Many organizations choose to outsource transactional communications. It makes sense in terms of costs, compliance, accuracy, and quality. While there are many vendors, not all are the same. That’s why it’s vital to compare statement printing and mailing providers.
By using these criteria, you can make the best choice for your organization. As a result, you’ll feel confident that your statements arrive on time and follow all regulatory requirements.
What Is a Statement Printing Provider?
A statement printing provider describes a specialized vendors that use automation, manufacturing frameworks, and compliance expertise to print and mail documents. These communications are transactional because they contain protected information, regulated by laws.
Generally, these companies use high-speed inkjet printers, Lean Manufacturing pillars, intelligent mail insertion, and secure file processing.
How Should You Compare Statement Printing Companies?
When evaluating statement printing and mailing providers, there are some essential things you should consider. Let’s review the best way to make a fair comparison.
Compliance Without Compromise
Compliance in transactional print and mail isn’t optional. It must be at the root of every workflow and action. Most vendors will have the basics of adhering to regulations like HIPAA, FISMA, or other industry-related rules. True compliance is more than this.
First, they should have certifications in both SOC I & II. This demonstrates they have advanced control frameworks for security, processing integrity, privacy, and confidentiality regarding sensitive data.
Second, a provider should be integrating compliance into every aspect of production. Many are able to do this at scale with Lean Manufacturing, which audits workflows to find and address issues immediately.
Third, the company should have dedicated compliance staff. Ideally, they’ll employ a compliance officer who has a team of experts. Their sole responsibility is to ensure compliance for every statement produced.
In your RFP, ask specific questions about compliance programs, including specific processes and roles.
Security That’s Proactive
Data security must have a proactive approach to be effective. It’s the second area for scrutiny when you compare statement printing and mailing providers.
Risk is inherent with protected information, but the best providers have layers of security to protect it. There are several areas under this topic to focus on during your assessment, including:
- Encrypting data while in transit or at rest
- Providing a private cloud for any stored data
- Enabling secure file transmission
- Full disk encryption
- Network segmentation
- Multi-factor authentication
- Advanced firewalls and IPS (Intrusion Protection System)
- Regular penetration testing and vulnerability scanning
In addition to data security, also inquire about physical security. Statement production occurs in a facility, but how secure is it? Are there cameras across the building and around the perimeter? How easy is it to gain access to production areas?
Get the answers to these questions before making a decision.
Accuracy That’s Reliable
Mis-mailings of statements can happen any time. The more of these errors that occur, the higher your chance of claims for non-compliance. That’s why accuracy is so crucial.
While no print and mail company can guarantee 100% accuracy, there are proven frameworks for boosting accuracy with intelligent mail insertion.
Intelligent mail insertion involves scanning 2D barcodes printed on each piece of paper in the mailing. When scanned, the inserter receives information about what pages to fold into each envelope. Another camera captures this insertion for verification. While automated, there’s continuous monitoring of the process.
It’s critical to ask questions about how they manage insertion accuracy. Some workflows don’t have this level of detail. You can even ask to see how it works in person.
Quality Assurance vs. Quality Control
The next area of comparison is about quality. You’ll need to establish which one they adhere to: quality assurance (QA) or quality control (QC). They are different in ways that matter.
QA uses auditing of workflows to identify any deviations in the process. When revealed, operators make adjustments. QC simply looks at already produced products, so there’s no plan to fix issues or diagnose root causes.
QA facilitates continuous improvement. Include questions in your comparison criterion about how a vendor measures quality and what they use to manage and improve it.
Ready to Compare Statement Printing Companies
These four areas of comparison are the foundation for finding the right fit for your company. Pricing will also factor in, but low-cost vendors tend to cut corners, which could leave you exposed. Concentrate more on value.
Want to begin the comparison process with us? Contact us today for a no-cost consultation.
