Overview

FINEOS Payments is a powerful benefit calculation and disbursement module that integrates with FINEOS Claims, FINEOS Absence and FINEOS Provider to help ensure accuracy and completeness while significantly reducing administrative costs. When integrated with FINEOS Claims, FINEOS Payments also addresses medical rehabilitation services, inpatient care/invasive surgery, social security advocacy services, and identification of beneficiaries on death benefit claims.

FINEOS Payments processes everything from simple one-off payments (e.g. to beneficiaries on death claims) to complex, long-tail payments that change over time (e.g. disability / income protection claims). It has automated procedures for dealing with offsets, deductions, tax, interest, overpayments and underpayments and it generates detailed audit trails of all financial movements.

FINEOS Payments is integral to the FINEOS AdminSuite – providing a seamless approach to one of the most critical customer engagement touchpoints.

It integrates with:

FINEOS Claims / FINEOS Absence

  • Benefit calculations for all insurance products
  • Process Paid Family Leave claims payments
  • Retroactive re-calculations
  • Overpayment recovery
  • Indexation of payment amounts
  • Tax and interest
  • Combine payments cross-claim
  • Manage external claim expenses
  • Manages recurring, one off lump sum, schedule-based benefits payments
  • Detailed payment breakdowns

FINEOS Provider

  • Capture and automatically review / pay invoices
  • Align service contracts with payments
  • Generate end-of-year financial statements for providers

FINEOS AdminSuite

FINEOS Absence

  • Absence management software
  • Integrated with FINEOS Claims
  • Covered paid and unpaid leaves
  • Simplifies Compliance
ABSENCE

FINEOS Billing

  • Billing management solution
  • Combined or separate bills
  • Reduced billing leakage
  • Automated cash application
BILLING

FINEOS Claims

  • Claims management software
  • Provides straight-through processing
  • Increases accuracy and compliance
  • Covers payments and return to work
CLAIMS

FINEOS Payments

  • Payments management solution
  • Automated
  • Accurate
  • Payroll Continuity
PAYMENTS

FINEOS Policy

  • Policy admin system
  • Set up cases quickly
  • Service all tiers and admin modes
  • Connect to digital ecosystem
POLICY

FINEOS Provider

  • Provider management software
  • Drive outcome-orientated engagement
  • Manage service approvals
  • Accelerate rehabilitation and return to work
PROVIDER

FINEOS Quote

  • Group insurance quoting software
  • Fast Life, Accident and Health quoting
  • Extend quoting to distribution
  • Comprehensive workflow
QUOTE

FINEOS Rate

  • Group insurance rating software
  • Real-time data manipulation
  • Automated complex rating
  • Award-wining, patented technology
RATING

FINEOS Underwrite

  • Group insurance underwriting software
  • Integrated underwriting tools
  • Efficient collaboration
  • Comprehensive quote management
UNDERWRITING

Resources

FINEOS Payments Management Solution – Frequently Asked Questions

What is a payments management solution for the Life, Accident & Health insurance market?

A payments software solution like FINEOS Payments is a comprehensive payment and disbursement software solution designed specifically for the Life, Accident and Health insurance market. FINEOS Payments ensures the employee and all beneficiaries receive timely, accurate, and explained payments.

What are the key features of FINEOS Payments management solution?

FINEOS Payments management solution has full payment capabilities, easily established payment preferences and uses one payment module that is seamlessly integrated with FINEOS Provider management and FINEOS Claims management.

How does a payments management software solution increase accuracy and improve productivity?

Payments software solutions provide accuracy and productivity by using comprehensive pre-payment verification, automation of payment transactions, and automated payment calculation. FINEOS Payments increases transparency and reduces errors and reconciliation mistakes.

How does payments management software improve expense management?

Payments management software can improve expense management by aligning service contracts to payments, using end-to-end invoicing and payments processing, and providing detailed reporting and end-of-year financial statements.

How can payments software simplify claims administration?

There are many ways a payments software could be used to simplify claims administration. A payments software solution should support multiple payment types, have death claims beneficiary tracking, rule-based exception routings for payment approvals and automated calculation for taxable benefit payments. FINEOS Payments integrates seamlessly with the FINEOS Claims management solution.

How can a payments management solution increase customer satisfaction?

A payments management software solution like FINEOS Payments reduces time spent performing repetitive, but necessary payment reconciliation tasks. Easier recurring payments for customers and fewer payment related service inquiries builds increased confidence and trust with policy holders, carriers and service providers.

What modernized technology can be found within a payments management solution?

A payments software like FINEOS Payments is built on the one of the most technically sophisticated platforms available and is designed for the B2B2C model inherent in the Life, Accident & Health Group, Voluntary and Individual insurance market. It supports the most stringent security and regulatory requirements, and uses preconfigured workflow and case types across the suite.