Real Estate Company Saves One Workday per Week on AP Processes Thanks to AvidXchange
Located in Chicago, IL, Remedy Medical Properties (Remedy) is a medical real estate company and the nation’s largest private owner of healthcare properties. It specializes in acquisitions, development, leasing, management and strategy to help healthcare executives maximize the value of their real estate property.
- Products Used: AvidInvoice and AvidPay
- Industry: Real Estate
- Year Joined: 2020
- Accounting System: Yardi Voyager 7S
The Challenge: Disorganized AP Process Due to Paper-Based System, Lack of Employee Flexibility
The accounts payable (AP) process at Remedy was time-intensive due to its manual, paper-based system.
“Several hours a day were spent opening mail, scanning invoices and filing and stuffing checks into envelopes. In some cases, everything had to be emailed, printed, signed and scanned back, reprinted and paid by hand. It was very tedious.”
This system also created disorganization for the team because paper files were often lost or buried.
“Keeping track of AP statuses and conversations was challenging. Whenever there were questions, our AP team had to remember what was said on prior phone calls or search through past emails, physical mail or paper notes.”
In addition to these inefficiencies, the AP team lacked workplace flexibility, often preventing Bennett or members of his team from taking paid time off (PTO).
“Without remote work capabilities, our whole process would come to a standstill when someone was out on PTO. Personally, I was constantly leaving PTO unused at the end of the year due to our workload.”
The Solution: Remedy Saves Time and Increases Visibility with AvidInvoice and AvidPay
Remedy adopted AvidInvoice, AvidXchange’s automated, paperless invoice management product, in 2020 to increase the efficiency of its AP process.
“With AvidInvoice, there is now a central place for updates, notes and answers, allowing us to work more efficiently and better communicate with property managers and suppliers.”
Bennett also leverages AvidInvoice’s custom approval processes and workflows that allow invoices to be routed electronically for approval without interruption. He could quickly see statuses from anywhere, anytime – giving Bennett the flexibility and visibility he needed.
After experiencing the benefits of AvidInvoice, Remedy quickly adopted AvidPay, AvidXchange’s full-service payment automation product. AvidPay saves them the time, money and hassle of writing, stuffing and mailing paper checks.
AvidInvoice and AvidPay’s application programming interface (API) integration with Remedy’s property management software, Yardi Voyager 7S, makes their entire AP process seamless.
The Results: Ability to Reallocate 8 Hours Per Week
After adopting AP automation, Remedy’s team has maximized its operational and organizational efficiency to help the company grow.
With AvidInvoice and AvidPay seamlessly integrated into their Yardi Voyager 7S accounting system, Bennett’s team shaved off one whole workday per week by no longer needing to sign checks, stuff envelopes and file invoices. The team continues to reallocate this saved time and energy into more strategic AP tasks that help the company flourish.
He credits most of this time savings to automated mail scanning, header data entry and payments.
In addition to having anytime, anywhere visibility, and electronic workflows to prevent the AP process from stalling when someone is out of the office, Remedy’s AP team now has the flexibility to work remotely – and Bennett can stop leaving PTO on the table.
Without AvidXchange, Bennett estimates they would have had to hire three or four more people to process the volume of work. Moving from a manual system to a paperless system helped his team better manage their workload – supporting the company to grow tenfold.
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