Driving Significant Cost Savings for a Leading Healthcare Payment Facilitator

The Client

This client is one of the largest Healthcare payment facilitators, serving thousands of hospitals and clinics. With a vast network of sub-merchants, the client faced challenges in gaining visibility into the costs associated with their numerous healthcare clients and sought insights to identify areas for reducing processing costs.

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The Challenge

Visibility into the costs associated with their extensive network of healthcare clients was one of the biggest challenges. Their existing approach relied heavily on processors’ existing reporting, which lacked insight into cost-saving opportunities, leading to the inability to analyze and optimize processing costs effectively.

With a diverse network of healthcare providers, the client struggled to consolidate and analyze payment data comprehensively. This fragmented data approach limited the client’s ability to track trends, analyze performance, and make data-driven decisions.

Recognizing the need for a strategic approach to cost optimization, the client sought a partner who could provide guidance. They came to Optimized Payments to leverage our expertise in identifying opportunities that would drive down processing costs effectively.

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The Solution

Optimized Payments conducted an initial payments audit, which identified tangible areas for reducing costs. We then implemented the following solutions:

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Data Integration

Utilizing our powerful Harmonize payments analytics platform, we seamlessly integrated diverse data sources from the client’s healthcare practice clients. This integration ensured a unified view of payment data.

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Ongoing Analytics

Harmonize provided ongoing KPIs and analytics into payment cost trends, allowing us to stay proactive in identifying potential cost-saving opportunities as they emerged, rather than reacting after the fact.

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Identifying Cost Savings

Harmonize highlighted areas where the client was missing significant cost savings on a portion of their sub-merchants, enabling us to work collaboratively with the client to identify and address the root causes of these inefficiencies.

Through our strategic approach and the implementation of Harmonize, we provided our client with a resource for actionable insights and tangible cost-saving solutions.

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The Results

The engagement led to remarkable results:

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Optimized Payments Costs

We successfully closed the gap to fully optimize payments costs across 100% of the client’s sub-merchants, ensuring maximum cost efficiency.

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Annual Cost Savings

Our solutions helped the client save over $2 million annually, significantly reducing their operational expenses and improving their bottom line.

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Treasury Confidence

As a publicly traded company, the treasurer gained confidence in having controls and tools in place to monitor a growing expense category.

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The Conclusion

Through the strategic implementation of our Harmonize payments analytics platform and expert consulting services, our client, a leading Healthcare payment facilitator, achieved substantial cost savings and operational efficiency improvements. This case study exemplifies our commitment to finding and unlocking value and driving success for our clients.

Optimized Payments continues to be an incredibly valuable investment for our payments business. Having a seasoned expert available who understands both the industry trends, as well as our specific use cases is invaluable. Optimized Payments has provided several large cost saving recommendations to us and continues to do so on a regular basis. They have helped us truly optimize our payment processing cost. On top of that, the reporting and analytics that are provided are used throughout the business to inform decisions and drive new initiatives. We have enjoyed the relationship we’ve built with Optimized Payments and highly recommend them to anyone in the payments space.

Director of Payment Operations

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