UMB Healthcare Services and ConnectYourCare Launch Comprehensive, First-of-Its-Kind CDH SolutionDennis Triplett, president of U
April 18 2006 - 11:43AM
Business Wire
UMB Healthcare Services, a division of UMB Financial Corporation
(NASDQ:UMBF), has partnered with ConnectYourCare, a leading
consumer-directed healthcare (CDH) company, to provide custodial,
investment, and health payment card services for Health Savings
Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health
Reimbursement Arrangements (HRAs). The partnership is the first to
have available a comprehensive CDH portal and account
administration, a multi-purse payment card, and banking and
investments priced for one simple fee. The offering is marketed to
brokers, carriers and third-party administrators who want to offer
their customers a progressive CDH solution that can be implemented
in a matter of weeks. UMB Healthcare Services has been a financial
healthcare industry leader since 1996, when UMB pioneered the
support of Medical Savings Accounts. ConnectYourCare was created in
2003 expressly to engage consumers in their personal health
management by offering a superior health account management
experience together with tools and programs fostering healthy
lifestyles. The offering, which was launched at the beginning of
the first quarter of 2006, integrates ConnectYourCare's CDH
platform of consumer healthcare account tools and wellness
solutions with UMB's portfolio of financial services. The combined
solution includes: a healthcare account portal and claims
adjudication for HRAs and FSAs; a multi-purse debit card; hospital
and drug comparisons; medical research; health advocacy; wellness
and exercise guides; and health assessment tied to account-based
incentives. When combined with UMB's FDIC-insured bank accounts and
a diverse selection of mutual funds through UMB Financial Services,
Inc.(a), employers have a complete solution to offer employees for
a simple monthly fee. Employees have a better experience using one
health payment card to access multiple accounts. "UMB is pleased to
partner with a progressive company like ConnectYourCare," said
Dennis Triplett, president of UMB Healthcare Services. "CYC is a
leader in the industry and its CDH platform will transform the way
people pay for their medical care and how they save for the future.
Financial institutions' importance in this market is increasing as
consumers gain greater control of their healthcare choices and
dollars." "As more employers opt for consumer-directed healthcare,
many are looking to their financial institutions to provide
solutions," said Terry Hunter, CEO of ConnectYourCare. "UMB is a
valued partner to us as we continue to be first-to-market with
innovative solutions in this space." About ConnectYourCare
ConnectYourCare's benefit delivery platform provides a pathway for
migration to CDH, supplying tools for employees to better manage
their healthcare choices and a vehicle for employers to realize
healthcare cost containment. ConnectYourCare Solutions include a
multi-purse health payment card and portal for employees to manage
tax-advantaged accounts and relevant investments, financial claims
adjudication and customer support services, and comprehensive
medical information and decision-support tools with a focus on
wellness. ConnectYourCare sells to midsize and large employers and
markets a co-branded ASP solution to health plans, TPAs, banks and
investment firms. ConnectYourCare is a Revolution Health Group
company. Please visit http://www.ConnectYourCare.com for more
information or call 1-877-495-3341. About UMB UMB Financial
Corporation (NASDQ: UMBF) is a multi-bank holding company
headquartered in Kansas City, Mo., offering complete banking and
related financial services to both individual and business
customers nationwide. Its banking subsidiaries own and operate 141
banking centers throughout Missouri, Illinois, Colorado, Kansas,
Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company
and the lead bank, UMB Bank, n.a., include an investment services
group based in Milwaukee, Wisconsin, a trust management company in
South Dakota, and single-purpose companies that deal with brokerage
services, consulting services and insurance. UMB was named one of
Business Week's "Web Smart 50" companies in 2005. (a) Investment
Products Offered Through UMB Financial Services, Inc. Member NASD,
SIPC Not FDIC Insured -- May Lose Value -- No Bank Guarantee
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