|
SourceCorp, Inc. - Document
Management -
Category Directory
(214)
740-6500
3232
McKinney Ave., Suite 1000
Dallas, TX 75204
www.srcp.com
Sales
$424
million
Business Description
SOURCECORP, Incorporated (formerly known as FYI Inc.) is a national provider of business process
outsourcing solutions specializing in document management and information
management and a provider of specialized knowledge-based processing and/or
consulting solutions. We offer clients in information-intensive
industries—such as financial services, healthcare, legal, government, and
transportation—the solutions to manage their information and document
intensive business processes and the solutions to fulfill certain
specialized knowledge-based processing and consulting requirements, enabling
these organizations to concentrate on their core competencies.
As a national business process outsourcing provider, we operate
approximately 98 facilities in 26 states, Washington, D.C. and Mexico, with
approximately 6,800 employees at December 31, 2003.
Services Offered
We provide a variety of business process outsourcing solutions and
knowledge-based services and draw upon our available services and expertise
to develop solutions for our clients based on their specific needs. As a
result of the 2001 strategic realignment plan discussed above, we realigned
our operating units into the following segments: Information Management and
Distribution; and Healthcare, Regulatory, and Legal Compliance. See Note 16,
Segment Reporting, of Notes to Consolidated Financial Statements of
SOURCECORP, Incorporated and subsidiaries (the "Consolidated Financial
Statements") for the last three years' financial results under these
segments.
Information Management and Distribution. We offer Business Process
Outsourcing ("BPO") solutions that help our customers manage the Document
In-flow, Workflow Processing and Statement Out-flow of their mission
critical business document processes. Our BPO solutions enable customers to
automate their complex workflow processes by digitizing extremely large
volumes of documents, capturing information from the documents, hosting
electronic documents on our Web-based repository, and preparing statements
that customers mail or present electronically to their end users. We offer
our BPO solutions to businesses in document intensive industries, such as
healthcare insurance, financial services, healthcare provider,
transportation/logistics, and federal and state government. Information
Management and Distribution represented 58.3% of revenue and 49.0% of
pre-tax income during 2003.
Document In-flow: Our BPO solutions start with our ability to receive and
process customer documents at more than twenty sites located throughout the
United States and multiple offshore venues. Our services include outsourced
mailroom management, high-speed electronic scanning, automated data capture
using optical character recognition (OCR) software, and domestic and
offshore data entry. Each day, we process millions of document pages in our
highly efficient processing facilities.
Workflow Processing: Once the documents are digitized and key information is
captured in a database, we can host customers' electronic documents and
enterprise workflow applications on FASTRIEVE, our Web-based document
repository and workflow platform. FASTRIEVE allows customers to quickly
implement enterprise workflow applications without the capital investment
and ongoing maintenance costs required by an in-house system. Each day,
thousands of users at more than twenty companies access FASTRIEVE's secure
data center to integrate their electronic documents with workflow
applications specific to their industries. FASTRIEVE's online document
repository enables workflow processes involving mortgage loan documents,
healthcare claims, patient records, personnel files, tax files, accounts
payable and other mission critical business document processes.
Statement Out-flow: We also process customer data to create, print, and mail
statements to our customers' end users. We operate three large statement
processing and out-bound mail facilities in the Eastern, Midwest, and
Western United States. Our national "footprint" allows us to efficiently
deliver statements to any mail zone in the United States. We also provide
our customers with the ability to present electronic statements to their end
users through our Web-based statement repository or by email. Each day, we
create, print, and mail thousands of statements including brokerage
statements, bank statements, and customer invoices.
In conjunction with statement out-flow, we also operate two large print and
mail facilities in California and Oklahoma that provide customers with
full-service printing and direct mail services. Our print and mail
applications include large-scale distributions of corporate advertising,
fund raising materials for non-profit groups, credit card applications, and
annual reports.
Healthcare, Regulatory and Legal Compliance. We offer specialized
knowledge-based processing and consulting services that include medical
records release, record management services for healthcare institutions,
temporary staffing for healthcare institutions, providing managed care
compliance reviews, class action claims administration, and professional
economic research and litigation services. Healthcare, Regulatory and Legal
Compliance represented 41.7% of revenue and 51.0% of pre-tax income during
2003. The greater proportion of pre-tax income results from the higher
margin nature of project revenue.
Medical records release services consists of processing a request for a
patient's medical records from a physician, insurance company, attorney,
healthcare institution or individual. The medical records release service
provider initially verifies that the release is properly authorized,
coordinates the retrieval of the record, determines the relevant parts of
the record to be copied and delivers the copied records (or portions
thereof) to the requesting party. Medical records release services are
provided on-site and off-site pursuant to contracts with hospitals, other
large healthcare institutions and insurance companies. The medical records
release service provider bills the recipient directly and sometimes pays a
fee to the hospital.
Record management services consist primarily of active or open shelf
storage. Active or open shelf storage services involve the storage,
processing (i.e., indexing and formatting), retrieval, delivery and return
to storage of documents in a rapid time frame. Many of these services are
provided electronically through web-enabled applications. Service fees
generally include a monthly fee based on activity levels and volumes stored,
with additional billing for specialized requests. To a smaller extent, we
store inactive documents.
Additional Healthcare and Compliance services include document and data
conversion, archiving and imaging services for hospital radiology
departments, imaging and electronic storage of medical records for
hospitals, coding and abstracting of medical records, managed care payment
compliance reviews, and temporary staffing services for hospital information
management departments.
Class Action Claims Administration Services include turnkey services to
administer legal settlements. Services include compiling and managing claims
databases, conducting mail campaigns for settlement communications and
providing communication support for settlements through our in-bound call
centers. We identify and notify members of class action lawsuits or other
groups, answer questions, track and record contact with class action or
other group members, process claims and distribute settlement funds.
Professional Economic Research and Litigation Services include the
utilization of highly skilled and experienced professionals and the
application of key intellectual property and experience based proprietary
data to provide help in solving client problems. We are engaged in complex,
high profile and high economic risk litigation matters to offer expert
analysis and testimony. Our high level consulting services range from fair
lending, labor discrimination and forensic analysis to trial support for law
firms and corporations.
We serve a diverse client base, including customers in the financial
services, healthcare insurance, healthcare provider, legal and
transportation/logistics industries as well as public sector agencies.
Enterprises can outsource many of their information management, distribution
and specific information-intensive processes as well as certain specific
knowledge-based processing and/or specialized subject matter needs to us due
to the breadth of our outsourcing capabilities and subject matter expertise.
We believe that the business process outsourcing solutions and consulting
markets are growing due to several factors, including: (i) government
regulations that require lengthy document retention periods and rapid
accessibility for many types of records; (ii) continuing advancements in
computer, networking, facsimile, printing and other technologies that have
greatly facilitated the production and wide distribution of documents; (iii)
the increasing litigiousness of society, necessitating access to relevant
documents and records for extended periods of time and requiring specialized
subject matter expertise; and (iv) increased customer expectations of low
cost access to records on short notice.
Our customer profile includes enterprises, both commercial and
public-sector, that have information-intensive business processes involving
large volumes of documents, forms, case files and storage, with frequent
access and distribution requirements or that have other types of information
needs that require specialized processing and/or subject matter expertise.
We believe that these clients will continue to increase their outsourcing
for these needs in order to further focus on their core operating
competencies and revenue generating activities; reduce fixed costs,
including labor and equipment costs; utilize, on a project basis, highly
qualified subject matter experts without incurring the ongoing costs; and
gain access to new technologies without incurring the investments and risks
of obsolescence associated with the technologies required to effectively
meet these needs.
Business Strategy
Our goal is to become a leading provider in the U.S. of business process
outsourcing solutions for information and document intensive vertical
markets, including healthcare insurance, financial services, healthcare
provider, transportation/logistics, federal and state government, and legal
industries and a leading provider of certain knowledge-based processing and
consulting services. Achieving our goal will involve extending our
involvement in key business processes that we support today with additional
processing and consulting capabilities. We have implemented the following
focused business strategy, which we believe will attract and retain clients:
Economies and Efficiencies. We intend to deliver superior, faster and more
cost effective services than our customers can provide for themselves.
Scope and Scale. We plan to continue to establish a range of business
process outsourcing services to meet the diverse needs of our customers by
expanding existing platforms and making selected strategic acquisitions. We
intend to continue to handle large volume engagements associated with
information-intensive processes.
Flexible Service Delivery. We intend to continue to provide outsourced
service facilities, on-site facility management and dedicated customer
operations through our network of domestic and international workforce and
vendor relationships.
Information and Technology Lifecycles. We intend to continue to be involved
during the stages of the information lifecycle from mailroom operations,
data capture, conversion and storage to analysis and output processing. In
addition, we intend to further develop processing capabilities and expect to
continue to be involved in the technology lifecycles from paper to
electronic, making use of web-based and other technologies.
Invest in Sales Resources. We intend to expand investments in sales and
sales support personnel and resources to expand our pursuit of long-term
customer relationships within our key markets. We intend to increase the
number of large accounts we can pursue at a given time and, over time
increase our win rates through additional client references and successful
testimonials.
Emphasize Account Penetration. We intend to emphasize account penetration in
two primary ways. First, we intend to continue to sell our existing clients
additional business process outsourcing solutions. Second, we intend to use
our technology advances and industry specific knowledge to sell solutions to
new clients.
Invest in Technology. We intend to continue our investments in technology in
order to expand our business process outsourcing solutions, facilitate the
integration of our service platforms, reduce labor costs relative to our
growth, and provide our services in more efficient ways. These investments
include the acquisition of new-generation high speed scanning equipment,
optical character recognition software and systems, communication systems,
and other infrastructure related to our service platforms.
Internet. We intend to continue to utilize web-based technologies. Our plans
include business-to-business e-commerce enabler products to provide critical
back office functions. Our e-business strategy revolves around three areas:
(i) order entry and status; (ii) web conversion services; and (iii) web
storage and retrieval.
Retain and recruit highly qualified consultative professionals. We intend to
continue our recruiting activities for highly qualified consultative
professionals in order to expand our professional economic research and
litigation support services. Additionally, we intend to maintain a critical
mass of consultative professionals in order to handle multiple large,
complex assignments simultaneously.
Ticker
SCRP
SIC Code
7389
- Services-Business Services, NEC
Document Management Companies in the Directory
Anacomp
Bowne & Co.
Daticon
Encore Legal Solutions
Iron Mountain
IKON Office Solutions
ImageMax
Lason
SourceCorp
|
|
