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.
|SOURCE The Bank of New York Mellon Corporation|
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