WATERBURY, Conn., and RANCHO SANTA MARGARITA, Calif., Oct. 10 /PRNewswire-FirstCall/ -- HSA Bank(TM), a division of Webster Bank, N.A., a subsidiary of Webster Financial Corporation , announced today that it has formed a relationship with Valutech to offer a fully integrated Valutech healthcare claims settlement solution to its third party administrators, health plan relationships, healthcare brokers and large employer groups.
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“Before we can move to a truly consumer-driven health care system, we need to bridge the gap between health care and financial information. Valutech provides a unique system for settling claims and tracking the source of payment,” said Kirk Hoewisch, president of HSA Bank.
Valutech enables HSA product sponsors to settle claims to providers while accurately accounting for HSA funds used. Valutech automates member payment using HSA funds either directly to providers and/or to plan sponsors who settle with the providers. This payment technology lets any plan sponsor efficiently settle provider claims while accurately tracking, in line item detail, the funding source used so that post-payment adjustments can easily be handled and accounted for.
“Valutech is excited to offer our technology to HSA Bank’s clients. This payment solution is designed to be the bridge needed to handle the settlement of medical claims in the HSA environment. Valutech and HSA Bank will be able to provide their customers more complete information regarding the financial transaction as well as provide better recovery and tracking of all payments,” said Douglas Skeen, EVP and COO of Valutech, Inc.
HSA Bank serves customers in every state in the nation and is one of the first financial institutions nationwide to offer health savings accounts. HSA Bank combines convenience, service and savings with low account maintenance fees, high interest rates for investments, 24-hour account access online or through an automated telephone system and outstanding personal service. For more information about HSA Bank, visit the HSA Bank website at http://www.hsabank.com.
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.4 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 154 banking offices, 293 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank, Member FDIC.
For more information about Webster, including past press releases and the latest annual report, visit the Webster website at http://www.websteronline.com.
Valutech has been a leading provider of corporate payment systems for two decades. We utilize the latest proven technology to process disbursements supporting best payment practices that ensure management and financial controls, regulatory compliance, reduce payment costs, and manage cash flow. Valutech pays over $2 billion dollars of healthcare claims and vendor payments each day via traditional checks and electronic payments (ACH, FEDI).
For more information about Valutech, please visit the Valutech website at http://www.valutech.com. Media Contact: HSA Bank: Becky Seefeldt 920-803-4215 bseefeldt@hsabank.com Webster: Clark Finley 203-578-2287 cfinley@websterbank.com Valutech: Tom Giles 949-888-1006, ext. 266 tgiles@valutech.com
Photo: http://www.newscom.com/cgi-bin/prnh/20050606/NYWBLOGOPRN Photo Desk, photodesk@prnewswire.comHSA Bank; Webster Bank, N.A.
CONTACT: Becky Seefeldt of HSA Bank, +1-920-803-4215,bseefeldt@hsabank.com; Clark Finley of Webster, +1-203-578-2287,cfinley@websterbank.com; or Tom Giles of Valutech, +1-949-888-1006, ext.266, tgiles@valutech.com
