Third Party Billing: Why Business Process Outsourcing (BPO) is the answer
Don’t let the word “outsourcing” fool you. Although it carries connotations of hiring off-shore outsourcing companies, there are also a numerous amount of U.S-based businesses offering and, more importantly, specializing in business process outsourcing functions (such as third party billing, check writing services, check printing services, electronic data interchange (EDI), rebate fulfillment, barcode labels, human resources, payroll, supply chain management, customer service, and many more) that can drastically impact your business performance in a positive way.
For those less familiar with BPO, it is a contract created between your business and another company who specializes in processing third party billing, or other internal, non-core business processes that occur on a regular basis. In doing so, your business is able to achieve substantial processing cost reductions, improve the quality of service your customers receive, and increase overall productivity and processing success.
BPO is successful based on enrolling a business process that must be repeated regularly and for a long period of time. Because a business uses these processes, such as billing and rebate fulfillment, this business knows they will need to process third party billing and rebates for an undetermined amount of time, allowing a business to enter into a long-term BPO contract. This adds further savings to the processing costs. According to Vinod V. Sople, Author of Business Process Outsourcing: A Supply Chain of Expertises,
“In BPO, the outside provider not only takes on the responsibility to manage the function or business process, but also re-engineers the way the process has been traditionally done. The next generation of business process outsourcing has emerged as a priority for businesses looking to better options in managing their application [business]…BPO saves precious management time and resources and allows focus while building upon core competencies.”
The top three benefits of outsourcing the Third Party Billing process include:
- Save Money. Choosing a qualified BPO partner to process your third party billing will save your business a substantial amount of money. BPO will allow your business to benefit from volume discounts related to postage and materials, as well as the use of state-of-the-art technology created to process faster with a much lower margin of error.
- Improve Customer Satisfaction. When business processes, such as third party billing, are processed faster with less errors, this results in happier customers. Streamlining third party billing also leads to better processing for times of increased volume, which also improves business productivity.
- Increase Staff Productivity. BPO will allow your business to shift third party billing responsibility to the BPO partner you choose. No more printing, stamping and mailing statements. As a result, your business will be able to reassign those employees who previously processed third party billing to other tasks that help to generate additional income for your business.
To learn more about third party billing business process outsourcing, contact Integration, Inc. today. Integration, Inc. is an industry-leading business process outsourcing provider specializing in business process automation services, such as Electronic Data Interchange (EDI), check writing, check printing, check processing, rebate processing, barcode labels and third party billing to thousands of companies across the globe.
As a primary business process automation outsourcing provider, Integration’s goal is to empower all its client’s to focus on their core areas of expertise, while leaving the business process automation services to our team of experts. This is accomplished by supplying excellent business process automation services that enhance your company’s ability to provide increased reliability and cost savings to your customers. Integration enables your company’s success by providing a complete IT outsourcing solutions for business process automation. As a result, this allows your organization to respond rapidly to changing business environments, while meeting your customer’s needs consistently and in a more cost effective manner.