BNY Mellon Launches its Automated Payment Solutions Offering for Insurance Payers

Rhea-AI Summary

BNY Mellon has launched its Automated Medical and Dental Payments Solution to transition claims payments from checks to electronic methods, enhancing processing efficiency. This solution, already utilized by NJM Insurance Group, offers features like EOB statement delivery and 1099 management, supporting BNY Mellon's goal of modernizing payment systems. With over one million providers accepting ACH or Virtual Card payments, this automated solution aims to streamline operations and improve the provider experience, ultimately leading to cost savings and better service delivery.

Positive

• Launch of Automated Medical and Dental Payments Solution enhances claims payment processing.
• Utilized by NJM Insurance Group, indicating immediate client adoption and support.
• Features like EOB statement delivery and 1099 management improve operational efficiency.
• Supports over one million providers opting for ACH or Virtual Card payments.

Negative

• None.

NEW YORK, Sept. 9, 2020 /PRNewswire/ -- BNY Mellon announced the launch of its Automated Medical and Dental Payments Solution, which facilitates the conversion of claims payments from checks to electronic payments and expedites and simplifies the processing of claims. In addition to generating payments, the new offering provides Explanation of Benefits (EOB) statement delivery, includes 1099 management and processing, is file-agnostic, and allows users payment information status and access through an online portal.

The solution, which property and casualty insurer NJM Insurance Group (NJM) is already actively leveraging as a client, is designed to fully automate the medical and dental claims process—helping to transform systems into a more streamlined and cost efficient operation. This exemplifies another significant stride toward BNY Mellon's overall mission of modernizing payments and helping clients transition from paper to electronic payment processing.

The solution also leverages a robust network of more than one million providers that have elected to receive ACH or Virtual Card payments. Virtual Card is a key payment modality, particularly because it is often preferred by providers for its ease of use.

"We continue to focus on delivering world class solutions that exceed our clients' expectations," said Michael Bellacosa, Global Head of Payments and Transaction Services at BNY Mellon. "We are working to enhance the payment experience for our clients through our Automated Medical and Dental Payments Solution. We are excited to bring NJM on board and to support their goal to modernize payments."

"We are pleased to partner with BNY Mellon as we continue to seek opportunities to enhance our provider experience," said Kim Ziegler, NJM Vice President Medical Services Administration. "This solution will support our digital journey as we work toward delivering cost savings and an exemplary customer experience."

BNY Mellon offers this product powered by Jopari Solutions, Inc., a technology leader in developing and delivering end-to-end connectivity for the group health, dental, and workers' compensation industry, including eBilling, ePayment, and Portal solutions.

About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries.  As of June 30, 2020, BNY Mellon had $37.3 trillion in assets under custody and/or administration, and $2.0 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Contact: Paul Patella
BNY Mellon
paul.patella@bnymellon.com
+1 212 635 1378 

 

View original content:http://www.prnewswire.com/news-releases/bny-mellon-launches-its-automated-payment-solutions-offering-for-insurance-payers-301126703.html

SOURCE BNY Mellon

FAQ

What did BNY Mellon announce on September 9, 2020?

BNY Mellon announced the launch of its Automated Medical and Dental Payments Solution.

How does BNY Mellon's new solution impact claim payments?

The solution converts claims payments from checks to electronic methods, streamlining processing.

Who is a client using BNY Mellon's new payment solution?

NJM Insurance Group is actively leveraging BNY Mellon's Automated Medical and Dental Payments Solution.

What are the main features of BNY Mellon's Automated Payment Solution?

It includes EOB statement delivery, 1099 management, and online access to payment information.

How many providers are included in BNY Mellon's network for this solution?

The solution supports over one million providers accepting ACH or Virtual Card payments.