’s banking group. "Providers receive a higher number of check payments than comparably sized businesses, make more trips to deposit items, and show low current adoption of RDC: a trifecta RDC opportunity."

The report begins with a discussion of prospect attributes favorable to RDC adoption followed by an overview of the US healthcare provider market, highlighting its strong RDC affinity. The report then outlines product and positioning approaches associated with success among banks already targeting providers.