Electronic Billing and Settlement

Streamlining the Invoice-to-Settlement Process

Despite IT investments to date, the invoice-to-settlement process is often the most manual financial process within an insurer. The cost of processing a paper invoice can range from $44 to $86 per invoice, leaving a lot of room for cost reduction.

AVOLENT's application suite focuses on automating and streamlining invoice presentment, membership roster management, and settlement processes. Unique AVOLENT features improve customer satisfaction and retention in a manner highly resistant to competitive pressures.

Features

• Delivers a consolidated electronic invoice, thereby reducing the costs of invoicing, delivery, dispute resolution, payment, roster maintenance, and analysis
• Leverages existing billing, accounts receivable, and membership systems while fitting into existing portal architectures to ensure a smooth customer experience
• Ensures fast and easy straight-through processing by enabling customers to choose their preferred invoice formats (Web/e-mail, EDI, and common formats that can be imported directly into accounts payable systems) and payment (e.g., credit card, autopay, ACH, wire transfer)
• Minimizes the manual processes for managing inbound cash flow, such as reconciliation, cash management, forecasting, and payment processing
• Provides new levels of efficiency, collaboration, and cost savings for both payers and employee groups through self-service add, term, and modify functionality

Benefits

• Meet customer demand for online invoice delivery
• Reduce invoice delivery costs
• Reduce payment exceptions
• Reduce the effort required to process roster changes
• Improve service to employer groups