When Magnolia Regional Health Center (Corinth, MS) updated their EHR, they also took the opportunity to add more efficiencies to their accounts payable workflow, with the help of MEDITECH Expanse and ECHO.
The site started using a Virtual Card solution through their payment platform provider, which offered cash back, rebates, or discounts to use their processor. But while this solution created an additional revenue stream, the process of importing and exporting to and from the payment platform along with performing their reconciliation process was manual and time-consuming.
“That’s when we decided to reach out to Prelude Software, now ECHO® Payments Simplified, which had recently collaborated with MEDITECH to develop a new seamlessly integrated solution that automates payment and reconciliation processes,” said Magnolia’s Controller Haven Caldwell.
Just two months after signing on to be an early adopter, Magnolia was LIVE with ECHO PayPilot® ePayables solution.
“With ECHO PayPilot acting as a bridge between MEDITECH’s Accounts Payable and the payment platform provider, payments are posted immediately when they are released to the payment platform provider, and reconciliation files are automatically read back into MEDITECH,” said Caldwell. “This solution does everything we wanted, and gives us more control over the payment workflow.”
ECHO PayPilot® acts as the single integration point to any payment platform, giving Magnolia the flexibility to choose, use and/or swap their payment platform provider and easily make modifications. Using an incentivized payment platform provider has netted rebates that average $65,000 annually, in addition to the approximately $30,000 in supplies Magnolia is saving each year.
The facility has also realized significant time savings. “My team is saving an average of six FTE hours per week,” Caldwell said.
“Our processing time fell from one full day to only a few hours, and we now save an additional five hours per month through their automated reconciliation process. Not having to manually process those each month has been a great benefit. And then receiving rebates is just the cherry on top.”
To learn more about automating your payment processing and reconciliation process, contact your MEDITECH Accounts Payable specialist, ECHO Subject Matter Expert, and view ECHO PayPilot® video.
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