Source: JPMorgan Chase, McKesson Corporation
The Healthcare Solutions business of JPMorgan Chase (NYSE: JPM ) and RelayHealth, the connectivity services company of McKesson Corporation (NYSE: MCK), announced today that they have formed a strategic relationship to offer an integrated set of claim and payment processing solutions.
This relationship will transform the way that insurers, healthcare providers and consumers interact to settle claim payments, moving to a fully electronic model.
The combined solution will harness the strengths of JPMorgan Chase's healthcare financial settlement tools with the intelligent network of RelayHealth, which currently processes more than $780 billion in medical claims every year. As designed, the revenue processing cycle will become electronic, beginning with the submission of the healthcare claim to the insurer, payment and detailed remittance back to the provider, and an electronic statement to the patient. In addition, the relationship will support the management of payment, claim and enrollment content, and develop a single portal that can be accessed online by all key constituents along the revenue cycle. This portal will simplify access to key data that is highly fragmented today.
Both companies currently offer innovative solutions for insurers, physicians, hospitals and other healthcare providers, as well as consumers.
JPMorgan Chase's Healthcare Solutions provides a suite of consumer and commercial payment, remittance capture, data mapping, reconciliation and content management services that improve the revenue cycle for insurers and healthcare providers. In addition, the bank offers a full range of consumer-directed healthcare services.
RelayHealth provides a comprehensive set of solutions for claims management and payment processing that offers financial clearance and settlement capabilities such as eligibility determination, editing of claims prior to submission to insurers, receiving and normalizing of electronic remittance advices, and automated posting of remittance advices.
"We believe that in working with RelayHealth's world-class connectivity platform we can create significant improvements to the healthcare payment system," said Martha Beard, senior vice president and head of JPMorgan Chase's Healthcare Solutions business. "The combination of JPMorgan Chase's expertise in supporting healthcare financial transactions and RelayHealth's solutions will change the way insurers and healthcare providers interact in the future."
"We are pleased that JPMorgan Chase shares our commitment to delivering an electronic payment processing cycle that will yield greater efficiencies and better value for the insurer community," added James Bodenbender, senior vice president and general manager of McKesson's RelayHealth. "Through this unique relationship, we will leverage our relationship coverage with that of JPMorgan Chase to promote a full suite of solutions that foster simplification and efficiency while driving down costs."