JPMorgan Chase (NYSE: JPM), a full-service provider of cash management, trade finance, and treasury solutions, today announced it has acquired all of the assets of FisaCure, the leading provider of electronic remittance services for Healthcare Insurance Portability and Accountability Act of 1996 (HIPAA) compliant transaction sets.
The acquired FisaCure technology will become part of the Healthcare Solutions business of JPMorgan Chase's Treasury Services unit.
FisaCure's data-driven applications help healthcare providers eliminate manual processing through a proprietary technology that captures and maps data from paper and electronic sources. The acquisition will further provide JPMorgan Chase's healthcare industry clients with services that meet the sector's need for increased efficiency through automation and imaging. With the acquisition of FisaCure's applications, JPMorgan Chase's solutions will also facilitate the seamless management of payables and receivables for insurers, physicians, hospitals and other healthcare providers.
"Cost and efficiency pressures in the healthcare industry today are driving migration from paper to electronic processing of payments and remittance advices," stated Martha Beard, senior vice president and head of JPMorgan Chase's Healthcare Solutions business. "This, along with the challenges providers face in supporting transaction and code set standards and managing the posting of data into practice management systems, increases the value of the combination of JPMorgan and FisaCure's services. With this acquisition, JPMorgan Chase is addressing these critical industry challenges by bringing the most innovative solutions to our healthcare industry clients."
"We are pleased about becoming an integral part of JPMorgan Chase's Healthcare Business, which will combine FisaCure's market-leading solutions with JPMorgan's recognized leadership in electronic payments processing," said Steve Arning, president and chief executive officer, FisaCure. "FisaCure has enjoyed a successful relationship with JPMorgan Chase, supporting the solutions they provide to their healthcare clients. We look forward to building on that relationship to deliver the highest quality service to the healthcare provider market."
"This acquisition represents an important milestone for JPMorgan Treasury Services, reinforcing our position as a premier payment and claim processing solutions provider to the healthcare industry," explained Paul Simpson, senior vice president, Treasury & Security Services business executive for Trade, ePayables & Card Solutions. "The addition of FisaCure's applications will allow us to stay at the forefront of providing powerful, integrated solutions for our clients to meet their business needs."
FisaCure's applications provide support for JPMorgan Chase's Healthcare Link, a comprehensive solution for healthcare claims payment processing that enables providers to automate claims reimbursement and reduce administrative costs. To support the transition from paper to electronic posting, paper payments and supporting materials are scanned at JPMorgan Chase Healthcare Centers of Excellence and converted to electronic files. For electronic transactions, Healthcare Link receives electronic transmissions or extraction of files from insurer sources. The data files are then customized, allowing payment information from paper and electronic sources to auto-post to practice management systems. The critical task of matching data to payments is done automatically. Healthcare Link also provides a powerful content management toolkit, including a payment search engine, online reporting, integrated workflow and reconciliation support.
Healthcare Link can help providers:
- Auto-post transactions and accelerate cash availability
- Reduce reliance on paper
- Truncate paper and eliminate costs associated with storage
- Reduce salary expense associated with the claim-posting process
- Streamline customer service, research and inquiry resolution