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Digg It - Invoice Processing Costs: How to Pick an Outsourced Bill Printer
The technology of bill delivery has changed in the past few years which has resulted in large potential savings for Billers if they choose the correct Print Outsourcer to produce and send their bills. For example, with the introduction of el
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ectronic bill presentment and payment (EBPP) the overall costs of bill delivery is being dramatically reduced by customers accepting their bills online and choosing not accept a paper bill.
According to a CheckFree study performed in Novembe
According to a CheckFree study performed in Novembe
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
r of 2005, 56% of U.S. Online households are paying at least one bill online, up from 52% in June of 2004. Many of the bigger Billers have taken advantage of this trend and have brought their overall cost of bill delivery down by as much as
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
30%. The key to realizing substantial savings is asking the right questions. When selecting a Print Outsourcer it is critical to ask the following Ebill questions and investigate whether they have kept up with recent technology.
1. Do you p
1. Do you p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rovide Ebilling capabilities and what adoption rates can I expect? Adoption rates are the key to a successful cost savings Ebill program. Adoption rates can bring down the overall cost of your total billing program by up to 30%. The defini
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
tion of adoption rates is the number of customers that request an electronic bill instead of a paper bill. If you have 10,000 customers and 2,000 of your customers request an electronic bill instead of a paper bill that means you have achiev
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
ed a 20% adoption rate. A 20% adoption rate can equate to a 15% overall savings in your total bill distribution costs. For example, if you're overall cost of printing and mailing 10,000 bills is $6,200, the potential cost savings for a 20%
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
adoption rate would be $930 leaving your new overall cost at $5,270.
2. What methods do you use to achieve high adoption rates? The Print Outsourcer should be able to send you're bills through the CheckFree Distribution Network. This means
2. What methods do you use to achieve high adoption rates? The Print Outsourcer should be able to send you're bills through the CheckFree Distribution Network. This means
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
that your customers who pay their bills through their banks bill pay site or through the MyCheckFree.com will be able to see their bills in these pay sites. The Print Outsourcer should also provide a wide range of successful adoption progra
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ms which include: Bill stuffers, CSR scripts, positive and negative incentive programs, email and internet campaigns, etc.
3. How will you charge me for Ebill? Some Print Outsourcers may be willing to take on the risk of adoption rates. In
3. How will you charge me for Ebill? Some Print Outsourcers may be willing to take on the risk of adoption rates. In
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
other words, they may be willing to charge you “One Price” for all bills going out and set the “One Price” at a very low rate. For example, a Print Outsourcer may be willing to charge $.39 for every bill going out. The Print Outsourcer's c
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ost for printing, inserting, 2 envelopes, and postage would be close to the $.39 or maybe even a little higher. However, they will charge $.39 for every bill whether it's an Ebill or a Paper bill. If the Print Outsourcer can send out 20% of
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
the invoices electronically it brings down their overall costs so that they are still profitable. If the Print Outsourcer doesn't perform and bring up adoption rates, they will not make much money. This helps you as a client receive a very
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
low price for bill creation and delivery but also motivate the Print Outsourcer to perform so they can make a profit.
After you have satisfied yourself concerning the prowess of the Print Outsourcer concerning Ebill capabilities, it is stil
After you have satisfied yourself concerning the prowess of the Print Outsourcer concerning Ebill capabilities, it is stil
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
l very important to assess the printing abilities of the printer. Although the art and science of printing has been around for many years, some Print Outsourcers have taken advantage of new technology to bring prices down to an all time low
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
in Labor, Materials, and Postage. If you know the tricks you can participate in these cost savings with the Print Outsourcer. Labor cost reductions have been driven down by Intelligent and Selective Inserters. The newer inserters can drama
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
tically reduce the labor cost associated with inserting the bills and stuffers into the envelopes.
Labor costs have also been driven down by self help customer care tools. If a Print Outsourcer can give their clients full visibility into th
Labor costs have also been driven down by self help customer care tools. If a Print Outsourcer can give their clients full visibility into th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e print process which includes seeing job status, viewing invoice output, self proofing of jobs, invoice seeding, etc., then the client demands less customer service from the Print Outsourcer. This brings labor costs down and gives more cont
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
rol to the client to solve their own issues. Material costs have also been reduced substantially by high speed color cut sheet printers. In addition, Printer Outsourcers who print their own forms tend to have a lower cost. Lastly, first cl
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ass postage costs can be reduced to less than $.30 per piece by commingling.
For savvy Billers who want to save money through Print Outsourcing, these tips will help you choose the correct vendor and get the lowest cost for the best service.
For savvy Billers who want to save money through Print Outsourcing, these tips will help you choose the correct vendor and get the lowest cost for the best service.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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