JACKSONVILLE, Fla., – (Oct. 9, 2009) – FIS™, one of the world’s largest providers of banking and payments technology, today announced that Post Oak Bank has added the FIS Healthcare Remittance Manager solution to its lockbox processing business. With Healthcare Remittance Manager, the Houston-based commercial bank can offer enhanced payment automation to the healthcare industry – the largest industry in the U.S. – and enable heightened customer service, increased cash flow and improved efficiency to healthcare providers.
FIS Healthcare Remittance Manager serves as a data bridge between the insurers and the medical providers, electronically capturing, reconciling and processing healthcare billing information resulting in fewer touch points within the receivables management cycle and providing a standardized collection process across the organization. As the burgeoning healthcare payments sector has left many doctors and hospitals with disconnected workflows and mired in paperwork, they struggle to manage a complicated payment stream.
For Post Oak Bank, offering this healthcare payment solution to healthcare providers presents not only new revenue opportunities but also adds another powerful financial solution to the financial institution’s expansive array of services to its customers.
For healthcare providers, FIS Healthcare Remittance Manager enables streamlined workflows, enhanced reporting capabilities, significantly reduced administration costs and improved cash flow by accelerating the reconciliation of accounts receivable.
“Offering FIS’ Healthcare Remittance Manager provides Post Oak Bank the opportunity to better serve the healthcare industry in critical need of payment automation,” said Renee Bourland, executive vice president and chief financial officer, Post Oak Bank.
“By combining the technologies of Post Oak Bank and FIS’ Healthcare Remittance Manager, we will provide significant benefits to our customers in the healthcare industry minimizing the need for a cumbersome, paper intensive system,” said Kelly McClelland, vice president, treasury services, Post Oak Bank.
“We’re happy Post Oak Bank selected our Healthcare Remittance Manager solution to help its customers in the healthcare industry improve their payments processing,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group. “This win – the first of many on schedule to be announced in 2009 – demonstrates FIS’ full commitment to this business line and we look forward to working alongside Post Oak Bank as they leverage existing relationships and grow new market share by serving the healthcare industry.”
About Post Oak Bank, N.A.
Post Oak Bank, N.A. is a commercial, locally owned bank headquartered in Houston, Texas with four strategically located banking facilities throughout the surrounding area. Since opening its doors in 2004, Post Oak Bank has been a well-capitalized bank, with approximately $380 million in assets. For more information on Post Oak Bank, N.A., please visit http://www.postoakbank.com/.
About FIS
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in more than 90 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs approximately 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fidelityinfoservices.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
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