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.
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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.
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“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.”
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