Case Study: Medical Accounts Payable

Challenge:

A large physical rehabilitation organization with over 50 locations across the southeast was experiencing difficulty keeping up with their invoice processing across the various locations and their accounts payable department needed assistance. They were concerned about missing their turnaround policy window and possibly losing invoices throughout the approval process within the different locations. Additionally, they needed a way to incorporate the payment of the invoices and patient refunds into their workflow process to limit the extra steps in their process.

Solution

The company chose to utilize Recordsforce for their invoice boarding process, workflow software, and payment processing. We created a Shared Service Center for their accounts payable process across the organization by collecting their invoices, boarding them on the front-end into their approval workflow, and upon approval routing them for payment processing to automate their entire invoice review process and ensure invoices were always paid, and always paid on time. The process is as follows:

 1. Invoices are collected and prepared for data capture.

2. When the documents are ready, automated data processing is performed, extracting data from each document automatically.

3. Documents are boarded into our docMgt Workflow system where they are automatically routed to the appropriate approver.

4. Once approved, they are automatically routed through the payment process to be paid out on their behalf.

 

Result

Essentially, the rehabilitation's AP team never has to touch an invoice. We load them, they review and approve them, and then each is automatically enrolled for payment. Their invoice processing is now automated and under control. Additional results from their partnership with Recordsforce includes:

  • Greatly improved quality control and accuracy, and invoice retention
  • Significantly lowered their cost per invoice from approximately $15 per invoice to under $2
  • Eliminated paper entirely from their AP department
  • Easy and simple digital access invoices whenever needed
  • Reduced labor costs in the AP department
  • Eliminated late notices
  • Took advantage of more quick pay discounts
  • Eliminated threat of service cancellation due to lost invoices