FOR IMMEDIATE RELEASE
Elizabeth Scoville, (614) 526-4340
COLUMBUS, Ohio and ADDISON, Texas, Sept. 21, 2004 – VECTORsgi, a leading provider of financial transaction applications, and Foresight Corporation, a market leader in transaction processing automation for healthcare, have announced a partnership to deliver innovative technology solutions to banks.
Under the terms of the alliance, VECTORsgi will provide its banking customers versions of its market-leading VECTOR E-Payments Solution software currently used by over 40 of the top 50 U.S. banks for electronic payment file translation, processing, and settlement. The solution will now include the high-speed validation and business activity monitoring (BAM) functions of Foresight’s InStream and Transaction Insight solutions. This technology is widely used by healthcare payers and providers to validate patient claims, remittance advices, and other healthcare transactions in HIPAA format, eliminate the batch rejection of claims and provide real-time dashboard monitoring of transaction processing operations. Additional capabilities include the automated generation of instant alerts triggered by errors as well as other predefined criteria.
“Banks are seeking to enhance the bill paying services they provide, including payments of healthcare claims,” said Robert A. Fisher, president and chief executive officer, Foresight Corporation. “With their outstanding presence in banking, VECTORsgi is ideally positioned to introduce real-time business activity monitoring technology. Their extensive banking product line and prestigious customer base will accelerate its adoption to the benefit of banking customers.”
“Foresight has an unmatched track record in facilitating healthcare transactions,” said Sydney Smith Hicks, Ph.D., president and chief executive officer, VECTORsgi. “With their leadership in BAM technology and HIPAA compliance matched with our integrated payment offerings, bank operating risks are reduced and compliance with HIPAA rules is assured.”
About Foresight Corporation
Since 1990 Foresight has provided e-commerce productivity and transaction processing automation solutions to many health care organizations and Fortune 500 companies, and today is the marketplace leader in transaction validation. The HIPAA Validator® family of offerings CommunityManager® (for large community enablement), DeskTop (PC-based), InStream™ (real-time) solutions, and Transaction Insight™ (transaction processing automation & BAM) are used by more than 400 healthcare professionals and 25 Blues organizations, including industry leaders such as: Aetna, Anthem, Fairview Health System, BCBS of Alabama, Highmark, BCBS Michigan, BCBS Montana, BCBS Rhode Island, Great West Life, Health Care Service Corporation (Blue Cross Blue Shield (BCBS) of Illinois, BCBS New Mexico BCBS Texas), Mayo Foundation, McKesson, Preferred Provider of Michigan, Premera Blue Cross, PNC Bank, Veritus Medicare Services, Washoe Health Systems, Inc, and WebMD. For more information, visit the company at www.foresightcorp.com or call 1.888.500.0800.
VECTORsgi is a leading provider of financial transaction and e-payment processing, image processing and image exchange, item processing, dispute resolution and e-commerce solutions for financial institutions and corporations. Its products have been licensed more than 2,300 times by financial institutions ranging in size from community banks to top ten financial institutions to international banking organizations.
The Addison, Texas-based company, founded in 1976, provides innovative solutions not only to help financial institutions and corporations streamline their item processing operations and payment systems, but also to leverage their image process investment and maximize the benefits of check truncation. VECTORsgi also ensures financial institutions are more profitable by offering consulting services that provide management consulting and business practice improvement.
For more information about the company, visit www.VECTORsgi.com.
HIPAA Validator is a registered trademark and InStream and CommunityManager and Transaction Insight are trademarks of Foresight Corporation.
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