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Learn how Greystone Healthcare Management transformed their AP department from a cost center into a revenue generator, converted paper checks into ACH and streamlined their complex vendor payment process.
With an average of 1,500 checks issued per week that required manual review and postal preparation to more than 3,000 vendors, Greystone had concerns about:
The inherent risk of check fraud
High per-payment costs
Inefficient allocation of resource time
The overall cumbersome processes to issue payments
Greystone strives to stay one step ahead of ever-changing regulations and compliance. With more than a decade in the market, it has built success by adhering to core principles such as following best practices, investing in people and exceeding expectations. The organization is constantly retooling, rethinking, reinventing and rebuilding operational models to transform and improve their quality of care.
Complex by nature and pressured to contain costs, Greystone was challenged by managing more than 95 disbursing bank accounts across more than 44 properties. Dealing with paper-intensive processes and strict regulatory compliance added to the overhead and operational challenges.
The solution and results
Greystone selected the Paymode-X electronic payment network as the solution for converting paper checks to ACH. The payment network addressed their need to be bank agnostic. Greystone was also able to outsource the full-time responsibility of acquiring and maintaining vendor bank account information. Moving from check to ACH meant tighter payment security.
As a member of the Paymode-X payment network, Greystone was able to eliminate the risk of housing vendor bank and account data, since that information is stored by the network. Paymode-X also provided a central online location to view all payment activity and audited payment detail. Greystone also reduced per-payment costs and associated banking fees by reducing labor-intensive check processing requirements.
As importantly, when Greystone considered the impact it would have on vendors, it was convinced.
With Paymode-X in place, Greystone streamlined processes, reduced costs and paper waste, offloaded non-core tasks and earned rebates.
"Paymode-X has provided Greystone with efficiencies and seamless transition from paper check to paperless electronic payments.” Connie Bessler | CEO | Greystone Healthcare Management
Chief Financial Officers have wide purviews, but their time and attention is limited. One area of the business, in particular, affords huge opportunities and carries huge risk in 2020 and beyond: Accounts payable. This guide covers off on the potential benefits to automating and securing the function from the CFO's perspective.
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