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Northeastern Regional Bank Cash Management Strategy Development
The W Group was selected to lead negotiations with multiple business partners to facilitate the delivery of new cash management products. The W Group was selected because of in-depth subject-matter expertise in the products and negotiations, as well as vendor management capabilities.
Background
As the bank continually reviews and enhances its suite of cash management products, the ability to quickly deliver cost-effective and high-quality products is paramount. Taking the time to internally build products is not an option. The negotiations and governance of key business partners that can provide such customized services is a must. The W Group was selected to lead negotiations with multiple business partners to facilitate the delivery of new cash management products. The W Group was selected because of in-depth subject-matter expertise in the products and negotiations, as well as vendor management capabilities.
Approach
The W Group worked with the bank to facilitate documentation and negotiations with multiple business partners for multiple products. This process included interfacing with IT, vendor management, and legal organizations. The W Group created a new standard BPO structure for ASP-hosted solutions.
One key area of involvement was health-care remittance management. The complexity of applying accounts receivables (AR) for hospitals and doctors is immense. Coupled with the lack of standardized documentation from health-care insurance companies, this complexity results in delayed deposits, making an organization’s cash position nearly impossible to ascertain. A tool that could manage the disparate documentation and assist in the cash application of AR was needed.
Interacting with potential business partners in health-care receivables management required in-depth understanding of the health-care insurance industry and its documentation. This knowledge allowed The W Group to negotiate a win-win relationship for the bank and the business partners, inclusive of appropriately documenting the process, connectivity, realistic risk/reward expectations, and attainable service levels.
In the process, The W Group leveraged our offshore expertise and assisted the bank with their first China services component, walking them through all appropriate due diligence requirements and recommendations for evaluating a business partner based in the U.S. with a services division in China.
Results
The cash management organization is always listening to their clients and working toward making their day-to-day operations run smoother. Interfacing with health-care insurance companies is complex.
Managing the payments received by health-care providers and properly applying cash to claim in a timely and accurate manner is a significant challenge.
Through the efforts of The W Group and the client team, customers are experiencing the benefits of an EOB consolidation and cash application tool. This and other cash management products assist businesses in collecting, applying, and managing their funds more effectively.
Collectively, this and other products attract and retain depositors in an increasingly competitive marketplace.
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