Millennium Physician Group (MPG), a rapidly expanding Accountable Care Organization (ACO), initiated a strategic digital transformation during the pandemic to address challenges in scaling, optimizing, and controlling spend. Collaborating with Extropy Advisors, providing consulting and implementation support, and Basware, their Procure-to-Pay solution of choice, MPG aimed to enhance its financial operations across its robust infrastructure of 300 locations, processing over 10,000 invoices monthly. Prior to beginning this partnership, MPG operated with 100% manual paper processes and lacked a Purchase Order (PO) system, leading to inefficiencies and a lack of visibility into spend.
The joint case study presentation will highlight the company’s journey from a non-PO, paper-based organization to a model of financial efficiency. Shelly Duval (AP MPPS Optimization Coordinator, MPG), Pam Kebbel (Purchasing Manager, MPG), along with Ravit Gutman (Managing Partner and Solution Architect, Extropy Advisors) and Kevin Zirkle (Senior Manager Partnerships and Alliances, Basware), will share MPG’s significant achievements made while on their journey to Fintopia.
The implementation of Basware’s solutions by Extropy Advisors marked a revolution in MPG’s financial ecosystem, launching them into an automated procurement solution that simultaneously improved expense management and cash flow. Additional financial services within the financial ecosystem were deployed to further enable payables automation, reducing manual processing costs and mitigating late payments. MPG’s key objectives were to simplify operations, support growth, and spend smarter. The project aimed to streamline and standardize finance processes, including the AP Cycle, Purchasing Cycle, Expense Reimbursement, Credit Card Reconciliation, and Spend Analytics. MPG is committed to building an infrastructure that supports data driven growth, benefiting from digitization, automation, and future advancements in AI and ML.
The transformation led to a remarkable 58% increase in spend control and a 60% rate of touchless processing, with 95% of invoices being paid early or on time. Efficiencies were proven to be significant with Basware, enabling a dramatic reduction in payment processing time with profound impact of on expense management, FTE optimization, and vendor and credit card rebates.
Join MPG, Basware, and Extropy Advisors as they delve into the collaborative journey and the power of innovative solutions in driving operational excellence and financial optimization within the healthcare sector.
Session Presented by Basware
