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Payments Management Software Overview

FINEOS Payments solution 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.

Benefits of Payments Management Software

FINEOS Payment Management Software is designed to help businesses automate and streamline their payment processes. Some of the benefits of having FINEOS Payment Management Software include:

  • Improved efficiency: The software automates many of the manual tasks involved in payment processing, which can save time and reduce errors.
  • Increased accuracy: With automated payment processing, there is less chance of human error, which can help improve accuracy and reduce the risk of costly mistakes.
  • Enhanced security: The software includes security features such as data encryption, which helps protect sensitive payment information.

See More Benefits of FINEOS Payments

FINEOS Claims

  • Benefit calculations for all insurance products
  • Combine payments cross-claim
  • Manage external claim expenses
  • Tax and interest

FINEOS Absence

  • Indexation of payment amounts
  • Process Paid Family Leave claims payments
  • Manages recurring, one off lump sum, schedule-based benefits payments
  • Retroactive re-calculations

Absence Management Datasheet

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 Management Software

FINEOS Billing

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

FINEOS Claims

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

FINEOS Payments

  • Payments management solution
  • Automated
  • Accurate
  • Payroll Continuity
Payments Management Solution

FINEOS Policy

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

FINEOS Provider

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

FINEOS Quote

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

FINEOS Rate

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

FINEOS Underwrite

  • Group insurance underwriting software
  • Integrated underwriting tools
  • Efficient collaboration
  • Comprehensive quote management
Insurance Underwriting Software

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FINEOS Payments Management Solution – Frequently Asked Questions

What is Payments Management Software in insurance?

Payment Management Software for insurance is designed to help businesses automate and streamline their payment processes. It includes a range of features such as invoicing, payment processing, recurring payments, automatic payment reminders, and financial reporting.

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?

Your Payments Management Solution should have full payment capabilities and easily established payment preferences. FINEOS Payments seamlessly integrates 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.