Business & Finance
Business and Finance
Business and Finance
Mon, January 12, 2009 UMB Healthcare Services Reaches One Million Accounts
KANSAS CITY, Mo.--([ BUSINESS WIRE ])--UMB Healthcare Services, a division of UMB Financial Corporation (NASDAQ: UMBF), announces a company milestone by exceeding one million in health spending accounts – making UMB one of the nation's top custodians for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs). The figure represents an annual growth rate of 36 percent.
As of December 31, 2008, total assets for UMB health spending accounts surpassed $140 million – a 40 percent increase from a year ago. The company attributes its growth to a proven business model that blends experienced staff, high-level customer service and adaptable products to directly answer customer needs.
"We've been a financial partner to the health care industry for more than 12 years," said Dennis Triplett, president of UMB Healthcare Services. "UMB has demonstrated that we are innovative enough to act on changing customer needs, traditional enough to emphasize quality above all else, and dynamic enough to take advantage of opportunities."
Even with projected economic challenges in 2009, Triplett expects to see continued levels of growth and demand for consumer-directed health care.
"A challenging economy may convince companies and consumers to explore alternatives to deal with the ever-rising health care costs, which should accelerate growth in consumer-driven plans," said Triplett. "But, in order for the industry to evolve, we must continue to stress the importance of communication and education. Companies and consumers need to truly understand the benefits of these plans."
Triplett serves as the board chairman of the HSA Leadership Council of America's Health Insurance Plans (AHIP), a charter member of the American Bankers Association's HSA Council, and is chairman of the board for the Employer's Council on Flexible Spending (ECFC). Since the inception of Medical Savings Accounts in the late 1990's, UMB Healthcare Services has been a leader in the health care market place. Today, UMB supports HSAs, FSAs and HRAs, and in conjunction with First Data was the first banking partner to provide multi-purpose card technology to the health care industry.
Funds in an HSA Base Account are held at UMB Bank, n.a., Member FDIC.
About UMB:
UMB Financial Corporation (NASDAQ: UMBF) is a multi-bank holding company headquartered in Kansas City, Mo., offering complete banking, asset management, health spending solutions and related financial services to both individual and business customers nationwide. Its banking subsidiaries own and operate 136 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include an investment services group based in Milwaukee, Wis., single-purpose companies that deal with brokerage services and insurance, and registered investment advisors for proprietary mutual funds.
