The loss of revenue losses is a permanent concern in the daily management of public and private corporations. Budgets quickly turn negative when expected income erodes and threatens the sustainability of the corporation. Often, this erosion of revenue is affected by billing and collection of revenue errors, unapproved variances, or even fraud.
Revenue Assurance is the savvy manager’s response to issues that affect the operational performance of any ongoing concern. It is the application of disciplined metrics, dispassionate analysis of results, inspection, and the prompt resolution of deviations found.
These Five (5) Phases are :
The process starts with an assessment of the daily operations, performing, but not limited to, the following analyses:
Once these analyses have been completed, the second step involves the development of initiatives from the results of these analyses. The initiatives go through a process of:
All of the prioritized initiatives are part of the Revenue Assurance Implementation Plan. The challenge is to visualize all of the initiatives in one document and establish a roadmap for the execution. In this step we consider:
Once the Revenue Assurance Implementation Plan is designed and approved, the Revenue Assurance Program is presented for final approval. Some of the techniques or activities used are:
As we execute our Revenue Assurance Implementation Plan, we monitor the KPI’s results obtained and compare them with the KPI goals set on the Implementation Plan. The results evaluation will quantify the amount of recovered revenue. As part of this vital step we develop: