The Elite Billing and Payment Blog

A Quick, (Nearly) No-Nonsense Guide to Statement Processing ROI

Posted by Brian Watson on Mon, Jun 09, 2014 @ 12:26 PM

Not all statement processing solutions are created equal. 

Sure there’s similarity in scope – they all involve ink, paper, envelopes, and variable printing, after all.  And the end result is the same: a statement delivered to customers for the purpose of revenue collection.

But make no mistake, there’s a mountain of difference in the details. 

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Tags: Statement Processing, Statement Printing and Mailing

3 Ways to Use TransPromo Ads To Offset Statement Processing Costs

Posted by Brian Watson on Thu, Apr 17, 2014 @ 03:22 PM

If you use deferred billing to charge customers for products or services, then statement print and mail is likely an indispensible part of your collection strategy.

But it’s also probably a major tax on revenue. 

Printing and mailing statements isn’t cheap, after all.  Especially with USPS budget turmoil leading to “exigent” postage rate hikes that outpace inflation – like those that were passed earlier this year.

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Tags: Statement Printing and Mailing, TransPromo

The Satisfaction Trap: How Bad Patient Statements Harm Quality Care

Posted by Brian Watson on Tue, Feb 25, 2014 @ 06:51 PM

In a healthcare financial environment that's increasingly complex and constantly changing, patient statements are a refreshingly unambiguous throwback.

Sure, some of the delivery channels might be new.  And more bills are incorporating value-added elements like social media links, marketing messages, or flowery brand-speak.

But the mission has remained unchanged for decades and decades.  Patient statements inform and collect – bringing in self-pay revenue that providers depend on to pay employees and vendors, reinvest in tools and technology, and otherwise keep the lights on.

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Tags: Statement Processing, Statement Design, Statement Printing and Mailing, Patient Friendly Billing

4 Billing and Payment Takeaways from the Latest USPS Postage Increase

Posted by Brian Watson on Tue, Jan 28, 2014 @ 11:42 AM

If your business is one of millions that rely on the USPS to deliver bills, account notices, and invoices to customers, then I’ve got good news and bad news.

To get it out of the way, I’ll start with the bad: the USPS is introducing new, across-the-board postage rate hikes – effective immediately.

Yes, again.  The latest round will increase first class letter rates by three cents (from $0.46 to $0.49), and other first class, automated, retail, and nonprofit categories by as much as 12%.

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Tags: Print and Mail, Statement Processing, Statement Printing and Mailing

The Case for Patient Statement Customization

Posted by Brian Watson on Mon, Jan 06, 2014 @ 04:18 PM

Like a finely cooked steak or an impeccably tailored suit, the best patient statement print and mail applications are made-to-order.

Revenue cycle operations can differ significantly from provider to provider.  When, how, and how often are patients billed? 

Does a hospital use an early out partner for collecting on patient accounts within the initial 90 day window, or keep all non-delinquent accounts in house? 

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Tags: Statement Design, Statement Printing and Mailing

Five Statement Print and Mail Tricks that Reduce Collection Costs

Posted by Brian Watson on Fri, Nov 01, 2013 @ 05:41 PM

Revenue collection requires a tricky balancing act. 

On one hand, your revenue cycle collects the money from customers that you need to pay employees and vendors, reinvest in new equipment and technology, and otherwise run your business. 

That’s obviously pretty important stuff.  So it better be fast, simple, and effective.

On the other hand, it’s still a cost center.  And each bill that you mail is an expense that subtracts from the total dollar amount you’re collecting.  Each payment channel you offer is an extra line item in the budget.  Every statement that bounces back as return to sender is cash that could be used for other mission-critical stuff.

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Tags: Statement Printing and Mailing

Statement Processing 101: Your Ultimate Guide to Bill Print and Mail

Posted by Brian Watson on Fri, Oct 04, 2013 @ 05:00 PM

For something that pretty much boils down to ink-on-paper, statement processing, printing, and mailing can be a surprisingly complicated task. 

There’s statement design to consider.  Complex print software to be built.  File transfer and verification standards to put in place.  And that’s all before your job even gets to the production floor, where there’s all that printing, processing, and mailing stuff waiting to be squared away as well.

But you’re a biller, not a mailer.  So why should the behind the scenes print and mail processes matter to you? 

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Tags: Statement Processing, Statement Design, Statement Printing and Mailing

Preventing Statement Print and Mail Data Leaks in 7 Simple Steps

Posted by Brian Watson on Mon, Jul 29, 2013 @ 02:31 PM

Keeping your customers’ sensitive information under lock-and-key isn’t getting any easier.  According to the 2012 Data Breach QuickView report, data loss security incidents reached a record high last year, more than doubling the previous high.

Media coverage of these kinds of security events tend to center on the hackers and the crackers: groups of black-hat techies that congregate in the dark corners of the web and emerge en masse to carry out large-scale password and data hacks. 

A small army of Lisbeth Salanders -- subsisting on Red Bull, cigarettes, and takeout -- that would like nothing better than to grab and share your password info with black marketers the world over?  It’s pretty easy to see why that story sells.

But it’s only part of the truth.

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Tags: Statement Processing, Statement Printing and Mailing

Should You Be Charging Your Customers for Paper Statement Delivery?

Posted by Brian Watson on Wed, Jul 10, 2013 @ 04:49 PM

Technology can make the seemingly-impossible a bona fide reality.

Consider this stranger-than-fiction example: some billers have actually started charging customers to receive a paper bill from them each month.

Pretty wacky, right?

Ten years ago, if you would have casually remarked to the CEO of your company that you were working on a plan that would assess customers a fee just for the privilege of receiving paper billing, they would’ve likely looked at you like you were a little off (if not just plan bonkers).

And yet, here we are in 2013, and online billing and payment has reached enough of a tipping point that prominent retailers like Victoria’s Secret and Ann Taylor are now charging consumers a $1.00 “paper statement fee”. 

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Tags: EBPP, Statement Printing and Mailing

Party Down: A Year of Statement Processing Blog Posts

Posted by Brian Watson on Fri, Jun 21, 2013 @ 06:03 PM

Break out the confetti.  Strike up the band.  Because we’re celebrating.  Today our little blog has crossed a pretty substantial milestone - our first anniversary.

That’s right: we’re the big one-period today.  And although I won’t actually be throwing the mother of all parties at our office this afternoon, given the high rate at which blogs tend to be abandoned, we’re proud to be able to hit the one-year milestone running.

Over the last year, we’ve published 74 posts.  Contributed 66,860 words to the web.  And expounded on topics that run the gamut from mobile billing and payment to hyper-local direct mail marketing.

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Tags: Statement Processing, Statement Design, Statement Printing and Mailing

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