Customer Centric Solutions

Listening and Understanding Counts in Collections 

For all of us in the services industry, especially my realm of 3rd Party and Order to Cash Outsourcing, the relationship and the trust to solve complex problems is one, which can be missed during the buying cycle. I often realize though the complexity of day-to-day business how critical true partnership is and one, which should not be forgotten in the crucial matching of the supplier relationship.

My main focus, as an owner of the client / customer experience, it is my job to take the complex issues and turn them into quick solutions for our clients. In the world of 3rd party collection and being the support mechanism between creditor and debtor, this can be a challenge. Over the years I have learned to hone my skills and bring experience plus practical solutions for our customer service team, customer and ultimately their customers as a solution provider. This requires a skill, which seems to be lost in some sense, listening and understanding.

Most of the issues and resolution in credit and collections comes in the form of a dispute or financial difficulty on the debtor’s part. While we are at our best when solving a client problem, working with a debtor maybe challenging and our collectors need the support of their client liaison to accelerate a solution evolving our client. In some cases the added stress and pressure to make good on a large balance due and the personal attachment to a business can bring forward some interesting attempts to contort and distort the real issues. As our collection associates and clients provide vast amounts of data and analysis, we need to take into consideration some of the most important traits of working with multiple groups and ultimately, people. The facts and data provide us with the starting point and deductive reasoning and a good network of skilled solutions oriented resources the rest. The needs for these skills and the ability to have mutual trust through actions are sometimes missed in our industry but for me a clear differentiator in the services industry.

Practical thinking and passion for delivering to the client a quality of service with the right construct to their expectations is not an easy task. But spending your time and effort to understand these needs and expectations goes a long way in clearing the path for a long-term partnership. I have spent many hours with our clients, which are valuable hours as to get the process right and ultimately time and cost of ownership savings for both. Understanding their business and listening to their needs as I stated is unfortunately becoming a lost practice as more and more need for speed drives assumptions and ready-made answers. Grounding ourselves in this service based economy and respecting the needs of the mutual business partners and customers is crucial to best business practice.

As a day in the life of working in a fast paced environment and making each customer a priority can be a challenge in most businesses but mutual investments have been made and value relative to revenue large and small can be made a priority. A careful selection of resources aligned to delivering what has been promised and load balancing your infrastructure, as an investment to serve the client is a simplified way of making sure all inquires and issues are handled as designed with the client. Additionally providing the right working environment to reduce turnover and unplanned change is your risk prevention. Change occurs, people move on but the right people grow with your business and clients long term. Your back up plan, always a highly skilled team to move up and continue the consistent quality of service and relationship always..

When specialization is required, collaboration between all is enabled by good customer practices and bringing forward the best solutions and skills. Trying to do it alone will not strengthen relationships but quickly result in disappointment. It has been my 15+ years mission to have this careful attention to detail delivered in each client engagement by using a full network of people and tools to not be seen as the king of all customer service but a practitioner of bridging relationships for the best outcomes. Networking people and the growing of relationships is truly the best part of all, isn’t it?

Some lessons learned across the way of working with diverse customers, sectors, and people globally which I would say are attributes which make for great experiences. My favorite part of all engagement is the respect, which comes with giving respect and gaining the accolades from positive customer retention through solid outcomes. While service providers such as us in 3rd party collections or providing an outsource service can generally be the deciding factor on revenue recognition, reduced write offs or the hand holding agents through a legal process, listening and understanding are what count in professional and personal success. Automation increases the speed of delivery but personalization and care keep a client and bring business growth.

-Matt Stachkunas, Customer Service Manager 

Healthcare Claims, Denials and Rejections: Building process improvement from collaborative insights

Healthcare related businesses come with their own unique set of management challenges from patient experience, processes, and technology. With a growing set of compliance requirements and intricacies for the billing processes, when coupled with patient needs and expanding payer requirements, the task of staying current in the day to day becomes vital to cash flow. As these challenges tax clinical and administrative teams, executing upon denied and rejected insurance claims can start to backlog. Insurance Payers understand this and, in some cases, count on the delays and lack of resources to delay payment. So how can we improve upon this stage of the billing process to optimize cycle time to cash?

Denials from insurance companies are notification to the providers that the claim in its original form does not meet the requirements for reimbursement. This can range from the minor checked box to more substantial processing of the claims data such as missing test results, patient documentation, etc. We can go deeper still as to the time-sensitive nature of denials and each insurance company has differing guidelines for timely filing. To this point, every payer has a different window for submission, from 30 days for initial claims to 90 days for resubmission. With a tight window for correction, quick action is paramount to success.

Denied claims should be monitored and quantified, reason descriptions allocated, and a method of follow up applied. At the time of payment application, all denials should be updated with denial reason codes, allowing for insights and analytics to identify your material process strengths and weaknesses. Collecting as much data as possible allows for actions and prevention of revenue leakage while supporting process improvement strategies, your insights, and analytics. Building the basic tracking and quantified causes by payer becomes a logical next step. Once the behaviors are visible, proactive planning and process strategies may be implemented. Or better still, negotiation points for your contractual arrangements.

Denied and rejected insurance claims can make the difference in an optimized revenue cycle management process and lend to faster cycle time to cash but also an improved patient experience. Spending the time to exam the full processes from new patient enrollment, pre-authorizations and through denial follow up and recovery will be completed in your internal process improvement strategies or part of your outsourced engagement model. In any model, optimization of cash performance is our role and with the access to internal or external resources, the business case for resourcing this area effectively creates greater value in maximizing claim value.

Rob Sherman, Chief Revenue Officer of VWi

The Efficiency and Effectives Engineer

Credit to Cash strategic enablement

The evolution of technology and its effects to transform process is moving at a rapid rate. Acceleration of process automation and how the task oriented, labor arbitrage model in outsourcing has reinvented itself. A substantial path to gaining efficiencies and effectiveness as a business model requires little in the way of validation since we have all seen the reaction of improvement to some of the most intricate business processes.  As an engineer focused in the area, I have had the opportunity to see this new era of automation occur and also as a CEO gain from the benefits not only for client but in our own back office efficiencies.

Pioneering companies, and the people who comprise them, understand the possibility and are finding industrialization and repurpose for these core application with little barrier or limitation in the art of the possible for credit to cash efficiency and effectiveness. In its most basic form, we create, develop, and transform these processes, whether they are completely new solutions or improvements over existing ones. One extremely important aspect to this new world is the client centric approach. Why is this important? Not all organizations, industries or business culture is the same. This may be challenged by the thought relative to an invoice is an invoice or cash application is a standardized process but this is just not the case. In working with a vast base of clients from manufacturing, consumer products, financial services, media and entertainment and healthcare, creative customization to achieve the business outcomes is always created by ways of collaboration and specialization.

We are in a new era, where technology-led processes are generating a different kind of competitiveness in various business segments. The market needs to be asking providers ‘are you able to architect efficiencies in the process?’ The proof comes from careful collaboration and deep listening to the client organization. Technology enablement and its true outcomes are generation when the domain expert as a provider invests in the client relationship with acceptance and accountability for results. Couple this with the passion of people to solve and resolve complex issue and the synergy to drive this exciting collaboration takes hold.

I view the business service provider role as more than simply deploying people to automate business processes. Rather, I look at what we do as being differentiated by engineering that established ourselves apart from the in-house or captive world. Collective expertise and specific domain and process understanding give us a position to solve some of the most immediate challenges in business today.

Throughout my career seeing the cycles of recession and following recovery, successful companies in any sector – and especially the credit to cash services sector – if this mind set of innovation has not been adopted or sort out, your credit strategy has inhabited growth. While we deliver solutions experience and the passion for technology – the process efficiency is as good as the people and customers it enables, the creativity in our new world of smaller barriers to efficiency makes the possibilities endless and outcomes substantial.

– Bob Williams, CEO of VWi

Rimilia and VWi (Vengroff Williams Inc.) Sign Strategic Global Partnership

November 16, 2017 – Rimilia, a developer of intelligent automated financial solutions, has signed a global partnership deal with business-process outsourcing expert VWi (Vengroff Williams Inc.).

VWi is an expert in cash and revenue management business process outsourcing that oversees in excess of $15 billion for 2,000-plus customers such as Yamaha, Symantec, Progenity and Tricon Energy. 
Under the partnership, VWi customers will have access to a collaborative model and unique instance of Alloc8, Rimilia’s cash application software.  
Rimilia Alloc8 automates the manually-intensive process of matching payments, including ACH, wire, checks and EFT, to receivables. With auto-matching rates up to 94 percent, Alloc8 improves the quality and speed of cash allocation and revenue recognition. Alloc8 also dramatically reduces lockbox costs, increasing lockbox hit rates up to 95 percent. 
Steve Richardson, CCO of Rimilia said: “VWi has an outstanding reputation for its expertise and innovation in Order to Cash business processes across multiple industries; it’s a privilege to partner with a company of this reach, experience and reputation. This new partnership will play a key role as Rimilia continues to grow its global footprint and demonstrate to the U.S. market why our intelligent financial robotics continually outperform other solutions.” 
Robert Sherman, CRO of VWi said: “Rimilia and VWi bring together a highly-automated end to end solution for the acceleration of robot process automation (RPA) and cognitive learning applications across the Order to Cash process.  Our mutual culture of client collaboration and advanced automation agenda provides a platform with managed services as a unique option to the marketplace. With Rimilia Alloc8 now enabled within our platform, clients are utilizing the additional value gained to further transformation backed upon a lower total cost of ownership provided under our partnership”. 

About VWi (Vengroff Williams Inc.)
Founded in 1963, with over $15 billion under its management, VWi is a leading business-services provider relied upon by more than 2,000 global clients to transform their businesses into leaner, more dynamic, agile and efficient operations. With a consultative approach to providing a full range of end-to-end solutions, VWi’s enterprise solution team delivers a highly automated and optimized environment for their clients. VWi delivers services globally with a core focus upon onshore delivery under a highly automated managed BPO offering.
About Rimilia
Rimilia provides intelligent, automated financial solutions to dramatically improve cash application, remittance services and credit collection processes. 
Harnessing machine learning, predictive analysis and artificial intelligence, Rimilia enables corporates, lockbox providers and Fortune-1000 businesses to increase throughput, resolve unaccounted payments, gain transparency of transactions, and apply valuable predictive insight and dynamic decision-making into payment processes.
Rimilia’s Alloc8 software automates the manually intensive process of matching payments with expected receivables with auto-matching rates up to 94 percent, dramatically improving the quality and speed of cash allocation and revenue recognition. 
Customers include Adecco U.K., Avis, Biffa Waste Services, Hitachi, TalkTalk, Santander and Wesco Aircraft.
Founded in 2008, Rimilia is headquartered in Bromsgrove, U.K., with U.S. offices in Richmond, Va. Investors include Eight Road Ventures and Kennet Partners. It employs 90 people and is privately held. 
Twitter: @rimilia
Press contacts: 
UK: Kinga Kopycinska
Tel: +44 (0)1527 872123  
USA: Hazel Butters
Tel: +1 617 530 0500 
VWi: Robert Sherman
Tel: +1 714-889-6200

Hello Durable Medical Equipment Industry.

Are you advancing your automation agenda for working capital optimization?

Healthcare Reform has put a strain on budgets and ushered in new complexities when it comes to collections and overall receivables management. One of the key issues is the lack of capability through investment in technology and automation. As budgets continue to be compressed this critical area of advancing automation to ease manual processes and increase cycle time to cash is problematic. But this doesn’t mean the problem can’t be solved with strong partnerships.

We’re here to tell you that it doesn’t have to be as difficult as it sounds. Leveraging collaboration through domain specific partnerships helps. Credit to Cash providers in an outsourced partnership can take some of the complications out of the matter by understanding the new world and customer complexity to solve the impact and the fine details toward improve working capital.

In anticipation of the many changes occurring over the past years, most companies within Durable Medical Equipment industry are working to update their finance and accounting systems and taking into consideration changes that may impact the timely collection of invoices. Financial systems need to be enabled to deliver and support flexibility to reduce impact on business operations. Question is, do you find the capital to fund these initiatives or partner with a provider who brings technology with services?

You can start with analysis to understand how this change can affect the customer relationship. I believe the approach of a specialist by customer and transaction type can support mitigating disputes and reducing complexity to the AR cycle. This can easily be achieved with the right platform and in an outsourced model but maybe problematic, due to expenses, in a captive or shared services infrastructure.

Additionally, the comparable analysis of your product portfolio, revenues and customers will help to better understand the current and new customers, who are the end users, intended use of the product is. Only then can accurately estimate and therefore determine what the true potential for optimized DSO should be.

We believe that determining how customers transact invoice payment comes from a number of factors. Deep business analytics and accurately targeting can change the slow paying behaviors. New advances in analytics and payment modeling have made the DME collection process more effective than ever but an investment or a change to an industry leading domain specific BPO partner is required.

Beyond analysis and system updates, comes the complexity of recording and reporting to ensure you’re in compliance with tax regulations. This requires more oversight and controls from a compliance perspective but also requires more diligence in operations – from taking the order to accruing revenue.

The issue may not be the only provision to slice into profits, but the need for additional resources across F&A becomes another issue burdening business with more expenses. With the availability of technology, just like any particular process, the need for manual intervention will be removed. Additionally, analytics and automation, to drive risk mitigation, support a clear view of what can be expected in the long term. By coupling these strategies you effectively minimize the manual and labor intensive processes, see a reduction of credit risk and sustain the most valuable production actions being delivered.

This may take time for some but others utilizing an outsource strategy today, the expertise and enablement is already leveraged. Business process outsourcing and technology solutions, which come with such engagements, make the entire process seamless and can help ensure you are being diligent in optimizing your working capital. At the same time, controls will ensure the customer experience is being considered to avoid losing what are ultimately good customers who need creative solutions.

David Gallagher – Strategic Business Development