REPAY partnered with a North Carolina health system to improve and digitize its accounts payable processes. The 133-bed, non-profit community hospital has served both the north-central North Carolina and southwestern Virginia areas for over 60 years and provides acute care, skilled nursing and physician services.
Previously, the health system cut more checks to pay their vendors than they needed or wanted to. They had previously used a credit card program, but it had low vendor participation. This prompted the organization's director of operational finance to seek an innovative, easy-to-use solution to automate and streamline the payment cycle process. Additionally, the health system required a solution that could simplify reconciliation, integrate with their current accounting system and easily support vendor enrollment.
Streamline the AP Process with Automation Technology
REPAY presented the health system with its comprehensive AP automation platform to address their needs. The solution included a hassle-free implementation that seamlessly integrated with their existing software, as well as a robust vendor enrollment and verification strategy, digital payment solutions and ongoing vendor analysis.
After implementation, the health system no longer had to deal with the hassle of paper checks. Within the first year, it eliminated 1,300 checks and generated roughly $35,000 in rebate revenue. REPAY now processes 33 percent of all outbound payments on their behalf. With a more streamlined process in place, the health system's AP payment program continues to grow and benefit from continuous data analysis and vendor verification. Ongoing verification increased the number of vendors paid through the program by 37 percent.
"REPAY provided us with a no-cost solution that allowed us to become more automated and secure with the added benefit of the rebate." - Operational Finance Director.
Customizable AP automation tools from REPAY can help your organization enhance vendor payment management. You can enhance back-office operations by eliminating manual processes, improving vendor relationships and streamlining operations. Our solutions feature electronic payment capabilities such as virtual cards and ACH, enabling faster payments for vendors, the potential to earn valuable rebates and more up-to-date reporting.
Ready to reap the benefits of AP automation? Contact us today to begin.