The BancTec team is in Las Vegas this week, enjoying the HIMSS12 Annual Conference & Exhibition at the Venetian Sands Expo Center!
For healthcare payers and providers, HIMSS12 is an opportunity to find new solutions for tackling the most vexing business challenges. With many looking to outsource demanding back-office processes, BancTec is there to offer smarter outsourcing solutions when it comes to EOB processing, claims processing and medical records management.
BancTec is at Booth #7600, discussing how its Intelligent BPO (iBPO) methodology goes beyond simply outsourcing an existing process. The approach analyzes then optimizes business processes to address the root causes of inefficiency, improving profitability for the long term.
If you’re at HIMSS12, stop by the BancTec booth to meet the team, share your processing pains and discover what iBPO can do for you. You’ll see why we call it the smarter way to outsource.
Not in Vegas? Follow the action with us on Twitter @BancTecInc.
Today’s post is from Lori Messana, Vice President/Managing Director, P2P Portfolio, at BancTec.
When meeting with a potential BPO provider and its team of “Subject Matter Experts” it is important to determine if the provider actually understands the corporate world, especially when it comes to procurement and accounts payable. After all, knowing how to drive a car doesn’t make someone a mechanic.
Has the Provider Walked in Your Shoes?
Someone who has done what you do will be in a much better position to understand the key issues involved in your business processes. With a provider that can act as a consultant and work with you, the best technology solution can be developed.
Of course the whole provider team does not have to understand your entire business, but be sure that someone there understands your typical day and how to solve the issues you confront.
Get to Know Your P2P Vendor
Simple research of a P2P provider and looking up the individual team members on LinkedIn and other public sources will help you get to know your potential partner. Asking the vendor team directly to tell you more about themselves is another good way to learn about their experience with P2P and AP automation.
Learn more about AP automation services, and see how BancTec offers smarter business processes through Intelligent BPO.
Vice president and managing director of BancTec’s P2P Portfolio, Lori Messana, was featured today as a contributor to PayStream Voices in her guest post titled, “Portable Devices Are Taking AP Automation Mobile.”
BancTec’s vice president of the Americas Operations, Terry Holash, will share his insights in a panel discussion titled “Outsourcing – The Bold and the Beautiful” tomorrow, Feb. 7, at the Capture 2012: Imaging to Archive conference in San Antonio.
Terry Holash, vice president, Americas Operations for BancTec
The panel will evaluate the business case for outsourcing, offshoring and insourcing data capture and related work processes. Holash will provide guidance for achieving the best results when outsourcing data capture and business processes such as invoice processing, mailroom automation and payments.
His insights stem from operating BancTec’s seven BPO Centers of Excellence located in the U.S. and using its proprietary Intelligent BPO, or iBPO, methodology that addresses the root cause of process inefficiencies.
The Institute of Financial Operations’ Capture 2012 event began on Sunday to explore emerging technology and best practices for the automation of document-driven applications.
Today’s post is from Coley Clark, BancTec’s chairman of the board and chief executive officer.
This year is a special one for BancTec as we celebrate our 40th anniversary and reflect on the experience we’ve gained on the way to becoming a leading provider of financial transaction automation and document management services.
Our company began in a time of technological transition. Innovations of the day included the digital watch, the hand-held scientific calculator, and Pong, the first commercially viable video game. They all arrived in 1972, just as BancTec started designing and manufacturing check-repair and related systems for the banking industry.
Though we claimed the name BancTec to highlight our technological expertise in banking, our company aggressively expanded to hardware as well as software solutions used in a wide range of industries. The experience we’ve gained managing payment processing and document processing has given us an in-depth understanding of a myriad of client businesses. Since 1999, we’ve offered our Intelligent BPO services, now our primary focus and fastest-growing business segment.
We all take pride in the fact that today BancTec serves clients in 50 countries and operates 19 BPO centers around the world, automating processes for Fortune 500 and mid-size companies. We’re successfully leveraging our proprietary IP and deep expertise to deliver focused solutions across the financial services, insurance, healthcare, utility, transportation and government sectors.
After 40 years, its employees are keeping BancTec on the leading edge of technology and electronically transforming businesses processes in the era of the Internet, the tablet computer and the smartphone. I see this anniversary less as a milestone and more as a reflection of our experience. While 40 years in business is worth celebrating, it’s our 40 years of experience that matters.
Our solution is capable of processing very high volumes of incoming items – up to 100 documents a second. It opens the mail, scans the contents, and identifies each document. Each item is then electronically distributed directly to the appropriate email account or to the required content management, ERP, archive or legacy system.
Automatic Notifications Help Resolve Issues
BancTec’s inbound mail processing solution offers additional services, such as processing supplier invoices, extracting customer data from application forms, and automatic notifications of missing and incomplete data.
Automated notifications can save time for the employee waiting for the data, the customer who sent what they thought was a completed document, and the customer-service person called to answer questions about the delay. The notice of missing data ensures that the document is completed as soon as possible, so the business process can continue without unnecessary delays or costs.
BancTec’s healthcare business analyst, Arvella Hill, will present an educational session Friday titled “Maximizing Healthcare Payment Automation” at the Healthcare Payments Automation Summit in Orlando, Fla.
Hill will discuss the major challenges that hinder the healthcare industry’s efforts to automate payment processing and offer solutions to achieve full automation.
Arvella Hill, healthcare business analyst for BancTec
“More than half of U.S. healthcare transactions are still paper-based. Additionally, there’s a processing lag if the payment is paper and the remittance electronic,” said Hill. “This represents one of the most costly and time-consuming challenges facing healthcare providers, billing companies and banks serving providers today.”
The session will demonstrate how BPO services can be a viable alternative for providers to improve remittance payment management. Optimizing the process through outsourcing can result in accelerated cash flow, increased recovery rate on denied claims and reductions in back-office expenses.
Learn more by visiting BancTec at Booth #155 during the summit, Jan. 26-28, at the Disney Contemporary Resort.
A Forbes magazine column last year included an endorsement of BancTec’s approach to BPO.
After a personal experience with outsourcing left Mark Gibbs less than pleased, he wrote, “The reality is that outsourcing (whether it’s to a firm down the road or a company over in Mumbai) in and of itself isn’t a bad thing; indeed, there are business processes where outsourcing makes a huge amount of sense. But here’s the thing: When you use outsourcing to remove what you see as a necessary evil rather than a way to improve a process, you make a huge mistake.”
BancTec’s Intelligent BPO, or iBPO, methodology was developed to avoid this very situation. Businesses must understand that simply outsourcing an already inefficient process will not lead to improvements in the long run. A business must first consult with the outsourcing provider to determine the best way to optimize the process before merely outsourcing inefficiency.
The four steps involved in BancTec’s BPO process include envisioning the ideal process and designing that process based on best practices. The migration process begins next, either all at once or in stages. The final optimization stage is ongoing; BancTec continues to manage the process and make improvements. By choosing the smarter way to outsource, companies realize lower costs, reduced risk, better service and improved intelligence.
Today’s post is from Lori Messana, Vice President/Managing Director, P2P Portfolio, at BancTec.
Does this sound familiar: Your P2P vendor proudly says, “We’ve got the perfect solution for an organization like yours!” before he or she has learned the first thing about your processes.
Vendors of P2P automation have to be about more than salesmanship. Finding the right solution for the customer requires in-depth knowledge of the accounts payable process and an understanding of the roles of the people involved.
A good AP automationvendor recognizes that even though the accounts payable function is a transactional process, it’s a unique process in each organization, based on its business structure, industry-specific roles, and regulatory requirements. If a vendor cannot commit to taking the time to understand your AP processes from the start, you may want to re-evaluate that vendor.
P2P Automation Beyond the Standard Benefits
The benefits of automation usually highlighted by solution providers include cost reduction, increased efficiency, fraud prevention, discount capture, and working capital improvements. However, those benefits alone will not guarantee a solution will meet your specific business needs.
BancTec is proud that in many of its processes it has achieved Six Sigma accuracy — that’s 99.99966 percent accuracy in transactions. Six Sigma is a management philosophy that transforms organizations, helping them become more effective and efficient.
As a global leader in BPO, BancTec delivers when it comes to processing information, distributing information on time and getting funds for customers fast.
The BancTec team is in Las Vegas this week, enjoying the HIMSS12 Annual Conference & Exhibition at the Venetian Sands Expo Center!
