The Bank of New York Mellon Recognized as Change Agent Shaping the Direction of Healthcare Transaction Processing
October 19 2007 - 12:28PM
PR Newswire (US)
PITTSBURGH, Oct. 19 /PRNewswire/ -- A recent study by Celent, a
leading financial services technology research firm, lists The Bank
of New York Mellon as one of eight firms leading the way as a
change agent enabling major health care providers to more
efficiently handle transactions. Celent's Healthcare Banking
research service based its designation on the ability of The Bank
of New York Mellon's Treasury Services division to apply its scale,
technology and expertise in four distinct areas: cash, liquidity,
trade and global payments to health care transaction processing.
The Celent report also acknowledges The Bank of New York Mellon's
delivery of both accounts receivable and payable solutions, and its
extensive patient payment offerings, including front-office
cashiering service. The report refers to The Bank of New York
Mellon as an early mover based on its introduction in the late
1990s of a lockbox services offering tailored to health care
providers. Noting that a series of enhancements have made the
lockbox offering "one of the most sophisticated in the market," the
report lists several examples -- notably the development of
next-generation, enhanced services for both third-party and first
payer models -- as examples of how The Bank of New York Mellon
continues to grow its portfolio of product and service offerings
designed specifically for health care providers. Further
underscoring The Bank of New York Mellon's stature as a change
agent is the company's introduction of working capital solutions
for health care providers that extend beyond just the payment and
remittance component of the revenue cycle. As examples, the report
notes The Bank of New York Mellon's front-office cashiering system,
offered through a partnership with CORE Business Technologies; a
remote patient payment service offered through BNY Mellon's
ClearTran operation; and a patient refund check processing service
offered through its SourceNet operation. "Over the past several
years, we have aggressively pursued the development of a dedicated
healthcare solution by introducing new products and services,
collaborating with leading industry groups and building a
specialized staff of healthcare financial experts. We're committed
to being a healthcare transaction processing leader," said Greg
Cicero, department head for BNY Mellon Working Capital Solutions.
"We're extremely gratified that our strategic direction has
resulted in our designation as an industry change agent." The Bank
of New York Mellon Treasury Services delivers high-quality
performance in global payments, trade services, cash management,
capital markets, foreign exchange and derivatives. It helps clients
optimize cash flow, manage liquidity and make payments more
efficiently around the world in more than 100 currencies. The
Company is the third largest participant in CHIPS funds transfers
in the U.S. and the seventh largest participant of SWIFT in the
world. The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients manage and
service their financial assets, operating in 37 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has more than $20 trillion in assets under custody and
administration, more than $1.1 trillion in assets under management
and services $11 trillion in outstanding debt. Additional
information is available at bnymellon.com. DATASOURCE: The Bank of
New York Mellon Corporation CONTACT: Ron Sommer of The Bank of New
York Mellon, +1-212-236-0082, Web site: http://www.bnymellon.com/
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