Rising Medical Solutions Chooses Bank of America to Bring Enhanced Cash
Management and Provider Payment Solutions to the Marketplace
CHICAGO, June 13 /PRNewswire/ -- Rising Medical Solutions, Inc. (Rising),
a leading medical-financial solutions organization, is pleased to announce
that they have chosen Bank of America as their banking service provider for
the Company's client-facing treasury management offerings.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080206/AQW030LOGO-b)
Specifically, Rising will utilize Bank of America Direct(R) treasury
services as the foundation for the Company's medical Provider payment
solutions. The relationship between the two organizations allows for a simple,
reliable system to maintain and track multiple Payer accounts and sub-accounts
so that client transactional activity is individually segregated,
independently reported, and effectively controlled. Based upon client
disbursement preference, the Bank of America relationship supports both
Rising's checkwriting and electronic Provider payment options for its Payer
clients.
The Bank of America relationship also supports Rising's Custodial Account
Administration offering, whereby Rising provides professional administration
of medical settlement funds across all lines of insurance. Acting as the
Custodian, Rising will apply jurisdictional requirements, Medicare guidelines,
and cost containment protocols to extend the life of these settlement funds
which are designated to pay for an injured party's future medical expenses.
Again, Bank of America's treasury services will provide Rising with the tools
to easily administer, report on, and manage Provider disbursements from
multiple Custodial Accounts of which there are two types -- Medicare Set Aside
(MSA) Custodial Accounts, for settlement cases that meet certain Medicare
criteria, and Medical Custodial Accounts, for settlement cases that do not
involve Medicare.
"Using Bank of America's significant resources to simplify and support
Rising's cash management offerings will greatly benefit our clients. These
enhanced service capabilities are a natural extension of Rising's medical cost
containment and care management programs and are consistent with the caliber
of service that our customers have come to expect from us," comments Rising
CFO Tom Galvan. "We look forward to a successful and collaborative
relationship with this prominent financial institution."
About Rising Medical Solutions, Inc.
Headquartered in Chicago, Illinois, Rising is a leading medical-financial
solutions organization that services the auto, workers' compensation, and
liability markets. Through its comprehensive medical cost containment and care
management programs, Rising provides compelling business outcomes to clients
nationwide, including insurance carriers, self-insured employers, government
organizations, third party administrators, and attorneys.
About Bank of America
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 59
million consumer and small business relationships with more than 6,100 retail
banking offices, nearly 18,500 ATMs and award-winning online banking with
nearly 25 million active users. Bank of America is the No. 1 overall Small
Business Administration (SBA) lender in the United States and the No. 1 SBA
lender to minority-owned small businesses. The company serves clients in more
than 150 countries and has relationships with 99 percent of the U.S. Fortune
500 companies and 83 percent of the Fortune Global 500. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial
Average and is listed on the New York Stock Exchange.
Media Contact
For more information, contact Rachel Racz at rachel.racz@risingms.com /
877-747-4644, x5893.
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SOURCE Rising Medical Solutions, Inc.
Rachel Racz of Rising Medical Solutions, Inc., 1-877-747-4644, ext. 5893,
rachel.racz@risingms.com
