Within the medical industry, there is an abundance of paperwork to process, especially invoices. Ensuring an efficient AP processing system is imperative to the successful operations of financial companies and departments within this field.
In this Acceleration Case Study, learn how EngageMED, a medical accounting company, used a cloud-based solution to improve business efficiency. By implementing DocLink by Altec, EngageMED was able to eliminate paper invoices as well as decrease AP processing times by 75-85%.
Business Challenge – Eliminating Paper Invoices and Improving AP Processing Times
EngageMED offers corporate accounting services for 18 clinics. However, their AP process was entirely manual. Each clinic had to mail hand-written paper invoices to corporate for processing. They had to manually collect and file the invoices after approval and after the payment.
- The biggest pain points were within the approvals process:
- Took up to 3 weeks to process
- Document accessiblity
The approvals process was a major challenge. Oftentimes, it would take up to three weeks. With the company having multiple locations, it certainly didn’t help that they didn’t have a workflow mechanism in place. For instance, before sending an invoice out for filing, the approvals process involved receiving an invoice, coding it, and sending it out for manual approval. This process was time-consuming and challenging.
Document accessibility was another problem. They never scanned documents, which further complicated the invoice filing process. It could take hours to find older invoices, severely limiting the efficiency of employees.
- Their goals were evident:
- Eliminate manual tasks
- Streamline paper invoice management
Choosing a software solution to eliminate these manual tasks would be a significant undertaking. But, it would be well worth the effort, considering the long-term benefits.
Software Solution – DocLink
EngageMED decided to partner with Altec to implement a solution for managing paper invoices. By using this cloud-based solution, EngageMED would be able to eliminate its need for paper files. They store checks, invoices, POs, receipts, and other documents within DocLink.
By using this technology, each office codes its invoices, significantly boosting employee efficiency. Now, they can quickly scan invoices into the system before putting them through a shredder. Each clinic follows the same process. Additionally, DocLinks makes it possible for employees to access these documents directly on the cloud. Because everything is linked within the same system, it’s much easier for employees to locate specific documents.
Using DocLink eliminates the manual collecting and filing process. DocLink automatically indexes each uploaded document with data that links everything together. Not only does this automated process save everyone a lot of work, but it also dramatically reduces the time it takes to search for files.
While using DocLink, approval times are much shorter. Since they can easily approve documents electronically, the physical location isn’t as necessary as before. Further, the paper-based method would take up to three weeks for employees to approve invoices. Now, it only takes days or even hours to finish the entire process.
During the transition to the cloud, DocLink also provided much-needed stability for the whole of the AP department. The approvals process always remained consistent. While migrating to the new system was a big undertaking, the entire process was relatively smooth throughout the migration to the cloud.
The team at EngageMED saved a lot of time and significantly increased ROI after implementing DocLink. The AP invoice process time is now reduced between 75-85%, allowing employees to refocus their time on high-value tasks. It’s possible to code invoices while ensuring the processing and approvals are done on time. Because of the efficiency of the DocLink system, it eliminates the need for hiring additional staff members.
Other processes have significantly improved because of DocLink. For instance, EngageMED saw improvements in auditing, budgeting, information sharing, and conducting internal reviews. The search capabilities for DocLink are highly effective. This is due to its ability to index documents that are linked through a transaction as well as index individual pieces of data related to a specific account. Now, it only takes 30 seconds to retrieve an old invoice.
DocLink remains a stable and reliable product for EngageMED, as the company experiences significant growth. The team at EngageMED is delighted with implementing DocLink because it dramatically reduces AP processing times and makes it much easier to retrieve invoices.