BancTec, a global provider of advanced, high volume document and payment processing services and solutions, announced today that it has signed a contract to provide BPO services for a large insurance provider.
The 10-year agreement will result in BancTec's adding a new U.S. operating center that will specialize in complex revenue cycle management processing activities, including mail room automation, enterprise imaging, payment processing, customer interaction and exceptions processing.
"This agreement significantly adds to the world-class BPO practice that BancTec is building," said J. Coley Clark, chairman and chief executive officer for BancTec. "Working in collaboration with our client, we will help generate cost savings, year-over-year improvements in productivity and growth, and an improved processing capability. We look forward to furthering our portfolio as a global provider in complex revenue cycle management."
Under the terms of the agreement, BancTec will assume responsibility for the customer's processing operations and retool with its own new technology, best practice knowledge and capital. BancTec will re-engineer and manage the facility, generating reduced operating costs, scalable volume management, continuous improvement and operational best practice.
"BancTec is continually innovating, expanding and growing its BPO practice," continued Clark. "This agreement provides a new processing center for us, one of 8 in the U.S. and 11 in Europe, and as such, enhances our growth opportunities in the United States. We fully expect this facility to become another national showcase for BancTec's complete revenue cycle management capability."