Aside from processing those claims, the new service will provide Explanation of Delivery (EOB) statements, with 1099 management and processing. This will be file-agnostic, and users will now have access to those documents, along with payment information, through an internet portal.
The new solution is intended to streamline medical and dental payments to be more efficient and cost-effective, the release says. The solution will leverage a wide network of over 1 million providers also using digital payments through ACH or virtual cards.
The key necessity of the virtual card is its ease of use, which attracts it to providers looking for an upgrade, according to the release.
Property and casualty insurer NJM Insurance Group is already actively leveraging the solution as a client, BNY Mellon said in the announcement.
"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."
BNY Mellon has also partnered with Early Warning Services for a new more flexible way for clients to validate customers in real-time, while also mitigating fraud. The service will be able to handle payments for any type of account, including wire transfers, automated clearing house (ACH) payments and more. Validation will get an upgrade in speed, so long as the account is good to begin with, and that will help do away with some risk.
Carl Slabicki, head of strategic payment solutions at BNY Mellon, told PYMNTS in a recent conversation that the expectations for B2B payments are shifting as companies shift away from the old manual ways due to the pandemic. He said the abundance of options as of late will make that an easy task.