A $75 billion healthcare manufacturing and distribution company had a big problem with “past due” accounts. They wanted to know how to automate collections and streamline their collections process to reduce past due standings.
Conduent Finance and Accounting experts applied Six Sigma methodology to evaluate the company’s collections process across their entire operations. With results in hand, we helped the company implement our cash application and collection software—Value+—to manage the process.
The healthcare manufacturing and distribution company significantly improved their auto-cash rate at the line level and check level. They now have a better audit trail since checks are applied in one platform system. They no longer have to create intercompany transactions to move money from one business segment to another.
Best of all? The healthcare manufacturer and distributor’s past due accounts dropped 33% during the first 3 months of using Value+.