The Business Need
A nationally renowned pediatric medical center had experienced rapid growth, doubling its staff over six years while expanding to sixteen patient care sites throughout the region it served.
Centric’s High-Impact Approach
With rapid growth came a need for more efficient administrative operations. One specific area, accounts payable, was targeted to:
- Improve the accuracy and overall effectiveness of invoicing and payment processing
- Improve timeliness of payment settlement
- Improve the capability and performance of staff and personnel
The medical center engaged Centric to perform a comprehensive operational assessment of its accounts payable function, including people, processes and technologies. Centric then worked closely with management to establish a new mission, vision and operating model for the organization, as well as a multi-year implementation roadmap.
Through research, interviews and analysis, Centric identified more than forty improvement strategies and best practices to enhance operational excellence for the accounts payable function. These strategies included stabilization, quick-win recommendations, and a future operating model that engenders a best-of-class accounts payable function.