CSC Launches Premium Billing 360º Solution Designed to Meet Demands of Health Plan Innovations And Health Care Reform
News Release -- October 14, 2010
Solution Lowers Operating Costs, Improves Efficiency and Responds to Consumer Demand for Self-Service
FALLS CHURCH, Va., Oct. 14 – CSC (NYSE: CSC) announced today the launch of the Premium Billing 360º solution, a comprehensive offering that enables health plans to meet the increasingly complex billing demands of recent product innovations and health care reform while effectively managing revenue. The solution’s integrated approach enables health plans to improve operational efficiencies with highly automated billing processes, while also meeting consumer demand for self-service interactions.
“At a time when regulatory demands, market innovations and customer expectations require more than ever from health plan billing, Premium Billing 360º offers CSC customers a significant leap forward in revenue management and billing,” said Craig Combs, managing director, Health Plans Practice, CSC. “By consolidating data from all billing and revenue management processes, Premium Billing 360º offers extraordinary efficiency that puts billing information in the hands of those who need it, whether in the form of a cash lifecycle report, or in the form of online self-service.”
Premium Billing 360º’s end-to-end approach treats billing as just one component of an integrated revenue management process. It handles all processes from forecasting and cash management to invoice reconciliation, payment receipt, accounts receivable management, and reporting and analytics. By automating these highly complex billing processes, Premium Billing 360º offers users immediate gains in operating efficiency through the elimination of manual processes.
Consumer self-service capabilities also offer opportunity for greater efficiency and improved customer satisfaction. “Electronic Bill Presentment and Payment (EBPP) systems have garnered much interest among large and small healthcare insurers during the past couple of years as employer groups and individuals look for the ability to pay their premiums electronically.” Moreover, “health insurers should phase in all the components of EBPP systems — electronic invoice, invoice reconciliation, payment processing, cash management and analytics. Consider each of the components as “must have” capabilities to realize the full cost-saving potential.” (Gartner, Inc. “Hype Cycle for Healthcare Providers, July 16, 2010,” Joanne Galimi, Maureen O’Niel, Robert H. Booz).
Increased and more convenient access to invoicing information and the ability to pay by various means — including electronic bill payment — lead to higher customer satisfaction. In turn, Premium Billing 360º’s electronic payments capability means faster and more predictable cash flow for health plans.
Premium Billing 360º is designed to serve customers’ needs today and is available to customers by predictable monthly pricing billed on a utilization basis.
For more information about CSC’s Premium Billing 360º, please visit www.csc.com/PremiumBilling360.
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, the Managed Services Sector and the North American Public Sector. CSC’s advanced capabilities include system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2010). Headquartered in Falls Church, Va., CSC has approximately 95,000 employees and reported revenue of $16.2 billion for the 12 months ended July 2, 2010. For more information, visit the company’s website at www.csc.com.