The Challenge
For more than 80 years, Natus Medical Incorporated has offered medical equipment, software, supplies and services. With a mission to deliver best-in-class service, they knew they needed to enhance and automate the overall payment experience – especially as their medical industry and hospital group buyers were opting to use virtual cards.
The Solution
After starting conversations with Billtrust, Natus saw tremendous value and opportunity with Billtrust’s Business Payments Network (BPN) which would allow them to automatically capture and apply customer payments through its bi-directional portal. Following a seamless implementation, their AR team instantly reduced manual processes by half. Their timing proved to be perfect as they experienced increased payments volume which BPN easily addressed.
The Results
Since going live on BPN, Natus has seen a steady increase in payments and dollar volume with zero manual intervention. Over the last three months, Natus processed nearly 3,000 payments valued at $11.8M, 60% of which were made with virtual cards. They have also reduced weekly exceptions to 5-10, which takes only minutes to address where it had previously taken a full day. Also, BPN helped collectors immediately cut their payments processing time in half.
While the immediate results have been a great indicator of success, the Natus AR team continues to see other areas of opportunity. They’ve seen customers’ payments come in significantly faster and been able to reallocate time to more strategic projects. They’ve also gained additional insights, helping them to more accurately predict customer payment behavior.
“BPN has been a great investment for our organization and was one of the smoothest implementations I’ve ever had. Not only has it enhanced our customers’ experience, it has significantly automated our internal processes and empowered our staff to take on other valuable roles.”
Matthew Tinsley, Shared Services Analyst, Finance
Natus
