SCOTTSDALE, AZ – The Mayo Clinic is implementing an automated invoice processing system in hopes of ridding itself of the costs and errors associated with manual processing.
The Mayo Clinic will use Brainware’s intelligent data capture and workflow management solutions. Those solutions are designed to automatically recognize and capture specific invoice information to feed into Mayo Clinic’s back office accounting system.
Brainware, Inc., headquartered in Washburn, Va., is a provider of intelligent data capture and enterprise search solutions.
“It is exciting to see our solutions adopted by Mayo Clinic, one of the world’s most respected healthcare services providers,” said Carl Mergele, Brainware’s CEO. “It shows that our customers increasingly see the value of an integrated approach to document processing. Brainware is responding to this demand by offering state-of-art data capture, workflow and search solutions operating on a single platform.”
Brainware’s intelligent data capture services will help the clinic handle accounts payable in less time, reducing errors and delayed payments to earn prompt payment discounts while improving process transparency to help better manage cash flow and maintain audit trails. The A/P-distiller will do this by using learning technology to “read” and “interpret” invoices for sorting, data extraction and processing that otherwise would have been done manually.
James Zubok, chief financial officer and general counsel for Brainware, said large organizations such as the Mayo Clinic that see high volumes of invoices have a difficult time taking advantage of discounts for prompt payment due to the large volume and time it takes to process them.
Zubok said Brainware’s solutions will help streamline accounts payable and reduce the amount of work being spent on manual processes, which can often be error-prone. He said the clinic “will be able to reduce manual labor by 50 percent, eliminate errors and speed up invoice processes by a factor of two.”
“Intelligent capture solutions are critical for automating high-volume business processes such as accounts payable,” said Melissa Webster, program vice president at research firm IDC. “Wherever business processes move in and out of paper, there’s a tremendous ROI opportunity if you can automate. Capture is one of the fastest growing segments of the overall content management market.”
ReadSoft, headquartered in West Chester, Ohio, and Kofax, headquartered in Irvine, Calif., are considered to be Brainware’s major competitors.
Brainware’s workflow management solution, WF-distiller, is designed to aid the clinic in more accurate document processing by automatically posting extracted data to enterprise resource planning systems/finance systems.
“I am confident our product is going to work seamlessly with Mayo and allow them to re-invest the money they save, back into the clinic,” said Zubok.