Creditek Structures Organization to Better Serve Customer Financial Requirements in Today's Unstable Economy.Business Editors PARSIPPANY, N.J.--(BUSINESS WIRE)--June 11, 2002 Creditek: New President Corey V. Torrence Announces Plans for Visionary Alignment of People, Process and Technology Creditek LLC's recently appointed President and Chief Executive Officer, Corey V. Torrence, announces his vision for the company. Succeeding John Metzger, the founder and current Chairman, Torrence promises to continue to expand Creditek's stronghold on the Revenue Cycle Outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. and Finance and Accounting Process Outsourcing (F&APO apo- 1 A prefix indicating a protein component in a conjugated molecule–eg, apoferritin, apolipoprotein, see there 2 Apolipoprotein, see there ) industries by structuring the organization to better serve clients' financial focus. "As my first order of business, I have met with many of our Fortune 1000 clientele to personally introduce myself and to learn, first hand, how Creditek can expand our financial practices to better serve their needs. In this unpredictable economy, I've noted an overriding `back to basics' trend, with companies struggling to make the necessary investments of capital and expense dollars for critical improvements in business processes. This is where Creditek quickly and efficiently delivers bottom-line impact, said Torrence. " Creditek is focusing on three core strategic efforts to better support both its Revenue Cycle Outsourcing growth, and its expanding F&APO practice. For the first initiative, a global operation, sales and account management effort has been launched. This program will be lead by newly appointed Executive Vice Presidents and General Managers Simon Blanks and Dean Sivley. Blanks, manages the Central and Western U.S regions and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. while Sivley manages the Eastern US region, our healthcare receivable outsourcing subsidiary Creditek MediFinancial, and Europe. Rich Lander, Vice Chairman and Executive Vice President, a 20 year Creditek veteran will head up client operations and quality efforts, key strategic alliances and offshore initiatives. "Their combined experience will drive Creditek's quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the delivering the best financial care in the market. There will be more exciting executive appointments to come," added Torrence. "We have been pleased with the recent changes, especially with their ability to offer a more comprehensive finance process outsourcing solution that encompasses people, process and technology across the many functions of the back-office revenue cycle," said Joseph Nolan Joseph Nolan (born 1846) was an Irish Nationalist Member of Parliament for North Louth from 1885-92, and for South Louth from 1900-18. Nolan was a native of County Louth. He was originally a schoolteacher, in Ireland and then in Liverpool. , Vice President - Controller for Independence Blue Cross. "With the compelling economic value of outsourcing a large portion of premium, dunning Dunning The process of communicating with customers to ensure the collection of accounts receivable. Notes: Dunning can start with gentle reminders and then progress to nearly threatening letters as accounts become more past due. , and collection processes, Creditek is ready to move us in that direction with a solution that fully compliments the way we are currently working." Furthermore, with over $10 billion in receivables currently under management and by utilizing their 20-year history of deep domain expertise, soon Creditek's customers will have the ability to capture, utilize, and analyze financial data in new and unique ways that more closely support the burgeoning financial requirements of today. Creditek's new technology and infrastructure expansion compliments their already market leading internet Revenue Cycle Workbench, Creditek.Power. "With cash being king these days, our clients simply want focus on financial recovery. Corporations want reduced receivable backlogs to create better cash flow and credit ratings for improved stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. value. No other company is poised to deliver the required full depth and breadth of services and expertise. This is where Creditek shines," said Torrence. ABOUT CREDITEK LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control Founded in 1982, Creditek is one of the world's largest revenue cycle outsourcing firms. With $10 billion dollars in receivables of Fortune 1000 clients' under management, Creditek supports non-core order-to-cash financial functions such as, cash management, deduction/dispute resolution and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying . Unlike traditional revenue cycle outsourcing companies List of Outsourcing Firms<ref name="who" /> Revenue (USD) Logo Company Headquarters Country of Largest Employment Service $3300 million , Creditek works with organizations to map key business performance indicators such as cash flow, revenue, margins and backlog against financial revenue processes to optimize corporate value-creation opportunities. In 1999, Creditek received an investment from Parthenon Capital. This was followed by a subsequent investment from General Atlantic Partners in 2001. Creditek has experts in each aspect of finance and accounting processes, as well as specific knowledge of seven important industry sectors: Media and Entertainment, Technology and Communication, Energy, Consumer Package Goods, Retail and Transportation, Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Manufacturing, and Healthcare. ABOUT INDEPENDENCE BLUE CROSS Independence Blue Cross is a full service health insurance company headquartered in Philadelphia and employs 8,600 people to serve its 2.9 million members throughout the tri-state region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. . Independence Blue Cross is the largest health insurer in the Philadelphia region. |
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