Yes, this happens thanks to Virtue Healing. Whenever the monk gains/spends a point of harmony, the party member with the lowest percentage of HP receives a heal. If the monk is hunting solo, he receives the heal. This heal can be increased if the monk is hunting with Virtue of Sustain. The heal also scales according to level, magic level, and the number of harmony points gained/spent.
In addition, the monk can also heal you with the spells Restore Balance (similar to the Heal Friend spell) and Mass Spirit Mend (similar to Mass Healing, but with a slightly longer range).