Session to focus on health care payers' organizational preparedness
NEW YORK, April 4, 2013 — Treasury Services business is hosting a Webinar on Thursday, April 11, at 2 p.m. EDT to familiarize public and private payers in the healthcare space with operating rules for electronic funds transfers (EFTs) and electronic remittance advices (ERAs) under the Affordable Care Act (ACA).
Featuring Vince Marzula, managing director and head of BNY Mellon's Healthcare iRx SolutionsSM team, and Mike Trilli, senior industry analyst for health insurance and payments with Aite Group, the one-hour session will explore methods that healthcare payers can use to reduce operational costs and improve provider relationships while also meeting their EFT and ERA compliance requirements under the ACA.
One of the biggest challenges for insurance companies in the health care space, including both health care and property & casualty insurance payers, is the time and labor expense associated with patient claim remittance delivery and payments. These costs can be reduced through the use of electronic funds transfers (EFTs) for healthcare claim payments and electronic remittance advices (ERAs), electronic files that contain claim payment and remittance information. Operating rules for the use of EFTs and ERAs are stipulated under The Affordable Care Act (ACA), and numerous states are mandating health care-related payment process changes for P&C companies. BNY Mellon has developed a timely and cost effective solution that meets the new ACA requirements and provides clients with access to an 800,000+ provider network for receiving electronic payments and remittances. The solution will be described in more detail during the Webinar.
"EFTs and ERAs are an important step in the right direction for insurance payers, but designing a solution well suited to their particular situation for meeting EFT and ERA mandates under the ACA can be challenging," said Susan Skerritt, executive vice president and global head of Business Strategy and Market Solutions for BNY Mellon's Treasury Services business. "With the compliance deadline only nine months away, it's important to engage health care payers in a dialogue that begins with two simple questions: 'Are you prepared?' and 'How can we in the banking community with specialized payment solutions help?'"
BNY Mellon Healthcare iRx Solutions are designed to support our healthcare payer and provider customers in their efforts to maximize their financial strength by improving operating margins, cash flow, and decision making through the use of integrated data analytics, payments and efficiency.
With locations on six continents and an extensive global 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. The company is a top-five participant in both the CHIPS and overall funds transfer markets, and is 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 36 countries and more than 100 markets. As of December 31, 2012, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 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, or follow us on Twitter @BNYMellon.