Bank Of America Acquires Georgia Healthcare Financial Services Firm
Posted September 11, 2006 10:14 a.m. EDT
CHARLOTTE, N.C. — Seeking to strengthen its position in the healthcare financial services sector,
Bank of America
has acquired HealthLogic Systems, a privately held Georgia firm.
HealthLogic, which is based in Norcross and employs some 150 people, provides technology enabling healthcare providers to move to electronic billing and other services that meet federal privacy guidelines.
Terms of the transaction were not disclosed.
HealthLogic was founded in 1991 by George Floyd, a veteran of the accounting and advisory firm Ernst & Young. Floyd focused on national claims management services.
"As the number-one provider of treasury services to the healthcare industry, we are committed to providing solutions that help our clients streamline operations and keep costs down," said Catherine Bessant, president of Global Treasury Services for Bank of America. "The complex and cumbersome healthcare billing and claims process adds significantly to the overall cost of health services."
Floyd, the chief executive officer of HedalthLogic, will assume the role as HealthLogic Solutions executive for Bank of America.
"Bank of America has established itself as the leader in providing financial services to the healthcare industry," Floyd said in a statement. "After 15 years of successful growth and development at HealthLogic, we look forward to aligning our capabilities with Bank of America and creating value for clients and shareholders."
Among HealthLogic's products is "Expanded Data Capture Lockbox" for the automation of explanation of benefit document processing.
Bank of America's Global Treasury Services group products and services include commercial card, merchant services, trade finance and foreign exchange as well as short-term investing.