A Pharmacy Benefit Manager that offers the convenience of a national partner for the entire pharmacy value chain, with user user-friendly modern systems, and competitive pricing,
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Collaborative work with the concierge-level supplier enablement Finexio team and RxSense's finance team created a massive and immediate improvement across the supplier base in digital payment acceptance in just their first year.
A Pharmacy Benefit Manager that offers the convenience of a national partner for the entire pharmacy value chain, with user user-friendly modern systems, competitive pricing, unsurpassed account service, and advanced health and financial technology that support a full private-label experience.
RxSense mailed tens of thousands of paper checks annually to pharmacies, contractors, and suppliers, meaning their staff was spending over a dozen hours weekly physically mailing, sorting, and stuffing paper checks into envelopes.
Tens of thousands of costly paper checks were being sent annually.
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Dozens of labor hours a weeks were being spent by multiple finance team members sending manual payments.
Banks and other bill pay providers were lacking the solutions to solve any of the issues.
Finexio leveraged their business payment network to offer RxSense’s suppliers, contractors, and pharmacy network a broad range of payment options and terms.
Finexio's broad network of suppliers and buyers instantly expanded the data and knowledge available for optimal supplier enrollment.
With multiple payments types in their arsenal from Finexio, success was immediate in increasing supplier digital payment acceptance.
Finexio made sure to accommodate RxSense intention of being involved, working with their team symbiotically to achieve even better supplier acceptance results.
Working collaboratively, RxSense and Finexio were able to exceed first year expectations by enrolling over 60% of AP payments to electronic payment methods . The partnership also created new cash flow from what was a cost center by converting suppliers paid by ACH to revenue generating virtual card payments.
READ THE FULL STORYSavings generated from eliminating paper check payments.
Generated revenue from virtual card rebate revenue share in the first year.
First year rate increase in electronic payments adoption amongst supplier base.
AP Payments as a Service.
