PLEASANTON, Calif., Aug. 15 /PRNewswire/ -- Xign Corporation, the leading provider of on-demand Order to Pay software, today announced that Sentara Healthcare, an innovative not-for-profit healthcare provider, has selected Xign to automate its accounts payable (AP) operations.
Sentara has successfully applied Six Sigma methodology -- the disciplined, data-driven approach to eliminating defects in a business process -- to improve the delivery of patient care. Because of this success, Sentara began looking for ways to improve its financial supply chain. After evaluating several vendors, Sentara chose Xign to apply Six Sigma principles to accounts payable in order to streamline operations and proactively monetize early payment discounts.
With Xign, Sentara expects to further business process transformation by:
-- Measuring and monitoring AP processes to improve managerial effectiveness
-- Compressing accounts payable cycle time -- Reducing invoice defects by more than 70% -- Reducing manual touch points through electronic workflow -- Significantly increasing early payment discount capture -- Tightening process controls and increasing visibility to liabilities.
“Sentara targeted accounts payable for business process improvement because of the dramatic payback potential,” said Sentara Director of Finance Operations Linda Horton. “We chose Xign because it is clearly the best equipped to improve our process capability in support of our Six Sigma quality objectives. Xign will help us achieve new levels of efficiency and maximize our early payment discounts while improving financial control.”
Xign provides a complete service for managing the electronic transmission of purchase orders, invoices and payments across the Internet. Organizations shifting from paper to an electronic payables process can reduce their financial settlement costs by more than 50% and greatly enhance visibility and control for Sarbanes-Oxley compliance. Xign optimizes working capital to the benefit of both buyers and suppliers by accelerating the settlement cycle. Xign also delivers compelling value to suppliers, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, no transaction fees, and the opportunity to get paid faster.
“We’re honored that Sentara selected Xign as the catalyst to extend Six Sigma process improvement to its AP operations,” said Tom Glassanos, Xign president and CEO. “Sentara joins a growing list of Xign healthcare customers that rely on electronic payables to reduce costs, better manage working capital, and enhance Sarbanes-Oxley compliance.”
About Sentara Healthcare
Sentara Healthcare, a premier not-for-profit health care provider in southeastern Virginia and northeastern North Carolina, is comprised of more than 70 sites of care including 6 acute care hospitals, 2 outpatient care campuses, 7 nursing centers, 3 assisted living centers, and 25 primary care practices. Sentara also offers a full range of award-winning health coverage plans, home health and hospice services, physical therapy and rehabilitation services, mobile diagnostic vans, and ground and air medical transport services, including Nightingale -- the regions only air ambulance service. Sentara also was the first in the nation to pioneer and develop eICU(R), an electronic intensive care treatment system. Striving to improve the wellness of the community, Sentara continues to participate in national and international research trials as a means to increase the medical options available to patients well into the future. For more information visit www.sentara.com.
About Xign Corporation
Xign Corporation is the leading provider of on-demand Order to Pay software, with more than $60 billion in transactions processed, a fast growing network of more than 25,000 suppliers, and business partners that include JPMorgan Chase and MasterCard International. For more information, visit www.xign.com.
NOTE: Xign is a registered trademark of Xign Corporation. Company Contact: Chris Rauen Xign Corporation Tel: 925-251-4514 Email: chris.rauen@xign.com Agency Contact: Chris Greenfield Project PR Tel: 650-233-8283 Email: chris@projectpr.com
Xign Corporation
CONTACT: Chris Rauen of Xign Corporation, +1-925-251-4514, orchris.rauen@xign.com; or Chris Greenfield of Project PR, +1-650-233-8283,or chris@projectpr.com
