Checks drawn under the Medicaid Deposit (Title XIX) Program represent the single largest source of revenue to virtually every health care facility. Availability of these funds is often a matter of very serious concern.
Amalgamated Bank's Title XIX Medicaid Deposit Program is designed to maximize the efficiency of Medicaid payment handling and to increase cash flow. It also provides an important element of security.
In New York State, an independent courier picks up the Medicaid payments each Wednesday and delivers them to Amalgamated Bank for processing. The funds are deposited to an account established in your facility's name and they are accessible the following business day. We send remittance statements to you within two days by priority mail. A separate receipt is generated for each deposit credited to your facility's account.
As an additional aid in determining your cash position, on the same day as the Medicaid checks are secured, Amalgamated Bank will confirm, via fax, the actual dollar amount received.
The Title XIX Medicaid Deposit Program is simple to initiate and usually requires two weeks or less to fully implement.
All deposit accounts listed are FDIC insured.
For more information on the Amalgamated Bank Title XIX Medicaid Deposit Program, or to make an appointment, call one of our Health Care Relationship Managers at (212) 895-4600, or email us at hcfs@amalgamatedbank.com.
