Jpmorgan Chase Acquires Fisacure
Transaction Brings FisaCure’s Data Solutions Services to JPMorgan Chase’s Healthcare Business
Leading Provider of Data Driven Solutions Offers JPMorgan Chase’s Healthcare Clients Greater Efficiencies Through Automation and Imaging
NEW YORK, January 18, 2007 – JPMorgan Chase & Co. (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, Inc., 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, Inc. “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 LinkSM, 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
Founded in 1996, FisaCure is the pioneer in providing state of the art Remittance Management Services for providers, financial institutions and payers. For providers, FisaCure provides HIPAA compliant 835 remittance and auto-posting solutions that can be seamlessly integrated into providers’ patient accounting systems. For banks, FisaCure’s solutions can strengthen a provider’s customer relationship with its financial institution, and allows banks to offer cost-saving technology to its customers. For health plans, FisaCure’s solutions can eliminate administrative costs associated with deploying paper EOBs to banks and providers as part of the payment process.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About JPMorgan Chase Treasury Services
The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is the world’s largest provider of treasury management services. More information can be found at www.jpmorganchase.com/ts.
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