With a focus on the U.S. healthcare market, our client boasts of innovative and proprietary electronic invoice delivery software that seamlessly handles all purchasing and invoice data. This platform empowers hospitals to capture discounts and rebates effortlessly, optimizing their working capital.
The platform was constantly fed with new invoice documents. These documents were to be monitored in real-time, matched with real invoices, checked for accuracy, data entry of erroneous or missing fields, mapping of incorrect fields - the data needed to be standardized to validate the invoices for their further journey for payments.
All these errors required immediate attention, almost in real-time. And all of these steps required meticulous attention to detail and seamless execution.
To ensure the smooth execution of the project, we set up a dedicated team of 30 resources, with 20 of them handling the critical tasks of invoice data capture, entry, and verification. The remaining ten resources addressed 'Workflow failures' that involved resolving mask and mismatch errors.
Invoice data matching
We assisted our client by manually matching the invoice data with the portal's data to identify and fix discrepancies. Our team meticulously scrutinized the invoice data, identified errors, and resolved them promptly, ensuring the accuracy and integrity of the data.
Invoice data entry
To feed complete invoice details into the platform, our team captures missing data from invoices and enters them into the portal. Based on the provided guidelines and instructions, our resources mapped missing entries in the portal from the invoices and accurately entered data, such as line items, item number, invoice number, quantity, tax amount, etc.
Data verification &
validation
Our experts performed data validation and verification to ensure that the details were accurately entered and the ‘gross total amount’ matched the ‘balance due.’ Once the invoice data was mapped and entered into the software, our experts deftly matched the software's data to the original invoices, validated the data, and ‘submitted’ the invoice to the next stage in AP for payments.
Mask Errors
Using patterns and learning over time, the software identifies incorrect invoice number formats, incorrect document types, totaling sub-totaling errors, incorrect discounts or rebates, etc.
The client provided us with a detailed rule guide and instructions on performing invoice data entry and verification that kept rolling in from time to time. Our invoice processing team was expected to thoroughly grasp the instructions and implement them without fail.
We are a HIPAA compliant and ISO-certified company, and hence keep data security at the core of our services. Given the critical financial transactions of hospitals and vendors, we deployed a private VPN & firewall to access our client’s cloud-based platform. Additionally, we installed top-of-the-line tracking software on the systems of our team members working on this project and set up CCTV cameras in our secure offices. . This proactive approach toward data security ensured that our client's confidential information remained safeguarded throughout the project.
With continuous process refinement, resource training to effectively use the platform, and uncompromised data compliance to the client’s standards, we built confidence and became the client's top-pick invoice processing outsourcing company.
Superior Customer Experience: The client recorded a 50% reduced delivery timeline for its clients. We ensured that all invoices were processed efficiently, accurately, and in a timely manner.
Significant Savings: about 80% reduction in delayed and wrong payments. Our reliable invoice processing services help the client to provide better vendor relations and to save millions of late payment penalties for its clients.
The project team scaled from 12 to 30 resources and signed a long-term contract with SunTec for continued partnership.
We had a hard time finding the right invoice processing service provider who could handle many invoices and effectively take up the manual tasks of data matching, entry, and verification. Having partnered with SunTec, we have seen a significant improvement in our processes. Their team's attention to detail, data security compliance, and quick turnaround time have allowed us to streamline our invoicing process and scale our operations. "
- Client
Invoice processing softwares have undoubtedly automated and transformed the way businesses handle their invoices. However, despite significant advancements, technology still struggles with certain tasks that require human insight & intervention, as exemplified in this case study.
At SunTec Data, we understand that achieving the highest level of accuracy in invoice processing requires a dynamic blend of technological prowess and human expertise. That's why we leverage the power of both to deliver unmatched results for our clients. With our unique human-in-the-loop approach, we ensure that every invoice is thoroughly vetted and verified, guaranteeing the most precise results possible.
Get in touch with our team and share your requirements at info@suntecdata.com.
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