Posts Tagged ‘Accounts Receivable’

Texas Hospital reduces streamlines billing with FileBound

July 30, 2014
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FileBound was able to decrease the billing cycle of East Texas Medical Center EMS from two months to one week.

East Texas Medical Center EMS Significantly Reduces Billing Cycle with FileBound

Although highly efficient in all its medical services provided to patients, this organization was being held back by a manual system of handling trip tickets, Explanation of Benefits (EOB) processing, accounts receivables and membership drive management. As a result, trip tickets, which show details of each trip and service provided, were slow to reach billing. Printed trip tickets were regularly misplaced, delaying billing even more. In addition, the time-consuming manual tracking of EOBs impacted the organization’s ability to provide timely information to patients and insurers. The manual billing process that depended on data gathered from the manually processed trip tickets resulted in a 60-day accounts receivable cycle. On top of everything else, all of these manually performed operations required the organization to regularly hire a large number of temporary employees. The end result was a slow, expensive operation that was holding back the organization.

The Solution

The company adopted a FileBound platform to manage all its documents. Trip tickets, EOBs and membership forms are now scanned into the FileBound system and all workflow processes are managed by the system which provides tremendous savings of time and labor. The FileBound system was also configured so the company could OCR their EOBs. This resulted in information being immediately accessible, further streamlining the process. The organization now also uses FileBound to manage its annual membership drive to speed up information availability and follow-up.

FileBound Results

FileBound provided a complete solution that contains all the features and functions the client needed. The introduction of FileBound technology has cut their billing cycle from 60 days to one week. Trip tickets are now captured the day after creation and entered into the billing system within 48 hours. The three full-time employees who previously were manually managing each day’s batch of EOBs are no longer needed and have been deployed elsewhere in the company. The client felt that the FileBound solution was user-friendly and intuitive to all levels of users. The customer achieved a return-on-investment within just nine months due to the new, highly efficient EOB strategy and a reduced need for contract/temporary labor.

Clear Cost Model Allows Easy ROI Calculations

January 15, 2014
Business today is desperately trying to engineer cost out of the business...

Business today is desperately trying to engineer cost out of the business…

Return on Investment (ROI) is at the heart of every significant business decision. In the simplest of terms it is a measure of what you get for what you give. Research by Ohio State University found that 4 out of 5 buyers seek “value” before price. In other words, most people will give more to get more.

“Value” includes Quality, Flexibility of the offering, and Availability all as a function of Price. “Quality” means the product delivers what is required (or wanted) and does what is promised. Economists call this the “Law of Marginal Utility.” For the rest of us, it means what blows your hair back won’t necessarily interest the next guy. When we talk about ROI, we have to keep it in the context of what is important to the buyer.

What are businesses requiring today? First, they want more customers and more sales. That is pretty well true no matter what the economic conditions are. Beyond that, however, is that business today is desperately seeking ways to engineer cost out of the business. Most of the improved earnings reports are the result of cost reductions. And while cost reduction began as a way to respond to the recession, evidence suggests that it is quickly becoming a permanent part of business culture.

With a paper-based invoice processing system the company incurs a significant “cost” in handling paper, but it is difficult to quantify the short-run cash savings. Creating a long-run “saving” by installing imaging, for example, doesn’t add value if I still have the floor space, the employees and all my other out-of-pocket expenses. The value may be intrinsic, but few businesses are investing today based upon intangible value. The CFO will say “Show me the money!”

FileBound offers a rare opportunity to eliminate work at a value-based price. A major task in the AP department is entering data from paper invoices into the Accounting System. Typical information entered is a vendor name, purchase order number, invoice number, payment due date and general ledger account code (s) and total due. Because this information is normally put into the accounting system after all processing and approvals, other logging and data entry of the invoice typically takes place before the invoice is ready for entry to the accounting system.

With FileBound all of this changes. Invoices are scanned immediately upon arrival. The needed information is electronically picked up off the
invoice and captured eliminating data entry and other manual tasks to a fraction of the time normally required. Routing and review of invoices is all handled electronically, eliminating hand routing and handling of the invoices. Finally, the scanned information is automatically imported into the general ledger accounting system and invoices can be paid without further data entry.

Best of all, not only is the work more efficient, much of the original work (key entering data) is gone forever. This provides the opportunity to either repurpose staff to cash-producing work (such as AR collections and sales proposal follow-ups) or eliminate head count. Either way, the business gets cash returns for the investment.

Added benefits include improved accuracy and reduced mailing expense. Errors in data entry create extra work and cost. With FileBound, that problem is gone forever because the information is picked up electronically from the invoice. Invoices received at field offices are now scanned, eliminating mailing or courier expense.

High value for a low price with FileBound – an easy ROI!

Innovative Medical Management, Inc.

April 3, 2013
After partnering with FileBound, Innovative Medical Management grew its client base 50%.

After partnering with FileBound, Innovative Medical Management grew its client base 50%.

Founded in 1994 by President and CEO Bassel Salloum, Innovative Medical Management, Inc. provides billing and collecting services for medical providers seeking payment from Worker’s Compensation, Medicare, and private insurance companies. The Anaheim Hills, California company with more than 80 employees manages over $300,000,000 in accounts receivables and bills out on behalf of its clients over $4,000,000 per month in new charges.

The Problem

Innovative Medical Management’s (IMM) processes for billing their clients’ claims to Worker’s Compensation, Medicare and private insurance companies – or for having the court include the clients’ billing in a legal claim for payment – were paper intensive and slow. The system required employees to gather the medical records and billing information from IMM’s medical provider clients (by USPS, fax or email) and then make copies of all the information. Next, the employees had to send the information to the insurance provider or to the court. Ultimately, the medical record and billing information was sent to a collector for follow up until payment was received. Because there was so much paper involved in each case, it was easy for a file to be lost or misplaced. Employee capacity was low (one client per biller) because the process of providing documentation was labor intensive, hard copy focused and slow.

The Solution

With the help of the FileBound Document Management Solution, Innovative Medical Management was able to reconfigure its entire workflow to save time and labor. Now when hard copy files come in from medical providers, they are scanned and entered into the FileBound archive. When IMM billers are assigned a client, they electronically produce a billing statement for processing. Information is emailed and faxed directly from FileBound to the insurance companies and attorneys cutting out the time- onsuming file-copying step all along the workflow path.

FileBound Results

Innovative Medical Management’s billing capacity has doubled since the installation of FileBound in March 2010 and no new employees have been needed. The company has gone from having one employee handle one case to having each employee successfully manage multiple cases. Lost files have become a thing of the past because every document is housed securely in the FileBound archive. Since the arrival of FileBound, IMM bills insurance faster and collects quicker, which means extremely satisfied clients. Consequently, IMM’s client base has grown by 50 percent.

Transportation Logistics Firm

November 7, 2012

A major over-the-road trucking company which also operates a 300 million dollar brokerage division is continuously seeking innovative ways to retain margin levels and to stay ahead of the competition by delivering industry leading levels of service.

This transportation logistics firm streamlined its operations with a process automation solution from FileBound.

The Goals

In approaching these challenges, three specific areas became targets for continued improvement and automation. These included: the current processes for collecting and distributing proof of delivery documents to expedite billing (receivables) activities; the process for receiving and processing expedited proof of delivery documents from their transportation partners to support billing (payables) activities; and the way they internally processed brokerage receivables and payables in an attempt to collapse their billing-to-revenue time lines.

The Challenge

The brokerage business is very document intensive and upon exploring their processes, it became apparent that there was a need for automation. Before implementing FileBound, third-party transportation providers faxed proofs of delivery documents to them and they had to manually match order documents to them to complete the billing cycle. They found themselves unable to complete billing on time and were missing their turnaround standards. In some cases, transactions were taking up to two weeks to complete.

The Solution

A FileBound solution was implemented to automate their document handling processes. Faxed proof of delivery documents are now auto-imported into the system and managed by workflow rules. This new level of control has resulted in a significant reduction in processing time and has collapsed their receivable turnover to levels never before achieved.

White Paper: Clear Cost Model Allows Easy ROI Calculations

October 31, 2012

Return on Investment (ROI) is at the heart of every significant business decision. In the simplest of terms it is a measure of what you get for what you give. Research by Ohio State University found that 4 out of 5 buyers seek “value” before price. In other words, most people will give more to get more.

“Value” includes Quality, Flexibility of the offering and Availability all as a function of Price. “Quality” means the product delivers what is required (or wanted) and does what is promised. Economists call this the “Law of Marginal Utility.” For the rest of us, it means what blows your hair back won’t necessarily interest the next guy. When we talk about ROI, we have to keep it in the context of what is important to the buyer.

What are businesses requiring today? First, they want more customers and more sales. That is pretty well true no matter what the economic conditions are. Beyond that, however, is that business today is desperately seeking ways to engineer cost out of the business. Most of the improved earnings reports are the result of cost reductions. And while cost reduction began as a way to respond to the recession, evidence suggests that it is quickly becoming a permanent part of business culture.

With a paper-based invoice processing system the company incurs a significant “cost” in handling paper, but it is difficult to quantify the short-run cash savings. Creating a long-run “saving” by installing imaging, for example, doesn’t add value if I still have the floor space, the employees and all my other out-of-pocket expenses. The value may be intrinsic, but few businesses are investing today based upon intangible value. The CFO will say “Show me the money!”

FileBound offers a rare opportunity to eliminate work at a value-based price. A major task in the AP department is entering data from paper invoices into the Accounting System. Typical information entered is a vendor name, purchase order number, invoice number, payment due date and general ledger account code (s) and total due. Because this information is normally put into the accounting system after all processing and approvals, other logging and data entry of the invoice typically takes place before the invoice is ready for entry to the accounting system.

With FileBound all of this changes. Invoices are scanned immediately upon arrival. The needed information is electronically picked up off the invoice and captured eliminating data entry and other manual tasks to a fraction of the time normally required. Routing and review of invoices is all handled electronically, eliminating hand routing and handling of the invoices. Finally, the scanned information is automatically imported into the general ledger accounting system and invoices can be paid without further data entry.

Best of all, not only is the work more efficient, much of the original work (key entering data) is gone forever. This provides the opportunity to either repurpose staff to cash-producing work (such as AR collections and sales proposal follow-ups) or eliminate head count. Either way, the business gets cash returns for the investment.

Added benefits include improved accuracy and reduced mailing expense. Errors in data entry create extra work and cost. With FileBound, that problem is gone forever because the information is picked up electronically from the invoice. Invoices received at field offices are now scanned eliminating mailing or courier expense.

High value for a low price with FileBound – an easy ROI!

– Rex Lamb