Read this article about Cognizant, Best Achievement in Operational Excellence to deliver Business Transformation, selected by the independent judging panel, for the 2020 Business Transformation & Operational Excellence Industry Awards program.
BPO industry has come a long way where clients are looking forward to service providers having greater skin in the game with end-to-end accountability. Cognizant has always been in the forefront of pioneering practices, which then become industry norms. In this specific case, Cognizant’s Healthcare vertical has been the flag bearer to lead the way for the industry with an introduction of BPaaS model.
How Does BPaaS work in HealthCare?
Why BPaaS:
Value Generation:
One of the very first BPaaS deals that we won in the Healthcare space is a leading East Coast based Health Plan. Client witnessed downfall in Membership (from USD 3.5M to USD 2.43M) over a period of 2 Years. They were running their businesses on obsolete technology platforms
Here, the client pays a certain agreed fee per member per month (PMPM) irrespective of the number of transactions we handle. This means that we have passed on an upfront benefit to the clients & would now need to drive innovation to run a profitable business. During FY19, we have realized cost savings of USD 12M, (20% improvement on the overall budgeted cost for FY’19). This was driven through some of the levers like Platform enhancement, LEAN, Six Sigma, Automation, Analytics, Smart Intake & Work Force Management.
Strong engagement with this client has led to an additional business of TCV USD 24M. This is over and above our existing annualized revenue of USD 70M.
Our ability to demonstrate value for this client under the BPaaS construct has helped us win two new logos in the BPaaS space, with TCV of USD 140M and USD 130M respectively.
Customer Benefit:
Our BPaaS solution has helped the client to (a) Streamline products and administration, (b) build new functional and digital capabilities, (c) Redesign business processes, (d) Retire 'Multiple antiquated systems and (e) increase the agility for launch of new capabilities. This overall transformation led to a saving of USD 750M.
Some of the significant Business Value delivered to client is as below:
- Direct PnL impact of USD 13.5M+ to client by proactively streamlining their Billing and reconciliation processes
- Helped client achieve Pre-payment savings of USD 23M
- USD 88M underpayment avoidance by implementing scripts in the core adjudication platform.
Improved Auto Adjudication by 15% by implementing BOTs
Implementation:
We use DBO as a tool to identify key outcome metrics that impacts the business.
Our industry leading implementation capabilities are recognized by various industry bodies.
Organizational Learning
Creative Use of Tools
This account has certain innovative and industry-first aspects from engagement design and commercial construct perspective.
About the Awards
The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.
The winners will be announced at the Awards Ceremony at The Business Transformation & Operational Excellence World Awards (BTOES) on Wednesday, March 25th, 2020, from 6.30pm in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort.
The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.
The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2020 in the beautiful Venetian Ballroom on March 25, 2020 at the Loews Portofino Bay Hotel at Universal Orlando™️. Click to access the agenda, view the current speakers, and watch the highlights video from last year.
BTOES.com
The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry
BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.
It also hosts the Business Transformation & Operational Excellence Awards, which showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.
The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.
With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
Quick Links
There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.
The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including
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All-day Refreshment & Themed Breaks
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1¼ Hour Hot Breakfast Networking Sessions
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1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables
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1½ Hour Roundtable Sessions by Topic & Industry Sector.
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Keynote & Themes Panel Sessions
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Hosted Welcome Receptions from 5.30pm
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Expanded more lavish Awards Program
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Newly launched Night Summit for attendees to meet after dinner
For more information or to discuss the summit in more detail please schedule a call below,