BNY Mellon has launched a system that automates medical and dental insurance claim payments, attaches benefit explanations and enables virtual card support for medical providers.
The Automated Medical and Dental Payments Solution converts claim payments from checks to electronic payments and simplifies the payment processing. The new service provides an explanation of benefits statement and compliant 1099 management and processing, while providing users the payment information status through an online portal.
BNY Mellon client NJM Insurance Group is using the system to automate medical and dental claims. “This solution will support our digital journey as we work toward delivering cost savings and an exemplary customer experience,” Kim Ziegler, NJM vice president of medical services administration, said in a Wednesday press release.
BNY is accessing a network of more than 1 million providers that have elected to receive ACH or virtual card payments. Providers prefer the virtual card as a key payment option in this process, making conversion from paperwork to electronic payments more common.
“We are working to enhance the payment experience for our clients through our Automated Medical and Dental Payments Solution," Michael Bellacosa, global head of payments and transaction services at BNY Mellon, said in the release.
BNY Mellon is using technology from Jopari Solutions Inc., which develops connectivity for the group health, dental and workers’ compensation industry, to deliver the new payments platform. Jopari technology also features e-billing and creation of payment portals for customers.
BNY Mellon, a corporate brand of Bank of New York Mellon Corp., helps its clients manage and service their financial assets throughout the investment cycle with new technologies and a network of partners and providers.
