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Shawnee, KS, United States, 2012/11/06 - The ImpacT Awards sponsored by the Kansas City Business Journal honor local companies that are “Transforming Business through Technology” (NYSE: LXK) - PerceptiveSoftware.com. NYSE: LXK
Perceptive Software, creator of process and content management products and solutions, announces that healthcare customer Physicians Reference Laboratory has been awarded an ImpacT Award by The Kansas City Business Journal in the “Efficiency” category. The ImpacT Awards recognize Kansas City businesses that are transforming business through technology.
Utilizing Perceptive Software process and content management solutions, Physicians Reference Laboratory has significantly improved its accounts receivable processes by going paperless to boost collected revenue and reduce Days Sales Outstanding. By implementing imaging software and automating workflow processes, the company routes documents to various predesigned workflows such as data entry and coding or direct to electronic billing, bypassing human intervention, thus eliminating manual processes that cost time and money.
“This is a tremendous honor for our partners at Physicians Reference Laboratory and we’re pleased that our process and content management solutions have made a significant impact,” said Cary DeCamp, Chief Marketing Officer, Perceptive Software. “Physicians Reference Laboratory is a fantastic study in what businesses can do with the right technology partner to improve efficiencies through the automation of business processes.”
Physicians Reference Laboratory was presented the ImpacT Award for Efficiency during an awards luncheon on Monday at the Overland Park Convention Center in Overland Park, Kan.
“Physicians Reference Laboratory is pleased as well as honored to be recognized by the Kansas City Business Journal for an ImpacT Award as well as having partnered with Perceptive Software,” said Dan Robson, Chief Business Development Officer, Physicians Reference Laboratory.
Efficiencies gained included:
• Average claim submission decreased from 14 days to 24 hours;
• Accounts receivable data entry decreased from being behind 10 days to next day;
• Days Sales Outstanding decreased from 100 to 58 days and continues to decline;
• Staff needed to walk to accounts receivable and look through numerous file cabinets for paper documents to immediate on-line access to order requisitions and supporting documentation from any location;
• One business unit’s billing was behind 9 months and is now current;
• Performance metrics increased from none to all accounts receivable processes providing opportunities for performance improvements;
• Paper requisitions were touched 6 times; Imaged requisitions are now touched 1-3 times.
Environmental impact and expense reduction included:
• Eliminated printing of reports (325,000 fewer pieces of paper per year);
• Eliminated physical storage of the requisitions and reports;
• Eliminated all outsourced full-time employees;
• Accounts receivable annual budget decreased by $500,000.
About Perceptive Software
Perceptive Software (perceptivesoftware.com), a Lexmark company (NYSE: LXK), builds a complete family of intelligent capture, content and process management, enterprise search and integration products that connect enterprise applications to the processes and information outside those applications, providing the visibility and control needed to improve financial performance, reduce risk and ensure future flexibility.