Bank of America has announced the acquisition of HealthLogic Systems Corporation, a Norcross, GA-based healthcare technology company.
HealthLogic Systems has been an industry leader in developing new technologies that move providers from paper to more automated, HIPAA-compliant processing. Its broad array of services enable hospitals and other healthcare providers to expedite billing and claims processing, gain efficiencies and reduce costs.
"As the number-one provider of treasury services to the healthcare industry, we are committed to providing solutions that help our clients streamline operations and keep costs down. The complex and cumbersome healthcare billing and claims process adds significantly to the overall cost of health services," said Catherine P. Bessant, President of Global Treasury Services for Bank of America.
"Bank of America has established itself as the leader in providing financial services to the healthcare industry," said George Floyd, the former President and CEO of HealthLogic Systems. "After 15 years of successful growth and development at HealthLogic, we look forward to aligning our capabilities with Bank of America and creating value for clients and shareholders." Mr. Floyd has become the HealthLogic Solutions Executive for Bank of America.
HealthLogic's product suite includes capabilities such as its Expanded Data Capture Lockbox - a solution that automates insurance Explanation of Benefit (EOB) document processing, thus reducing errors and expenses associated with paper-based insurance claims processing. Other solutions improve healthcare providers' revenue cycle management by automating the claims re-submission process and claims submissions to patients' secondary insurance where appropriate.