FOR IMMEDIATE RELEASE
CONNECTYOURCARE TEAMS WITH PFPC TO OFFER COMPLETE HSA SOLUTION TO BANKS AND INVESTMENT COMPANIES
(BALTIMORE) March 9, 2006 – ConnectYourCare, a leading Consumer-Directed Healthcare (CDH) company, has teamed with PFPC, a member of The PNC Financial Services Group, Inc. (NYSE: PNC), to offer banks and investment companies a comprehensive solution for the administration of Health Savings Accounts (HSAs). The agreement enables financial services institutions to provide their customers full CDH account administration, healthcare decision-support tools, integrated access to a variety of investments including FDIC insured bank accounts and a diverse selection of mutual funds.
“PFPC has leveraged its leading position in mutual fund shareholder services to provide a valuable solution to the technical and regulatory hurdles of HSA administration,” said Terry Hunter, CEO of ConnectYourCare, a Revolution Health Group company. “Joining forces with PFPC allows ConnectYourCare to deliver an optimal end-to-end outsourced solution for financial institutions that in many cases can be on the market within weeks of signing on with us.”
”PFPC’s goal is to bring added value to ConnectYourCare and its partners by offering a flexible investment platform designed to meet a wide variety of needs,” said James Gandolfo, senior director and vice president, overseeing health savings accounts for PFPC global business development.
PFPC HSA outsourcing options include:
- Providing participant-level shareholder recordkeeping
- Providing accessibility to variable investment funds through single sign-on integration with ConnectYourCare’s portal and PFPC’s multi-fund platform
- Acting as custodian with respect to a menu of pre-selected funds available to ConnectYourCare partners
- Supporting a partner that acts as its own custodian and selects its own menu of funds to be placed on the platform - proprietary or otherwise
“This new solution will enable banks and mutual funds to concentrate on their core competencies,” Gandolfo said, “leaving the healthcare administration and technology to ConnectYourCare, an industry expert.”
The agreement will allow banks and investment companies, who will act as the HSA custodian/trustee, to expand marketing of HSAs from employer groups to local health plans and third-party administrators (TPAs), leveraging ConnectYourCare’s co-branded marketing solutions. Within the co-branded portal solution, banks and investment companies can have an integrated account management web site, stacked debit card with a line of credit and a full-suite of marketing communications tools available, processed and packaged to go to market when agreements are signed.
The ConnectYourCare/PFPC solution will be available in April 2006.
About PFPC
PFPC, Inc., a member of The PNC Financial Services Group, offers fund accounting and administration, transfer agency, custody and sub-accounting services for $1.9 trillion in total assets and more than 62 million shareholder accounts. PFPC also services and provides behind-the-scenes support to HSA account holders on behalf of clients across the country. Our third-party HSA customer servicing includes enrollment, recordkeeping and transaction processing on behalf of banks, insurance companies and health plans. Please visit us at www.pfpc.com
The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
About ConnectYourCare
ConnectYourCare’s benefit delivery platform provides a pathway for migration to CDH, supplying tools for employees to better manage their healthcare choices and a vehicle for employers to realize healthcare cost containment. ConnectYourCare Solutions include a multi-purse debit card and portal for employees to manage tax-advantaged accounts and relevant investments, financial claims adjudication and customer support services, and comprehensive medical information and decision-support tools with a focus on wellness. ConnectYourCare sells to midsize and large employers and markets a co-branded ASP solution to health plans, TPAs, banks and investment firms. In July 2005, ConnectYourCare became Revolution Health Group’s first portfolio company. Steve Case, co-founder of AOL, launched Revolution Health Group to provide products and services for the consumer-driven transformation of the health and wellness industries. Please visit http://www.ConnectYourCare.com for more information or call 1-877-495-3341.
ConnectYourCare Contact:
Beverly Regester
410-891-1018
beverly.regester@connectyourcare.com
PPFC Contact:
Jeanette Harrison-Sullivan
617/338-4730
jeanette.harrison-sullivan@pfpc.com
