Baltimore, MD -- (ReleaseWire) -- 02/06/2007 --Florida Capital Bank, N.A, an operating bank of Florida Capital Group, Inc., has partnered with ConnectYourCare, a leading consumer-directed healthcare (CDH) platform provider, to launch an integrated CDH platform for administering Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Flexible Spending Accounts (FSAs).
The bank will leverage CDH Exceleratesm for Banks, ConnectYourCare’s comprehensive platform that enables Florida Capital to go to market with a branded next generation CDH solution in a matter of weeks. The platform solution, named the Florida Capital CDH Solution, complements Florida Capital’s portfolio of financial services and is available to all size employers, health plans and third party administrators. It includes financial claims adjudication, a multi-purse healthcare payment card, integrated account management, and a single sign-on portal for access to healthcare account management, online healthcare tools, and HSA investment options.
“It was important for us to work with an administrator who is completely dedicated to consumer healthcare accounts and understands from a bank’s perspective what we need to go to market with in a CDH solution,” said Charles E. Hughes Jr., President and Chief Executive Officer, Florida Capital Group, Inc. “ConnectYourCare’s comprehensive solution easily aligns with our other product offerings and will help us compete in this growing marketplace.”
Florida Capital will offer a comprehensive healthcare account administration platform for its commercial customers and business partners using ConnectYourCare’s suite of online administrative tools. Features of the Florida Capital CDH solution include:
•CDH Expresssm: Small group employers or their brokers can quickly and easily set themselves up online and upload employee data for a variety of account combinations.
•Real-time Employer Transparency and Control Tools: Employers can manage their employee and account data through access to the Employer Dashboard, an online management tool that enables employers to administer employee information changes or additions, such as employment status, demographic information, direct deposit, payroll deductions, etc. Employers also have access to a variety of reports to help monitor account activity related to claims, as well as treasury-related money movement controls.
•Participant Health Education and Empowerment Tools: The Florida Capital CDH Solution provides a suite of online health-related tools such as hospital and drug comparisons, wellness and exercise guides, and medical research.
•Multi-purse Healthcare Payment Card: Florida Capital Bank will offer an intelligent multi-purse healthcare payment card that enables an employer to offer multiple “stacked” accounts, such as an HSA with a limited use FSA, using a single card. ConnectYourCare’s proprietary multi-purse technology was designed to draw funds from the most appropriate account first based upon an employer’s plan design, employee enrollment choices, preferences and the expense type.
•Treasury Control System: ConnectYourCare does the heavy lifting of money movement and funds availability between employers, consumers, health plans, the bank, the debit card network, and the healthcare provider community. Health plans and third-party administrators can utilize the Florida Capital CDH Solution as a plug-in to their CDH plan offerings, enabling the integration of health plan and account data.
•Banking and Investment Platform: The Florida Capital CDH Solution includes competitive HSA investment options so account holders can choose how to invest the funds. Account holders will have access to HSA investments through a single sign-on portal, where they can view and select investment choices that include an FDIC insured deposit account and several mutual funds. The CDH Exceleratesm solution includes integration with ConnectYourCare’s investment platform partner, PFPC, a member of The PNC Financial Services Group, Inc. PFPC provides an omnibus sub-accounting platform, custodial services and access to investment options.
“We are pleased to welcome Florida Capital as our newest bank partner. As a progressive bank with a focus on providing their clients with solutions to manage their healthcare costs, Florida Capital realized they needed to provide a comprehensive CDH offering that complements their existing portfolio of excellent products and services to remain a leading bank in the region,” said Allen Pease, Vice President, Financial Industry Practice.
To learn more about Florida Capital’s CDH Solution please call 1-800-318-3159.
About Florida Capital Group, Inc.
Florida Capital Group, Inc. owns and operates Florida Capital Bank, N.A., a nationally chartered bank. Florida Capital Bank N.A. is a nationally chartered statewide banking organization with a commitment to serving the business community of Florida. Headquartered in Jacksonville, Florida, our banks are currently serving customers in Boca Raton, Delray Beach, Ft. Lauderdale, Gainesville, Jacksonville, Orlando, North Palm Beach, Ormond Beach, St. Augustine (2 locations), Tampa (2 locations) and Tarpon Springs. In addition, Florida Capital Bank N.A. currently has loan production offices in Jupiter and Pinellas Park. Full service banking offices will be opened in Daytona Beach, St. Petersburg, Pinellas Park and Southern Pasco County during 2007. For additional information, visit us at www.flcb.com.
PFPC, a member of The PNC Financial Services Group, Inc. (NYSE: PNC), is one of the nation’s largest full-service mutual fund transfer agents and a leading provider of processing, technology and business solutions to the global investment industry. PFPC offers fund accounting and administration, transfer agency, custody and sub-accounting services for more than 68 million shareholder accounts representing more than $2.2 trillion in total assets. Visit us at www.pfpc.com.
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 Internet portal for employees to manage tax-advantaged accounts and related investments, completely transparent financial claims adjudication, multi-channel access to ConnectYourCare’s customer support services, and comprehensive medical information and decision-support tools with a focus on wellness. ConnectYourCare is a Revolution Health Group company. Please visit us at www.connectyourcare.com for more information or call 1-877-495-3341.
Florida Capital Group, Inc.