Streamlining Invoice Processing for a Large Healthcare Organization
As part of its telecom/utility invoice processing, expense management and process optimization services, RadiusPoint was hired as BPO specialist by a nationwide healthcare organization to streamline their operations.
With 140+ service locations providing 24/7 healthcare services nationwide, our client’s Accounts Payable department was tasked with the processing of over 420 telecom and utility invoices each month. Invoice processing involves auditing each document for errors and overages, assigning them to the correct cost center, and disputing charges with the telecom operators and utilities wherever errors are detected. This process is as complex as it is labor-intensive.
Our client’s triple objective in partnering with RadiusPoint to manage the invoice processing and payment tasks, were:
- To make sure their staff can focus on their core services
- To generate savings by detecting/disputing billing errors.
- To ensure invoices are paid on time, and vital telecom/utility services are not interrupted.
Building on our client’s core values and current processes, RadiusPoint set about to identify areas that could be optimized, invoice by invoice. As telecom and utility vendors issue invoices for multiple types of services, errors are inevitable.
We set up our client’s telecom and utility accounts in our intelligent cloud-based SaaS, ExpenseLogic, to perform a line-item audit of their telecom and utility services: we broke down all telecom invoices by wireline and wireless numbers, and data circuits. Utility invoices were analyzed by meter number and type of service (electricity, gas, waste management).
Once the accounts are set up and the error detection process works, RadiusPoint’s next priority is to reconcile invoices with the vendors, cancel any erroneous overcharges on account, and adjust invoices accordingly. This process usually generates quantifiable savings with vendors.
When errors are identified in ExpenseLogic and then reconciled with the vendors’ Accounts Payable, a credit or refund request is created, thereby avoiding future costs for the same charges. Charges are detailed and reported to our client when the requested credit appears on the invoices, or when the refund check is received.
A financial report is prepared each quarter using KPIs to track spending levels and ROI, thus assuring our client that their partnership with RadiusPoint is beneficial to their organization.
Role of a BPO specialist
Associated with line-item audits performed by our specialists, and the business intelligence delivered by our ExpenseLogic SaaS platform, our invoice processing and payment services generate value for a client in multiple ways:
- Eliminating errors in telecom and utility invoices
- Disputing billing errors with vendors, and making effective account adjustments with them
- Ensuring continuity of service as invoices are paid on time and —when accurate— in full
- Flagging any unused telecom assets (lines, devices, other equipment)
- Cancelling unnecessary subscriptions
- Reassigning unused equipment within the organization
- Detecting overages and wasteful misuse (e.g. water leaks at remote locations)
- Providing accurate reports and business intelligence to management for better cost allocation decisions
- Reducing the workload of the Accounts Payable staff, and generate labor savings accordingly
RadiusPoint considers that its role as a BPO specialist is to generate a clearly positive ROI for our clients every single year we take care of their account. This ROI results from direct and indirect savings, as well as from helping our clients focus on their true value-adding services with a certainty that their telecom and utility invoice processing is 100% taken care of.