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BNY Mellon unveils automated payment solutions offering for insurance payers

By Pavithra R

September 10, 2020

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Michael Bellacosa, Global Head of Payments and Transaction Services at BNY Mellon

BNY Mellon has announced the launch of its automated medical and dental payments solution facilitating the conversion of claims payments from checks to electronic payments and expediting and simplifying claims.

Besides 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 is already being used by property and casualty insurer NJM Insurance Group (NJM) and is built to fully automate the medical and dental claims process, transforming systems into a more streamlined and cost-efficient operation. 

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

The launch marks a significant milestone in BNY Mellon’s overall mission of modernizing payments and helping clients transition from paper to electronic payment processing. The solution leverages a robust network of providers that have elected to receive ACH or Virtual Card payments. Virtual Card is a crucial payment modality, mainly 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. 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,” said Michael Bellacosa, Global Head of Payments and Transaction Services at BNY Mellon. 

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

Established since 1784, BNY Mellon delivers informed investment management and investment services in 35 countries and serves clients worldwide. The firm recently partnered with SWIFT to automate global payment inquiries.

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