CHARLOTTE, N.C., Sept. 27 /PRNewswire-FirstCall/ -- Wachovia Bank, N.A., today announced expansion of its Treasury solutions for the healthcare industry with the addition of PatientPOS(sm), an innovative solution proven to improve revenue cycle management for healthcare providers.
"This solution addresses the key challenges associated with payments collection that frustrate many healthcare providers today," said Chris Ward, senior vice president and head of Wachovia's Treasury Services Payables and Receivables solutions. "We are committed to meeting the unique needs of our healthcare clients. The integration of PatientPOS(sm) into Wachovia's suite of healthcare-specific treasury capabilities enables us to better support these clients in strategically managing patient payments and improving revenue cycle management."
PatientPOS(sm) is an enterprise payment solution that facilitates convenient up-front point-of-sale (POS) patient payment collection. It enables payment plan management and integrates these activities with patient accounting and general ledger processes. The solution can increase revenues, decrease bad debt, reduce collection costs and improve staff productivity.
PatientPOS is Wachovia's most recent addition to its healthcare product suite - which focuses both sales and product management resources to address the unique needs of healthcare payers, providers, employers and patients. The solution can provide a return on investment - increasing revenue, enhancing the patient/consumer experience, streamlining receivables management, reducing cost and optimizing cash forecasting.
"PatientPOS helped us automate what was previously a highly manual payment collection process. Both our front- and back-end staff are collecting more than ever before," said Kent Burckhart, Financial Systems manager, Patient Business Services, Health First, Inc. "Our management team can now hold staff accountable for collections as PatientPOS makes it easy to track collections by individual associate and by location. PatientPOS also improved our customer service levels by eliminating manual posting errors and dramatically cutting the time between payment collection and posting to our patient accounting system. The payback on our investment in PatientPOS has been both clear and demonstrable."
"Efficient and patient-friendly payment options are increasingly competitive differentiators for healthcare providers as the trend toward consumer-directed healthcare shifts a greater share of healthcare costs to consumers. Payment solutions must make it easier for patients to pay and providers to collect," said David Huie, senior vice president and PatientPOS product manager in Wachovia's Treasury Services division.
About Wachovia Treasury Services Division
Wachovia's Treasury Services, the third-largest U.S. cash management provider, tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Greenwich Associates' 2006 Middle Market Survey ranks the bank No. 1 in Customer Service and Operations Accuracy among cash management banks. Phoenix-Hecht's bi-annual surveys consistently give Wachovia's Treasury Services products top grades across mid-market and large corporate markets for quality and customer satisfaction. Ernst and Young's 2006 U.S. Cash Management Survey ranks the bank number 3 in market share, and ranks the bank's information and access product, Wachovia Connection(r), No. 1 for the highest number of Information Reporting Internet Accounts.
Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.
|SOURCE Wachovia Corporation|
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