Kentucky Company Selects Bank of New York To Process Medicare Prescription Drug Plans

Humana Inc., a Kentucky based health benefits company, selected The Bank of New York to provide optical character recognition (OCR) lockbox services to process and image some of their customer premiums for the new Medicare prescription drug plan. The Bank

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Humana Inc., a Kentucky-based health benefits company, selected The Bank of New York to provide optical character recognition (OCR) lockbox services to process and image some of their customer premiums for the new Medicare prescription drug plan. The Bank of New York’s OCR lockbox services use imaging and high-speed item processing technologies to accelerate collection, posting, and reporting of consumer remittances received by mail.

The Bank’s OCR services provide clients with the capability to review and take action on transactions that are rejected during processing because of differences between the submitted item and the customer’s pre-established business rules or processing criteria. This technology allows clients to add missing remittance data and to change information on-line, permitting premiums to be posted, settled and reconciled in one day.

“We chose The Bank of New York for this very important service because of its leading technology that provides on-line decision-making capabilities,” said Walter B. Stark, assistant treasurer of Humana. “Our Medicare customers will be served more efficiently because of the Bank’s ability to handle premium payments on the same day they are received.”

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