This month, we showcase RadNet, a leading provider of radiology outsourcing services, and their recent success in implementing Basware SmartPDF. Supported by Extropy Advisors, they have transformed their invoice capture from a highly manual, labor-intensive operation into an automated, data-driven process. Delivering significant results.
Like many organizations, RadNet faced challenges due to its reliance on OCR technology for invoice data capture, significantly hindering its ability to process invoices efficiently.
This inefficiency had broader implications, slowing down RadNet’s mergers and acquisitions strategy, which depended on the seamless onboarding of new facilities. The manual processes within the AP department hampered operations and increased the need for additional staff as the company expanded.
In partnership with Extropy Advisors, RadNet deployed Basware’s SmartPDF technology, achieving a 100% accuracy rate on invoices processed through the system. This allowed them to generate higher-quality data while facilitating a more streamlined, automated workflow.
Today, 85% of PO invoices are processed without manual intervention, and the invoice payment cycle has been reduced to under five days. Additionally, the implementation of SmartCoding has eliminated the need for AP involvement in 75% of non-PO invoices, creating a truly hands-free process.
These innovations have transformed RadNet's AP department from a cost center into a strategic profit center. Employees who previously spent hours on manual invoice processing now play a more pivotal role by collaborating with internal stakeholders and vendors to identify cost-saving opportunities. The department’s new data-driven approach enables better decision-making and supports other functions, such as procurement.
This streamlined, automated system has avoided RadNet needing to expand its AP team as the company grows. Instead, existing employees have taken on more fulfilling roles that contribute strategically to the company’s long-term goals.
Our Basware Ambassadors program is designed to provide you with a platform and expertise to help you craft your success story. Joining the ambassador's program unlocks additional benefits, such as access to our pilot program and the opportunity to attend industry events. If you have a story to tell, to join the ambassadors program today.