Monett-based Jack Henry and Associates (JHA) has expanded the company's potential by introducing a new product for the healthcare industry.
JHA's ProfitStars division has unveiled a new feature in its BusinessManager product. BusinessManager is a proven program enabling financial institutions to provide initial and ongoing cash to creditworthy businesses in exchange for their accounts receivable.
The program has now been enhanced to meet the rapidly shifting cash flow requirements of healthcare providers and medical service facilities. Such companies rely on payments from private insurance carriers and government payers. The expanded functionality of BusinessManager enables financial institutions to strategically grow their deposits and loan business.
According to projections, the healthcare industry projects 7 percent annual growth through 2025. Many healthcare providers and medical facilities depend on payment reimbursement and require short-term capital to maintain cash flow and growth.
BusinessManager provides accurate views into true accounts receivable assets. With this information, financial institutions can more confidently fund profitable companies.
BusinessManager provides financial institutions a reliable view into the business of surgery centers and local hospitals, medical equipment suppliers, ambulance services, pharmaceutical providers, medical staffing and physical therapy services and related businesses. They can subsequently provide working capital and financing options.
One company using BusinessManager is Heritage Bank, based in Jonesboro, Ark.
"Our institution values the integrity of profitability afforded through Business-Manager," said Gary Higgins, senior vice president of lending for Heritage Bank. "We can now extend its benefits to an entirely new audience that needs ongoing cash availability. Having other commercial accounts who have experienced strong results on the original BusinessManager program, we hope to partner with more local healthcare participants for accounts receivable funding and management."
"Many financial institutions are more comfortable supporting accounts receivable financing for larger hospitals and physician practices, leaving other entrepreneurial-like healthcare and medical service providers vastly underserved," said David Foss, president of ProfitStars.
"As Heritage Bank is demonstrating, Business-Manager can help fill that void by accurately assisting creditworthy customers with the management and funding of accounts receivable financing while generating recurring fee income for the institution," Foss added.
JHA is a leading provider of technology solutions and payment processing services, primarily for financial services organizations. More information is available at www.jackhenry.com.