You ask a tough Q in very simple words ;-)
Since you mention managed IPT, hence I suppose Cisco CallManager (CCM) or CallManager Express (CME) based solutions will be the core of such a managed service. These products allows the flexibility to offer a variety of deployment scenarios and this also means variety of things to "care about", such as:
- Centralized or on-premises IPT call control (CCM / CME)
- Centralized or on-premises PSTN Breakout
- Gateway selection at customer premises for support of SRST
- IP Addressing
- Security, NAT
- Centralized or Distributed services & bandwidth requirements (e.g. MoH servers, VM)
- QoS
- Call Admission Control
- Centralized or Distributed location of DSP resources for Conferencing, transcoding
Some reference material from cisco.com:
http://www.cisco.com/en/US/netsol/ns341/ns121/ns390/networking_solutions_packages_list.html
http://www.cisco.com/en/US/netsol/ns341/ns121/ns390/networking_solutions_audience_business_benefit0900aecd80151369.html
http://www.cisco.com/en/US/netsol/ns458/networking_solutions_white_paper0900aecd801ba5cc.shtml
http://www.cisco.com/en/US/netsol/ns458/net_value_proposition09186a0080201f6e.html
You'll choose billing partner depending upon the deployment model and the
involved IPT products. For IPT Billing partners:
http://forums.cisco.com/eforum/servlet/IPCApps?page=Application_Search