News by SB Informer

Bank of America, MedImpact Launch Unique Credit Card and Consumer Directed Health-Care Offering

SB Informer
Wednesday, February 28, 2007; 02:59 AM

Bank of America and MedImpact Healthcare Systems, Inc., today announced development of a unique program designed to help employers and employees manage the rising cost of healthcare. The agreement includes a fully integrated Consumer-Directed Health Care (CDHC) platform, provided by Bank of America Benefit Solutions(TM) and a rewards-based credit card, provided by Bank of America Card Services.

For Bank of America, among the world's largest financial institutions, this is the first healthcare offering that delivers both a co-branded rewards card and an account-based benefit product set, including Health Savings Accounts (HSAs), which enables MedImpact to offer MedEmpower, a one-of-a-kind solution for its constituents. San Diego-based MedImpact, a leading Pharmacy Benefits Management company, serves 27 million members nationwide from its client companies.

The MedEmpower integrated account-based benefits package also includes Flexible Spending Accounts, Health Reimbursement Arrangements, debit cards, account and claims administration, marketing, communication and education services -- all designed to provide consumer choice, ease of use and help reduce costs for payors and the consumers they serve. The benefits platform will support any consumer's health plan -- HMO, PPO or HDHP -- and, ultimately, will include wellness information, decision support tools and rewards.

MedImpact is also offering its clients a Bank of America credit card with the WorldPoints reward program. In addition to earning reward points for everyday net retail purchases, the no-annual-fee credit card offers cardholders double reward points for net retail purchases of medical services and pharmaceuticals. The points can be redeemed through Bank of America's award-winning WorldPoints program for merchandise, travel, cash back, or converted to cash which can be deposited into a Health Savings Account.

"We are extremely pleased that Bank of America shares our vision to reward consumers for wise management of their health-care costs," said Dave Wheeler, Chief Financial Officer of MedImpact . "The new MedImpact MedEmpower suite of products represents an excellent way for employers to help their employees save money. MedEmpower enhances the existing array of tools and services we offer to help consumers take greater responsibility for managing their health- care and pharmaceutical costs."

Bruce Hammonds, president, Bank of America Card Services, said, "Our relationship with MedImpact benefits all parties in the health-care system -- payors, employers, providers and most important, the consumers -- by offering innovative products and payment facilitation."

The Bank of America-MedImpact arrangement joins the growing number of relationships between Bank of America and health-related companies.

"Bank of America is committed to providing creative solutions to the health-care sector and we expect to announce more partnerships and innovations in the near future," said Hammonds.

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