Indianapolis, IN. (PRWEB) June 5, 2006
Senex Services Corp., a market leader in the purchase of self-pay healthcare accounts receivable, today announced the selection of Computer Sciences Corporation (NYSE: CSC) to provide accounts receivable systems, accounting support and related back-office services for their new early-stage program, The Senex Advantage. The three-year business process outsourcing (BPO) agreement with CSC is a milestone in the development of a new Senex program to help healthcare providers manage their current self-pay accounts receivable.
The Senex Advantage patient account financing program will accelerate cash for providers by financing qualified patient accounts up front, minimizing the amount referred to collection agencies and reducing bad-debt write-offs. The Senex Advantage will not only enable hospitals to turn their current self-pay receivables into immediately available cash, but will also help create goodwill by providing patients with more flexible payment options and a high level of customer service.
Senex is uniquely qualified to offer and manage this program given its collection experience with more than 1.5 million delinquent patient accounts. Senex has been exclusively focused on the underwriting and collection of delinquent healthcare accounts for the past seven years. R Matthew Neff, Chairman and co-CEO of Senex, stated: “Hospitals are increasingly focused on improving the management of their accounts receivable cycle, and given the rapid growth in the consumer-responsible part of the healthcare bill, this task has taken on added urgency. The Senex Advantage is designed to address the need to manage self-pay balances more efficiently, and to accelerate the receipt of cash by hospitals.”
CSC, a Fortune 150 firm, is providing the technology, people and processes to administer these hospital receivables for Senex. More than 200 financial institutions have relied upon CSC to manage acquisitions, conversions and servicing for more than $10 billion in prime and non-prime loans. CSC has successfully created and launched new programs for more than 30 North American lenders.
“Before committing to CSC's BPO services, we benefited from CSC's consulting support for the design of our innovative program,” Senex’s Neff said. “By using CSC's best-in-class established BPO operation, we are able to launch the The Senex Advantage quickly, cost-effectively and with reduced risk.”
“The Senex Advantage combines Senex's experience in managing hospital receivables with CSC's expertise in creating and servicing lending programs,” said Jeffery Schwalk, vice president and managing director of the Banking Division of CSC’s Financial Services Group. “Through our collaboration on this new program, we intend to deliver the results healthcare providers need – faster payment, simplified financial data management, and the assurance of quality service to their patients.”
Founded in 1959, Computer Sciences Corporation is a leading global information technology (IT) services company. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 79,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.6 billion for the 12 months ended March 31, 2006. For more information, visit the company’s Web site at http://www.csc.com.
About Senex Services Corp.
Founded in 1998, Senex is the nation’s leading purchaser of delinquent healthcare self-pay receivables on a non-recourse basis. It has purchased over 1.5 million hospital accounts receivable from more than 70 healthcare providers throughout the country. Senex recently announced that a subsidiary of Wachovia Bank, N.A. had invested in the company. Previously, Senex announced the appointment of John M. Mutz, former Lieutenant Governor of Indiana, and former President of Lilly Endowment, to its Board of Directors, and that Dan Quayle, former Vice President of the United States, had been appointed Senior Advisor to the Senex Board. For more information visit the company’s Web site at http://www.SenexServicesCorp.com.
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