CHICAGO, June 13 /PRNewswire/ -- Rising Medical Solutions, Inc. (Rising), a leading medical-financial solutions organization, is pleased to announce that they have chosen Bank of America as their banking service provider for the Company's client-facing treasury management offerings.
Specifically, Rising will utilize Bank of America Direct(R) treasury services as the foundation for the Company's medical Provider payment solutions. The relationship between the two organizations allows for a simple, reliable system to maintain and track multiple Payer accounts and sub-accounts so that client transactional activity is individually segregated, independently reported, and effectively controlled. Based upon client disbursement preference, the Bank of America relationship supports both Rising's checkwriting and electronic Provider payment options for its Payer clients.
The Bank of America relationship also supports Rising's Custodial Account Administration offering, whereby Rising provides professional administration of medical settlement funds across all lines of insurance. Acting as the Custodian, Rising will apply jurisdictional requirements, Medicare guidelines, and cost containment protocols to extend the life of these settlement funds which are designated to pay for an injured party's future medical expenses. Again, Bank of America's treasury services will provide Rising with the tools to easily administer, report on, and manage Provider disbursements from multiple Custodial Accounts of which there are two types -- Medicare Set Aside (MSA) Custodial Accounts, for settlement cases that meet certain Medicare criteria, and Medical Custodial Accounts, for settlement cases that do not involve Medicare.
"Using Bank of America's significant resources to simplify and support Rising's cash management offerings will greatly benefit our clients. These enhanced service capabilities are a natural extension of Rising's medical cost containment and care management programs and are consistent with the caliber of service that our customers have come to expect from us," comments Rising CFO Tom Galvan. "We look forward to a successful and collaborative relationship with this prominent financial institution."
About Rising Medical Solutions, Inc.
Headquartered in Chicago, Illinois, Rising is a leading medical-financial solutions organization that services the auto, workers' compensation, and liability markets. Through its comprehensive medical cost containment and care management programs, Rising provides compelling business outcomes to clients nationwide, including insurance carriers, self-insured employers, government organizations, third party administrators, and attorneys.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,500 ATMs and award-winning online banking with nearly 25 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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|SOURCE Rising Medical Solutions, Inc.|
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