Multinational Food And Beverage Corporation Transforms Accounts Payable Operations

Multinational Food And Beverage Corporation Transforms Accounts Payable Operations

CHALLENGE

An American multinational food and beverage corporation headquartered in New York, with interests in the manufacturing, marketing and distribution of snack foods, beverages, and other products was experiencing pain from their existing accounts payable (AP) system.

The company’s outdated system consisted of manual invoice handling and paper-based processing. Symptoms of inefficiency included inordinate delays in vendor payments and costly internal operations. The error-prone process created lengthy processing times, traceability issues, missing documents, and duplicate invoice submissions. Additionally, the limited and costly storage of the paper documents created a problematic manual document retrieval process. It was clear that the existing system was costly and difficult to manage, and due for a significant overhaul

SOLUTION

Exela provided support, backlog clearance, and overflow capacity for IPMI claims handling from its BPO Centre in Folkestone. Using the customer’s own system, through remote access capabilities, Exela’s staff took over reimbursement and direct billing claims operations.

Although the relationship started with just IPMI claims for China, Exela successfully added other geographies to the scope of service and expanded two office locations - one focused on the UK and the other dedicated to international claims. After quickly expanding into global coverage, volumes grew up to 2,000 claims per month.

Exela manages a combination of specialists in-house and joint training with the insurance provider on a regular basis to ensure we maintain up-to-date knowledge for validations and adjudications. The service is fully transparent between our team and the insurance provider, with open visibility of Exela SLAs, operational metrics, and processing times.

Our service requires a detailed knowledge of claims terminology, health conditions, and policy coverages. Exela claims handlers typically have a medical background and average more than 10 years of experience with PMI claims management

BENEFITS
  • 40% overall cost reduction in processing invoices—with no capital investment
  • Processing time was transformed from weeks to five days or less
  • Complete transparency for improved cash management
  • Improved vendor customer service
  • Reduced labor –limited manual interaction
  • More efficient retrieval of documents for audit purposes