ProfitStars Introduces BusinessManager for Patient Payments

MONETT, Mo., June 5, 2013 /PRNewswire/ -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars^® division today introduced BusinessManager^® for financing the patient payment, also known as private pay, sector of medical claims. 

Patient payments include those charged for uninsured procedures such as elective surgeries, the patient co-pay portion of larger medical expenses, individual and family annual deductibles, and occasionally procedures for those uninsured at the time of service. Patient payments are rapidly expanding; the Centers for Medicare & Medicaid Services expect patients will pay $340 billion in healthcare expenditures in 2016 and $449 billion in 2021. ProfitStars has enhanced its BusinessManager accounts receivables financing solution for financial institutions to support consistent, predictable cash flow for medical facilities while easing the burden of patients' rising healthcare costs.

Oklahoma-based Great Plains National Bank has been a BusinessManager client for more than 10 years, generating $3.5 million in 2012 with the program which produced an annual yield of approximately 12 percent. Mark Russell, chief executive officer, said, "We have seen this program bolster great small business growth for the better, and are eager to broaden our reach to provide hospitals and doctors with the added cash flow to advance healthcare to their communities."

Karl Kohfeld, president of Kansas-based First Security Bank & Trust, added, "Patient payment funding adds a new dimension to BusinessManager. The program is now more rounded to accommodate the needs of different types of businesses, and is something that no one else could offer us. BusinessManager is a low-risk product for the bank, but one that serves as a valued profit center for us."

BusinessManager provides financial institutions with a proven solution for offering initial and ongoing cash to creditworthy businesses in exchange for their accounts receivables. Using data housed by the billing agent, BusinessManager for patient payments lets financial institutions fund accounts without maintaining personal healthcare data. That billing agent executes all patient documentation and collections on behalf of the healthcare organization while it receives funds for the book of accounts from the financial institution.

David Foss, president of ProfitStars, said, "Most hospitals and other medical providers offer payment plans that often have repayment terms of up to two years. Rather than have these receivables outstanding for such long periods of time, BusinessManager now allows financial institutions to support healthcare providers with secure alternative financing options for sustainable growth."

About ProfitStars

As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in five performance-boosting solution groups – financial performance, imaging and payments processing, information security and risk management, retail delivery, and online and mobile. Explore the power of ProfitStars-enhanced performance at www.profitstars.com. 

About Jack Henry & Associates, Inc.

Jack Henry & Associates, Inc.^® (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,600 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking^® supports banks ranging from community to mid-tier institutions with information processing solutions. Symitar^® is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars^® provides best-of-breed solutions that enhance the performance of domestic and international financial institutions of all asset sizes and charters using any core processing system, as well as diverse corporate entities. Additional information is available at www.jackhenry.com.

Statements made in this news release that are not historical facts are forward-looking information.  Actual results may differ materially from those projected in any forward-looking information.  Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information.  Additional information on these and other factors, which could affect the Company's financial results, are included in its Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements.  Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.

SOURCE Jack Henry & Associates, Inc.