Capital One Bank Adds Healthcare Payment Automation to its Wholesale Lockbox Service
08 November 2011 - 1:20AM
Business Wire
Capital One Bank today announced the launch of its enhanced
healthcare payment solution for wholesale lockbox clients in the
healthcare industry. With this new payment automation clients
benefit from a streamlined payment cycle with the ability to
process and post third-party payments electronically. The new
service works seamlessly with the existing lockbox solutions
already offered by the Bank and its other commercial lending
products and services.
"Administrative and financial transactions in the healthcare
space are necessarily converging as healthcare laws evolve, and
Capital One Bank is committed to helping our clients achieve a
competitive advantage through this process," said Colleen Taylor,
Executive Vice President and Head of Treasury Management &
Merchant Services at Capital One Bank. “Instead of staff spending
countless hours sorting mail, matching paper and electronic
remittance advices to expected payments and posting third-party
payments, they can now take advantage of our innovative
technologies to fully automate these time-consuming tasks and focus
on more strategic business objectives.”
Capital One Bank’s suite of treasury management solutions helps
healthcare providers improve their working capital, streamline
their revenue cycle and reduce back office expenses by automating
the payment posting process. Enhancing their existing wholesale
lockbox service with the new healthcare payment automation services
will help providers streamline the payment posting process, reduce
costs and shorten the revenue cycle. Capital One Bank’s new health
care processing solution will be available in the first quarter of
2012.
The new service simplifies and streamlines the third-party
payment process by providing automated, processing of all paper and
electronic remittances and provides a centralized location for
administrators to obtain details on all payments. It truncates
checks and all of the associated paper documents at the lockbox and
automatically deposits payments into the company’s bank account.
This reduction of paper documents also will help to reduce
associated privacy protection and HIPAA-compliance risks for
medical providers.
“The healthcare industry is a key area of focus at Capital One
Bank, and we are excited about further enhancing our full suite of
commercial lending products and services, especially at a time when
operational efficiency means greater success in the market,” said
Taylor.
For more information about Capital One Bank’s Treasury
Management healthcare lockbox solution, please contact your
Treasury Management Sales Advisor or
treasury@capitalonebank.com
About Capital One Financial Corporation
Capital One Financial Corporation (www.capitalone.com/) is a
financial holding company whose subsidiaries, which include Capital
One, N.A. and Capital One Bank (USA), N. A., had $128.3 billion in
deposits and $200.1 billion in total assets outstanding as of
September 30, 2011. Headquartered in McLean, Virginia, Capital One
offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients. Capital One,
N.A. has approximately 1,000 branch locations primarily in New
York, New Jersey, Texas, Louisiana, Maryland, Virginia and the
District of Columbia. A Fortune 500 company, Capital One trades on
the New York Stock Exchange under the symbol "COF" and is included
in the S&P 100 index.
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