MONETT, Mo., June 5, 2013 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars ® division today introduced BusinessManager ® for financing the patient payment, also known as private pay, sector of medical claims.
Patient payments include those charged for uninsured procedures such as elective surgeries, the patient co-pay portion of larger medical expenses, individual and family annual deductibles, and occasionally procedures for those uninsured at the time of service. Patient payments are rapidly expanding; the Centers for Medicare & Medicaid Services expect patients will pay $340 billion in healthcare expenditures in 2016 and $449 billion in 2021. ProfitStars has enhanced its BusinessManager accounts receivables financing solution for financial institutions to support consistent, predictable cash flow for medical facilities while easing the burden of patients' rising healthcare costs.
Oklahoma-based Great Plains National Bank has been a BusinessManager client for more than 10 years, generating $3.5 million in 2012 with the program which produced an annual yield of approximately 12 percent. Mark Russell, chief executive officer, said, "We have seen this program bolster great small business growth for the better, and are eager to broaden our reach to provide hospitals and doctors with the added cash flow to advance healthcare to their communities."
Karl Kohfeld, president of Kansas-based First Security Bank & Trust, added, "Patient payment funding adds a new dimension to BusinessManager. The program is now more rounded to accommodate the needs of different types of businesses, and is something that no one else could offer us. BusinessManager is a low-risk product for the bank, but one that serves as a valued profit center for us."BusinessManager provides financial institutions with a proven solution for offering initial and ongoing cash to creditworthy businesses in exchange for their accounts receivables. Using data housed by the billing agent, BusinessManager for patient payments lets financial institutions fund accounts without maintaining personal healthcare data. That billing agent executes all patient documentation and collections on behalf of the healthcare organization while it receives funds for the book of accounts from the financial institution.