HARTFORD HEALTH CARE CORPORATION TO IMPLEMENT FLEET’S PAYMODE® FOR ELECTRONIC PAYMENTS
Leading healthcare provider to utilize Fleet solution as underlying payment and remittance processing engine for its EDI “purchase-to-pay” program
BOSTON, Massachusetts and HARTFORD, Connecticut — March 30, 2004 — Fleet, provider of PayMode®, the bank-neutral, electronic payment and remittance processing solution proven to enhance business performance, today announced that Hartford Health Care Corporation, parent organization of Hartford Hospital, one of the nation’s leading acute-care medical centers, has chosen PayMode for electronic payments and remittance processing. PayMode will be implemented as part of a broad initiative Hartford Health Care is undertaking to lower costs and create a more efficient accounts payable function.
Hartford Health Care is an early innovator in the development of a “purchase-to-pay” electronic data interchange (EDI)-based program that will streamline its accounts payable process and improve relationships with its key strategic suppliers. PayMode will be utilized in the program as the underlying payment and remittance-processing mechanism for both EDI and non-EDI enabled suppliers, vendors and service providers.
“PayMode was the best solution to help us meet the objectives of our payables initiative,” said John Biancamano, Vice President Finance, Hartford Health Care Corporation. “The functionality that PayMode makes available to both Hartford Health Care and our many suppliers, as well as its usability as part of our EDI project, made tremendous sense for us.”
In addition to Hartford Hospital, Fleet will be initially implementing PayMode at a number of Hartford Health Care’s other acute care, non-acute care and behavior health affiliates and strategic partners. These include Jefferson House, Cedar Mountain Commons, Eastern Rehabilitation Network, Behavioral Health Connecticut, LLC, Connecticut’s Mid-State Medical Center, Hartford Medical Group, an outpatient healthcare provider, and Clinical Laboratory Partners, LLC.
As part of the implementation, Fleet is working with Hartford Health Care and its partners to integrate PayMode into its existing GEAC SmartStream accounts payable system. In addition, Fleet will execute its Accelerated Enrollment Program on behalf of Hartford Health Care to enroll its suppliers, vendors, service providers and other payees in the PayMode payment network. “Fleet’s ability to recruit the thousands of non-EDI suppliers from across our affiliates and partners will allow us more effectively manage our vendor relationships and create much broader value for our organization,” continued Biancamano.
Hartford Health Care will also be implementing Fleet’s PayMode® for Reimbursement solution for electronic reimbursement of employee expenses. With PayMode for Reimbursement, Hartford Health Care employees will receive direct deposit of reimbursement payments while receiving notification of payment and associated remittance information directly via email.
“Hartford Health Care is a very important and longstanding customer of Fleet and we are delighted they have chosen PayMode to help them achieve their goals,” said Mike Curran, Executive Vice President and Managing Director of Treasury Solutions at Fleet. “Fleet is a leader in providing expert financial services to the healthcare sector and Hartford Health Care’s decision to implement PayMode in such a very strategic way is testament to the value Fleet can bring to this industry.”
About Hartford Health Care Corporation
Hartford Healthcare Corporation is Connecticut’s largest statewide-integrated delivery system providing a comprehensive variety of acute and non-acute services to Connecticut citizens across the continuum of care. It has over a billion dollars in assets and is one of the two major integrated delivery systems in the state. It is the parent company of Hartford Hospital, MidState Medical Center, Eastern Rehabilitation Network, VNA Health Care, Jefferson House, Clinical Laboratory Partners and a variety of behavioral health organizations, including the Institute of Living, Natchaug Hospital and Rushford Center. Hartford Healthcare is also affiliated with multiple other hospitals and health care organizations throughout the state. For more information visit http://www.harthosp.org/about/hhcc.htm
About Fleet
FleetBoston Financial (NYSE & BSE: FBF), a diversified financial services company with assets of $200 billion, offers a comprehensive array of financial solutions to over 18million individual, corporate, and institutional customers. Products and services are available through a variety of channels including 1,460 stores and more than 3,400 ATMs from Maine to Pennsylvania, HomeLinkSM online banking, and telephone banking. Fleet is the leading small business and commercial banking provider in the Northeast and a premier provider of financial services to selected industries nationwide. Information about FleetBoston Financial is available online at www.fleet.com.
Contact: Ann McCormick
, 207-771-3769, ann_f_mccormick@fleet.com
