BNY Mellon Launches Automated Medical Claims Payment Platform for Property and Casualty Industry Capable of Reducing Paper-Based Payments Significantly
Technology from Jopari Solutions Facilitates Migration to Electronic Payments and Remittance.
NEW YORK, Nov. 17, 2016 /PRNewswire/ — BNY Mellon, a global leader in investment management and investment services, 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.”
With locations on six continents and an extensive network of correspondent financial institutions, BNY Mellon’s Treasury Services group delivers high-quality performance in global payments, trade services and cash management. It helps clients optimize cash flow, manage liquidity and make payments more efficiently around the world in more than 100 countries. Processing payment transactions in over 120 currencies, the company is a top-five participant in both the CHIPS and overall funds transfer markets. The company is also a recognized leader in the delivery of private-label treasury services solutions for banks and other large institutional clients.
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 management and investment services in 35 countries and more than 100 markets. As of September 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or administration, and $1.72 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.
Jopari Solutions, Inc. is a healthcare information technology company supplying innovative healthcare Attachment management and flexible medical payments products; and integrated eBill compliance and flexible medical payments for Workers’ Compensation and Auto Medical markets. Jopari has established an extensive connectivity network linking Payers, Providers, practice management systems and clearinghouses, and offers innovative solutions to assist with the management of attachments. Jopari enhances Payers’ ability to manage medical bills and disbursements, allowing reductions in associated expenses in addition to compliance with applicable federal rules and jurisdiction eBill/ePay regulatory requirements. Jopari maintains best practice SSAE 16 Type II attested internal controls.