Time is Money
How Independence Blue Cross’ Early Payment Program Was Built on Accurate Supplier Data
November 12, 2020
• Chuck Stefanosky, Director, Strategic Sourcing and Procurement at Independence Blue Cross
• John Kalina, VP Administrative Services at Independence Blue Cross
• Barry Cook, Dir, Pre-Sales Consulting at apexanalytix
Independence Blue Cross was looking for ways to optimize their cash flow and the favored strategy was to begin offering early payments to suppliers for a discount on their invoice.
Talking to companies that provide early payment programs, they quickly learned that the success of these programs is heavily dependent on clean and complete vendor master data.
BUT Independence Blue Cross’ vendor master data was not clean and complete. The supplier onboarding process was disjointed and paper-based which resulted in incomplete, old or inaccurate data. They needed to clean up their master data before deploying an early payment program so it could actually impact their cash flow.
During this webinar, Independence Blue Cross will discuss how they leveraged apexportal to automate supplier onboarding and validate all supplier data against trusted sources for complete, up-to-date accurate data. After onboarding, suppliers had one point of communication with Independence Blue Cross to update any supplier data, check the status of a payment, or accept early payments for a discount. Master data and cash flow problems solved!
apexportal also allowed them to enforce all policies at onboarding (e.g., net 45 payment terms) and critical healthcare policies (e.g., HIPAA) to ensure compliance across their supplier base from the strategic to the long tail.
Join this webinar for the Independence Blue Cross story: how they went from a paper-based process to an automated self-service supplier portal and a successful early payment program. Chuck and John will discuss:
• Why a no-fee supplier portal was critical to success
• How they discovered that a surprisingly large amount of diverse suppliers were already part of their procurement profile
• Efficiencies and reporting alignment achieved by merging AP and Procurement
• Faster, better and more accurate supplier onboarding and management
• Why apexportal was the right solution for Independence Blue Cross
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