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.”
About JPMorgan Chase Treasury Services
The Treasury Services business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small business, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Chase Treasury Services is the world’s largest provider of treasury management services. More information can be found at www.jpmorganchase.com/ts.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.4 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
About McKesson
McKesson Corporation, currently ranked 18th on the FORTUNE 500, is a healthcare services and information technology company dedicated to helping its customers deliver high-quality healthcare by reducing costs, streamlining processes, and improving the quality and safety of patient care. Over the course of its 174-year history, McKesson has grown by providing pharmaceutical and medical-surgical supply management across the spectrum of care; healthcare information technology for hospitals, physicians, homecare, and payors; hospital and retail pharmacy automation; and service for manufacturers and payors designed to improve outcomes for patients. For more information: http://www.mckesson.com.
RelayHealth is McKesson’s vendor-neutral connectivity services company. Its intelligent network is designed to streamline clinical, financial and administrative communication between patients, providers, payors, pharmacies and financial institutions. RelayHealth works to accelerate the delivery of high-quality care and improve financial performance through solutions such online consultation of physicians by patients, electronic prescribing, point-of-service pharmacy claims resolution by payors, pre-visit patient financial clearance by providers, and post-visit provider bill settlement by payors and patients. For more information: http://www.relayhealth.com.
