PHX Launches New Electronic Payments Division

BEDMINSTER, N.J., March 19, 2012 /PRNewswire/ -- Premier Health Exchange, Inc. (PHX), a leading provider of healthcare cost management solutions announced at its Annual User Conference, in Las Vegas on March 7th, the formation of a new business division, Pay-Plus Solutions™, Inc. (PPS).  PPS delivers electronic payments to healthcare providers upon adjudication of valid and payable medical claims and reconciliation. PPS's patent pending process delivers funds electronically via ACH and EOPs directly to healthcare providers via a newly developed web-based portal www.ppsonline.com.

PPS has developed (3) product options:
Non-Member:  Pay-Plus™ VCard
Member:  Pay-Plus™ Select and Pay-Plus™ Direct

"Because each healthcare provider has a unique business operation, our national membership program is designed to give providers the best option for receiving fast and reliable payments," said Jay Ver Hulst, President of Pay-Plus Solutions™, Inc.  "In fact, our data shows that PPS's products significantly reduce the provider payment timeline and improve office management efficiencies versus conventional payment systems." These are important features that can help alleviate both cash flow and administrative resource issues faced by a majority of providers(1).

PPS also brings value to our Third Party Administrator (TPA) customers. "As a healthcare cost-management company, the daily goal at PHX is to help our TPA customers reduce costs and improve operational efficiency. Our new Pay-Plus Solutions™ division provides us with another strategic tool that complements our successful portfolio of products and expands the value we bring to our customers." Todd Roberti, CEO of PHX, further stated, "I am also very excited about the team we have assembled to deliver products that solve real issues for both TPAs and providers alike. The team includes all-stars with extensive experience in transactions, systems, customer service, product development and from our banking partner, UMB, n.a." "We are delighted to have the opportunity to partner with PHX in launching Pay-Plus Solutions," said Dennis Triplett, CEO of UMB Healthcare Services.  "This solution combines the strength of our financial institution and dedication to healthcare with their industry-leading healthcare payments innovation for payors and providers."

(1) "Confused, Frustrated and Broke" – Texas Medicine, January 2011

About PHX
Premier Healthcare Exchange (PHX) was incorporated in 2001. The company provides advanced cost management solutions for health plans that combine claim processing automation with professional services to deliver a timely, centralized approach to healthcare cost management.  This approach results in a significant reduction in payment errors, appreciable improvement in the time needed to bring claims to resolution and in savings that substantially reduce the healthcare costs of its clients.

Additionally, through its Pay-Plus Solutions™ division, PHX delivers easy, fast and reliable electronic payments and explanation of payments to healthcare providers. PPS is the only system designed exclusively for healthcare that combines banking functions, claim payments and claim remittance and integrates with traditional paper processes.

PHX solutions are utilized by industry leading insurance companies, Taft-Hartley Funds, Health Maintenance Organizations (HMOs), Third Party Administrators (TPAs) and healthcare providers. For the second consecutive year NJBIZ recognized PHX as one of the fastest growing companies in New Jersey and in 2011 PHX became a three time recipient of the Inc. 500/5000 list of the fast growing private companies in America. For more information, please visit us at www.phx-online.com.

About UMB
UMB Financial Corporation (NASDAQ: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to commercial, institutional and personal customers nationwide. Its banking subsidiaries own and operate banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers. For more information, visit umb.com or follow us on Twitter at @UMBBank.

Contact:
Leo Garneau
888-311-3505 ext. 296
[email protected]

SOURCE Premier Healthcare Exchange, Inc.