In a world in which healthcare is increasingly complicated, a North America-based leading Pharmacy Benefit Manager (PBM) helps patients achieve exceptional medication adherence and best-possible clinical results by providing members with more than 66,000 retail pharmacies across the U.S.; mail-order prescription services with the capacity to fulfill more than 15 million prescriptions per year. A wholly-owned specialty pharmacy focuses on expensive specialized drugs; and highly targeted pharmacy programs for Diabetes, Hepatitis C, and Opioids to balance optimal clinical outcomes with minimized plan costs.
For 25 years, a full-service PBM serves a wide range of clients, including employers, hospital and health systems, unions, TPAs, state and local government, and health planners.
PBM is managing various IT systems provided by multiple IT vendors including IT infrastructure service providers, healthcare software system providers, laptops, and other IT hardware providers. Most of these IT vendors are managed using ServiceNow; the IT department orders directly with vendors and finance had no insight into its accounts payable (AP) pipeline.
There was no centralized storage of IT purchase invoices data. Manual validation of all invoices with PO was time-consuming and resulting in long approval cycles. To shorten the invoice approval lifecycle, PBM wanted a solution that would integrate with its existing IT vendor management system, ServiceNow.
PBM is using multiple ServiceNow packaged applications including ITSM, CSM, and procurement. Hence, having Aavenir Invoiceflow on ServiceNow was the obvious choice as they can consolidate vendor information, POs, and invoices on ServiceNow. It helped them with the following:
Automated Historical Invoice Data Validation
PBM started using Aavenir Invoiceflow for processing 3 years’ historical invoices. With Aavenir team’s support in invoice coding and they could achieve automated invoice data extraction with up to 70% accuracy.
2-way Invoice Data Matching with PO:
Aavenir ‘s configuration engineer could quickly setup business validations rules for automatic 2-way invoice data matching with POs stored in IT Services Management (ITSM) App on ServiceNow. Aavenir also helped setup 100% custom workflow to handle different types of invoice mismatches.
Invoice Approval Workflow
In just 2 weeks, Aavenir team could help PBM to setup really complex 5-stage invoice approval workflow for all future invoice processing; involving multiple stakeholders and custom business rules using Aavenir Invoiceflow on ServiceNow.
Invoice Status Reports and Spend Analytics
Aavenir Invoiceflow provided complete visibility into all invoices by vendor, by business unit or by cost center. PBM team is now able to monitor all invoices’ status and monthly trends (in $ and volume) using dashboard and reports on ServiceNow.
PBM’s all IT invoices processing is managed by Aavenir Invoiceflow. As a result, they could achieve the following:
PBM wants to leverage AI features of Aavenir Invoiceflow to implement complete auto-posting of all invoices. After the successful automation of all IT Invoices, PBM would like to extend Aavenir Invoiceflow’s capabilities to automate invoice processing for many other departments.
Important Disclaimer: “These hypothetical results are meant to provide an idea of improvement in the Firm’s process and methodology only. An individual’s experience may vary based on his or her individual circumstances.
Want to know how a leading pharmacy benefit manager establishes an AI-enabled automated invoice data extraction and approval. workflow for IT vendor invoices on ServiceNow?