Bank of America Acquires HealthLogic Systems Corporation
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|Consolidates Position as Leading Provider of Financial Services to the Healthcare Industry|
CHARLOTTE, N.C., Sept 11, 2006 /PRNewswire via COMTEX News Network/ -- Bank of America announced today it has acquired HealthLogic Systems Corporation, a Norcross, GA-based healthcare technology company. Terms of the transaction were not disclosed.
HealthLogic Systems has been an industry leader in developing new technologies that move providers from paper to more automated, HIPAA-compliant processing. Its broad array of services enable hospitals and other healthcare providers to expedite billing and claims processing, gain efficiencies and reduce costs.
"As the number-one provider of treasury services to the healthcare industry, we are committed to providing solutions that help our clients streamline operations and keep costs down. The complex and cumbersome healthcare billing and claims process adds significantly to the overall cost of health services," said Catherine P. Bessant, President of Global Treasury Services for Bank of America.
"Bank of America has established itself as the leader in providing financial services to the healthcare industry," said George Floyd, the former President and CEO of HealthLogic Systems. "After 15 years of successful growth and development at HealthLogic, we look forward to aligning our capabilities with Bank of America and creating value for clients and shareholders." Mr. Floyd has become the HealthLogic Solutions Executive for Bank of America.
HealthLogic's product suite includes capabilities such as its Expanded Data Capture Lockbox - a solution that automates insurance Explanation of Benefit (EOB) document processing, thus reducing errors and expenses associated with paper-based insurance claims processing.
Other solutions improve healthcare providers' revenue cycle management by automating the claims re-submission process and claims submissions to patients' secondary insurance where appropriate.
About Bank of America Global Treasury Services (GTS)
The Global Treasury Services (GTS) division of Bank of America provides integrated working capital management and treasury solutions to clients that include companies with annual revenues of more than $2.5 million; middle- market and large corporations; multi-nationals, correspondent banks, governments and global 1000 businesses. GTS services include treasury management, commercial card, merchant services, trade finance, foreign exchange and short-term investing. Bank of America GTS is the number one treasury and trade services provider in the United States.
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 54 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 19.8 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 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
SOURCE Bank of America
Jeff Hershberger of Bank of America, +1-212-847-6160, or firstname.lastname@example.org