Protecting Disbursements Against Payment Errors and Fraud
This firm in the highly competitive healthcare sector operates more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home healthcare agencies across the US. The company turned to apexanalytix for comprehensive, companywide protections against disbursement errors and fraud.
“Since adopting firststrike, we’ve made transformative changes that are helping us improve performance and make significant inroads against disbursement errors and fraud.”
– Assistant VP, Accounting & Disbursements
The company uses thousands of local vendors in the communities where its facilities are based. But local personnel focused on patient care lack the skills to understand and track the many financial transactions involved. Executives knew this local-level inexperience was triggering overpayments. In fact, they were averaging more than $100,000 a month in proactive vendor refunds, despite existing payment controls. It was clear a higher level of protection was needed.
The firm adopted an apexanalytix firststrike® Accounts Payable platform to provide continuous protection against disbursement errors and fraud. firststrike extracts and analyzes data daily from the company’s PeopleSoft and Basware systems—generating easy to use reports that rank-order risks by importance. Team members can quickly review the information and intervene before erroneous disbursements are made.
firststrike has delivered the powerful control framework needed to protect disbursements companywide. Among the impactful outcomes:
• In the first six weeks after implementation, firststrike prevented an average of $225,000 in duplicate payments a week.
• The company now has the tools to analyze past disbursements and conduct its own recovery audits.
• A cumbersome, time-consuming reporting process has been transformed. Reports are now generated in seconds and delivered directly to the desktop—driving better-informed business decisions and supporting strategic sourcing initiatives.
• firststrike is enabling new processes, controls and metrics that impact performance and profitability, including new policies on how credit memos are handled.