Mohawk Medbuy Reaches Major Milestone
Accounts Payable Processes 1 Millionth Member Invoice
On Thursday, July 11th, 2019, Mohawk Medbuy Corporation (MMC) achieved the tremendous milestone of processing its one millionth digital hospital Member invoice.
Over the past three years, Mohawk Medbuy has worked closely with its participating member hospitals in support of continued transformative change to the Accounts Payable (AP) processes for our Member hospitals and health care facilities who utilize this centralized, digital service.
The MMC AP solution provides full accounts payable processing of all invoice types – leveraging advanced automation, Artificial Intelligence, Machine Learning, and Robotic Process Automation to streamline the invoice life cycle from receipt to payment.
Since its inception, our national shared services organization has helped its AP customers identifying over $17 million dollars in working capital through advanced data analytics, capture $870,000 in discounts, and onboarded vendors to process more than 200,000 e-invoices through the supplier portal. It has also been instrumental in detecting and removing 58,000 duplicate invoices totaling $474 million dollars.
The service is the result of a collaborative effort that brought Members together with Mohawk Medbuy to create a platform that would allow hospitals to make data-driven decisions to manage payables more efficiently and cashflow more effectively.
Since launching the service, Mohawk Medbuy has continued to strive for greater outcomes. Through efficiencies and recoveries, we have reduced the processing cost per invoice each year. “We improve automation, capture more discounts, further efficiencies, and onboard additional vendors,” said Ryan Martens, Director, Accounts Payable Services. “It’s a very good example of what can be achieved with a collaborative approach between our member hospitals, our project team, to the current AP Services team of leads and associates. Our AP solution allows for our members to align scarce health care funding to front line health care delivery while enhancing AP performance and outcomes,”
Staff from all three Mohawk Medbuy offices joined together on Thursday to acknowledge the digital processing of the 1 Millionth Member invoice and to celebrate this tremendous accomplishment.