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BCBSM Taps Canopy Financial for Healthcare Banking Platform

Canopy's CareGain solution will power Blue Cross Blue Shield of Michigan's Flexible Blue consumer-directed healthcare plan.

Blue Cross Blue Shield of Michigan (BCBSM, Detroit) has selected Canopy Financial's (San Francisco) CareGain on-demand healthcare banking platform for the health insurer's Flexible Blue consumer-directed plan offering, according to a Canopy source. The vendor describes CareGain as a turnkey administration and account management platform for all consumer-directed healthcare plan spending accounts.

"Through Canopy, BCBSM 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," comments Vik Kashyap, CEO of Canopy.

Canopy's CareGain consumer-directed healthcare plan 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, according to the vendor. This ensures end-to-end customer support services for their CDH/HSA members the Canopy source asserts. The solution gives 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, according to Canopy.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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