MCLEAN, Va. – 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.
