Reduced Invoice Processing Errors by 85% within Months
Improved payment recovery process through on-time bill-processing solutions.
The company is a billing service provider covering major healthcare organizations in the United States. The company has committed to providing seamless financial operations to healthcare organizations. Over two decades, the company has gained a significant position in the healthcare industry with its billing services. It focuses on the three most essential factors: precision, efficiency, and exception.
Besides providing the best billing services, some healthcare organizations have registered complaints about the process. Due to heavy pressure from patients, the process became slow and started causing delays in payment realization. Thus, to solve the issue, the company has decided to get help from an outsourcing partner to process their invoices.
Importance of Invoice Processing Services for Billing Companies
Billing service providers usually use cutting-edge technology to process the bills of their clients. They provide billing processes to many companies in simultaneous operation. Therefore, sometimes they compromise data verification of all invoices they receive from clients. Hence, they need strong support from invoice processing services to verify and manage all invoices with accurate measures.
Besides that, with the help of invoice processing services billing companies can quickly process bills. A medical billing process must work quickly because patients need services quickly. Thus, invoice processing services help these billing companies to manage all invoices quickly and with precision. They also maintain confidentiality of the financial data with accurate measures.
Challenges AskDataEntry Highlighted
The company has been facing some major challenges in processing all invoices, some look like these;
Over the years, the company has improved its bill-processing system and fetched client satisfaction. However, recently, it has encountered with major delay in processing all invoices and in cash flow operations. It happened because patients were making huge delays in sending payments and thus it automatically delayed invoice generation and realization. Because of this, healthcare organizations were facing difficulties in managing their cash flow operations.
In the last few years, the pressure of bill processing has increased rapidly but the company has not paced up its capacity. The internal team of the company became burnout by dealing with the huge pressure of work. Added to that, invoice processing errors started to come in the billing process that also harmed our client’s reputation. On the other hand, pending tasks are getting piled up and causing major issues in cash flow operations.
The company has continuously made mistakes by over-relying on its internal team. The internal team, on the other hand, has sent outdated invoices to hospital databases. Thus, it has created a blunder in reconciling the invoices and affected financial operations. On top of that, it also has increased bad debts percentage, which regarded financial positions of the healthcare organization. Amid that, the client has lost 3 major clients due to mismanaging their billing operations.
Despite all available options, the company still chose to rely on emails to get responses from patients. Email communication is one of the slowest communication processes but the company chose that. Thus, it has caused unnecessary delays in processing files and performing other tasks. Modernizing the communication process became the only way to get the process performed quickly. Thus, they have considered taking invoice processing services for their benefits.
Custom Solutions from AskDataEntry
We have efficiently assessed all requirements of the company and then we framed the strategy for addressing the company’s issues. Eventually, the company shared the invoice database with us. We immediately moved into the project once we got access to the database. Like all our projects, we have followed a systematic approach to deal with the issues that our client was facing in their process.
Once we got access to review the client’s invoice database, we conducted an in-depth assessment process. The assessment has been done just to frame our invoice process implementation successfully. Our approach was more on using the same data for verification rather than rejecting all verified existing datasets. Therefore, we made our plan comprehensive enough to accommodate each aspect easily.
We involved our top experts in handling this project because the project has some complex matters. The client has also helped us in managing the team training matters through video conferencing. We have tried to maintain a transparent communication process throughout the project. This helped us in meeting the client’s expectations regarding the project. Interestingly, this approach has helped us in reducing 85% of errors in the client’s invoicing processing system.
As the client was suffering from the invoice data verification process thus we suggested implementing automation here. They agreed and we installed the system with our best effort. With an automation solution, we have scanned all paper documents and stored them in the digital database automatically. Plus, our automation solutions have also maintained all codes, values, and other vital information accurately.
The client was facing issues in delaying the invoice processing thus so we implemented software to make the process faster. Not only it has made the process faster and smoother, it also reduced the error percentage. We have also tweaked some solutions as we were using software for invoice processes. Plus, we have additionally matched the invoice with the billing order to ease the reconciliation process.
Since 2022, we have been dedicated to providing invoice processing services to this client. To this date, we have never encountered any issue or error from the client because of our exceptional services.
Matrix Taylor
Within a few months, AskDataEntry has completed all our backlogs, which is beyond our expectations. The company is following very strong measures when it comes to providing error-free quality services to clients. This has made us a believer in AskDataEntry and its invoice processing system. Currently, with the help of AskDataEntry, we have reduced the error percentage by 85% in our system. Our team is very thankful to AskDataEntry for their support.
