New York, NY – BNY Mellon, a global leader in investment management and investment services, recently announced the launch of its automated medical claims payment platform for its property and casualty insurance clients. Payments will be generated through electronic funds transfer, virtual payment card or paper check, with the potential of significantly reducing paper-based payments.
The new system uses technology from Jopari Solutions Inc., a healthcare technology company, that has been integrated into BNY Mellon’s Treasury Services payments platform and is compatible with medical claim processing systems widely used in the healthcare industry. This technology identifies the preferred method of transaction by health care providers, a feature that helps expedite and automate claim payments.
“Health care providers are driving the growth for modern payments systems,” said Anthony F. Brady, head of global product management for BNY Mellon’s Treasury Services business. “They are looking for efficient systems that reduce costs and payment times and are compatible with regulations governing property and casualty and worker’s compensation businesses and medical claim payments. This fully automated system is now integrated with our global payments platform to deliver standardized property, casualty and workers’ compensation payments.”
“We expect the automated payments platform that BNY Mellon and Jopari are introducing will integrate seamlessly with payers’ existing accounts payable processing workflows, while conforming to individual state medical reimbursement regulatory frameworks,” said J.R. “Steve” Stevens, chairman and chief executive officer of Jopari. “Both firms are committed to deploying this state-of-the-art medical claim payments platform that the property and casualty industry sorely needs to stay competitive into the future.”
Source: BNY Mellon