Medical Insurance Provider Streamlines Post-COVID Operations
Summary
Business: Insurance
Invoices: 170/month (operational checks only)
Employees: 2,700
Locations: 4
ERP: Sapiens International Corporation
Medical Insurance Exchange of California (MIEC), founded in 1975, is the first truly physician-owned medical professional liability insurer in the West. Dedicated to defending the practice of safe medicine, they provide secure malpractice insurance to physicians and other healthcare professionals during a crisis. They now insure over 7,400 providers across 4 states.
MIEC is headquartered in Oakland, CA, with regional offices in Idaho, Alaska, and Hawaii.
Paperless
No more spending time on data entry and routine tasks
Streamlined
Efficient processing and payment from anywhere, anytime
Accountability
Transparent workflows complete through approval
The Challenge
The COVID-19 pandemic had a near immediate effect on MIEC business operations. Employees suddenly went fully remote and the existing invoice process – a manual workflow combined with an Enterprise Resource Planning (ERP) system – was causing many inefficiencies. Even with the Accounts Payable staff coming to the office at least twice a week to process and cut checks, it was clear that a different and sustainable workflow solution was needed.
“We started looking for a software that could help us with our AP workflow and to once again be able to see the invoices and have transparency over approvals,” stated Marina Francisco, Controller for MIEC.
“We liked the AI technology.” She also stated, “Yooz was definitely a platform that excited us just because of the sheer automation - especially during the pandemic – and the ease of use.”
– Marina Francisco, Controller for MIEC
Flexible, High-Tech, and Accurate
MIEC knew what they wanted to achieve: a solution to provide process efficiency with three things in particular: ease-of-use, transparency, and cloud-based technology. They wanted a provider that offered more transparent workflows (complete through approvals) and the ability to view any invoices on the portal.
“We started looking for a software that could help us with our AP workflow and to once again be able to see the invoices and have transparency over approvals,” stated Marina Francisco, Controller for MIEC. The vendor that they chose was Yooz.
Thanks to AP automation and Yooz, MIEC was able to smoothly transition to an ongoing hybrid work environment yet, thanks to the cloud, still maintain complete transparency over the entire process.
“Now it’s easy for the AP team to just view fields and check them for accuracy instead of typing, or potentially mistyping, and having to correctthe mistakes. So, we’ve seen a lot of time improvements. As a result, they’vebeen able to focus more on analysis.”
Marina Francisco
Controller
The Future Looks Bright
Rather than spend time on data entry and other routine tasks, the staff now focuses on downloading information and reviewing trends and analytics. Indeed, MIEC found an unexpected additional benefit through their AP automation: recruitment. Candidates were excited to hear the story of the AP automation transformation and have the possibility of using the new system.
The organization continues to make things more efficient and enhance their technology, implementing additional systems and making other technological changes.
Words of Wisdom from MIEC
When asked what advice she would give to other organizations going through a similar process, Francisco suggested that everybody analyze their metrics and know where they would like to be more efficient before speaking with different providers.
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