SOURCE: Canopy Financial

Canopy Financial

April 21, 2009 08:30 ET

Blue Cross Blue Shield of Michigan Selects Canopy's Industry Leading Healthcare Banking Platform to Power Flexible Blue CDH Plan Offering

Canopy's CareGain Enables Health Plans to Administer CDH Plans End-to-End, Ensures Customer Service Uniformity, and Offers Key Insight Into Sub-Deductible Spending

SAN FRANCISCO, CA--(Marketwire - April 21, 2009) - Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced that Blue Cross Blue Shield of Michigan (BCBSM) has selected Canopy's CareGain® on-demand healthcare banking platform to power Flexible Blue(SM), BCBSMs consumer-directed healthcare (CDH) plan offering. CareGain® supports the healthcare banking programs of some of the largest health plans in America, and offers a proven, turnkey administration and account management platform for all CDH spending accounts, including HSAs, HRAs, and Flexible Spending Accounts (FSAs).

"Blue Cross Blue Shield of Michigan is one of the largest health plan providers in America. Through Canopy, Blue Cross Blue Shield of Michigan will be able to administer its CDH offering end-to-end, providing corporate clients and their employees 24/7 online access to key healthcare banking features like electronic payments, investment trading, and the ability to track, classify, and manage HSA account spending directly through their health plan," said Vik Kashyap, CEO of Canopy.

CareGain Product Features

CareGain®, Canopy's turnkey CDH account management and administration platform, enables health plans to not only administer their CDH plans, but also the technology associated with the financial account system or health related spending account. This ensures end-to-end customer support services for their CDH/HSA members.

Through CareGain®, health plans gain access to critical customer sub-deductible spend data, while gaining access to even more granular customer information such as who the spend is for (which dependants), where the spend is going (which providers), and how the payment is made (card, reimbursement, etc.), all of which can be used in plan revisioning, enhancements, and new service offerings.

About Canopy Financial

Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world's largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco, CA, Chicago, IL, and Plainsboro, NJ. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700.

Contact Information

  • Media Contacts:

    Mark Hall
    EGOEAST Inc. (for Canopy Financial)
    Email Contact
    786-281-7007