Bisys(R) Receives URAC HIPAA Security and HIPAA Privacy Accreditation for Health Savings Account Solution.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- -- Information Processing Provider Demonstrates Commitment to Sound Information Management Practices and Addresses Information Technology Risk -- BISYS, a leading provider of outsourcing solutions for the financial services sector, today announced that its Health Savings Account A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. (HSA HSA Health Savings Account (US) HSA Human Serum Albumin HSA Human Services Agency (Nevada) HSA Health Services Agency HSA Health and Safety Authority (Ireland) ) solution has been awarded HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, (Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) was enacted by the U.S. Congress in 1996. According to the Centers for Medicare and Medicaid Services (CMS) website, Title I of HIPAA protects health insurance coverage for workers and their families when ) accreditation for both Security and Privacy from URAC URAC Utilization Review Accreditation Commission (health care accreditation & certification) URAC University Recreation & Aquatic Centre Ltd (Australia) URAC Union Regional de Apoyo Campesino , a Washington, DC-based healthcare accrediting organization that establishes quality standards for the healthcare industry. URAC's HIPAA Security and Privacy Accreditation standards require companies to establish policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental to effectively manage ongoing security risks as well as enact necessary measures to safeguard Protected Health Information protected health information Health informatics Any individually identifiable health informatlon that is used or circulated by an entity that falls under the governance of HIPAA; the privacy regulations mandate safeguards for protected health information, and the (PHI). BISYS' wholesale HSA solution, which provides trustee banks, insurance carriers, and third party administrators (TPAs) with both turnkey and customized programs, offers an array of services including automated enrollment and contribution processing, account recordkeeping, payment processing, and back-office services, and fully featured customer web and call center services. BISYS' HSAs are designed to meet the needs of the accountholder, the employer, and the healthcare carrier, which enables BISYS clients to deliver their HSA programs with minimal investment and infrastructure change. "We commend BISYS on establishing programs and operations worthy of HIPAA Security and Privacy Accreditation," said Charles Stellar, URAC's Chairman. "In today's healthcare market, HIPAA accreditation is a mark of distinction for organizations that demonstrate their commitment to quality healthcare." According to Bill Neville, President of BISYS Information Services See Information Systems. , "At BISYS, we know that protecting an individual's personal health information is critical. We are committed to not only delivering quality solutions but also ensuring that our compliance programs are sound and our technology infrastructure is secure. Receiving both HIPAA Security and Privacy Accreditation from URAC underscores this commitment. It demonstrates to our clients that our entry into the HSA market was well-planned and well-executed. That our clients include some of the most preeminent financial services organizations in the country is further testament to the quality and readiness of our solution. We are proud of achieving this distinction." About URAC URAC, an independent, nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. , is well-known as a leader in promoting health care quality through its accreditation and certification programs. URAC offers a wide range of quality benchmarking programs and services that keep pace with the rapid changes in the health care system, and provide a symbol of excellence for organizations to validate their commitment to quality and accountability. Through its broad-based governance structure and an inclusive standards development process, URAC ensures that all stakeholders are represented in establishing meaningful quality measures for the entire health care industry. For more information, visit www.urac.org. About BISYS Corporate Financial Solutions Corporations wanting to raise additional capital, enter emerging markets, and streamline inefficient financial processes look to BISYS for creative and customized solutions. BISYS leverages its ABA-endorsed* banking platform and almost 40-year industry experience to provide innovative account processing and customer care services that support Health Savings Accounts (HSAs), corporate money market accounts (CMMAs), retained asset accounts (RAAs) for insurance companies, insured deposit solutions for brokerage firms, and diverse other initiatives requiring banking capabilities. Marketing, management, call center, and regulatory services complement all BISYS' offerings, helping corporations increase efficiency and cost savings, reduce risk, and protect company assets. *The American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and (ABA), through its Corporation for American Banking (CAB) subsidiary, exclusively endorses BISYS' core information processing solution as the recommended solution for community banks. About BISYS The BISYS Group, Inc. (NYSE NYSE See: New York Stock Exchange : BSG BSG Battlestar Galactica BSG Broadband Stakeholder Group (UK) BSG British Society of Gastroenterology (London, UK) BSG Business Systems Group BSG Business Solutions Group BSG Basigin ) provides outsourcing solutions that enable investment firms, insurance companies, and banks to more efficiently serve their customers, grow their businesses, and respond to evolving regulatory requirements. Its Investment Services group provides administration and distribution services for mutual funds, hedge funds, private equity funds, retirement plans and other investment products. Through its Insurance Services group, BISYS is the nation's largest independent wholesale distributor of life insurance and a leading independent wholesale distributor of commercial property/casualty insurance, long-term care, disability, and annuity products. BISYS' Information Services group provides industry-leading information processing, imaging, and back-office services to banks, insurance companies and corporate clients. Headquartered in New York, BISYS generates more than $1 billion in annual revenues worldwide. Additional information is available at www.bisys.com. Except for the historical information contained herein, the matters discussed in the press release are forward-looking statements within the meaning of the safe-harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including but not limited to economic, competitive, governmental and technological factors affecting The BISYS Group, Inc.'s operations, markets, services and related products, prices and other factors discussed in The BISYS Group, Inc.'s periodic filings with the Securities and Exchange Commission. |
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