|
Our Story |
Media Release -- June 12, 2006 WORLD’S FIRST FULLY AUTOMATED INVOICE RECONCILIATION AND PAYMENT SYSTEM FOR HEALTHCARE GOES LIVE
EDMONTON, CANADA: Grey Bruce Health Services and Medical Mart Supplies Ltd. last week processed the first end-to-end ORMED X Easy Pay transaction, inaugurating the healthcare supply chain cost reduction initiative announced this spring by Ormed Information Systems Ltd™, Scotiabank™, and Chase Paymentech Solutions™. ORMED X Easy Pay is a unique e-commerce business process that allows hospitals and healthcare providers to automatically reconcile and pay electronic invoices immediately upon confirming receipt of goods. Using Scotiabank's Visa* Commercial Card platform, vendors are paid immediately without impacting the buyer’s cash flow for 30 days. The hospital’s accounts payable function is automated, as is the vendor’s account receivable function. “An advancement of the standard purchasing card (P-card) model, ORMED X Easy Pay takes e-commerce efficiency to a new performance level,” says Ormed president Chris Sherback. “By integrating, streamlining, and automating the purchasing, payables, and payment business process – and thereby dramatically reducing transaction costs from source to settlement – ORMED X Easy Pay represents a significant advancement in efficiency and cost savings for hospitals and their vendors.” The first of several pilot hospitals to get ORMED X Easy Pay up and running, Grey Bruce Health Services (Owen Sound, ON) has facilities in Owen Sound, Lion’s Head, Markdale, Meaford, Southampton, and Wiarton, and Tobermory, Ontario. Grey Bruce annually spends over $35 million for supplies and equipment, so reducing spend transaction costs could have a major impact on its bottom line. “Through ORMED X Easy Pay, we’re aiming for total efficiency,” says Linda Mueller, purchasing co-ordinator for Grey Bruce Health Services. “It fully integrates our purchase-to-pay process – from electronic ordering and vendor acknowledgement to receiving and payment – without sacrificing our flexibility to ensure all transactions are accurate and appropriate at each stage.” Medical Mart is a Canadian wholesale-distribution company headquartered in Mississauga, ON with nationwide sales of healthcare equipment and supplies to hospitals, long-term care facilities, home care providers, physicians, dentists, and veterinarians exceeding $150 million per annum. “Medical Mart is anxious to expand electronic commerce with all its trading partners,” says Medical Mart systems analyst manager Fran Goddu. “This successful pilot of the ORMED X Easy Pay service is a giant step to expanding EFT transactions for those partners who are ready to have a complete set of e-commerce transactions with us.” Program partners intend to publish pilot results and roll out the program to healthcare providers across North America later this year.
About Ormed Information Systems Ltd. Since 1989, Ormed has won staunch customer loyalty by developing and implementing easy-to-use, richly functioned, robust MIS solutions that transform critical business processes by connecting people and processes around the world, in real-time, to create new efficiencies and productivity. With built-in e-commerce through the ORMED X B2B portal, integrated ORMED MIS software makes accurate information accessible to any authorized user at any desktop, reduces errors and costs, and facilitates collaborative and fully informed decision-making. The largest Canadian supplier to Canadian healthcare facilities, there are more than 2,700 Ormed applications running at over 340 sites in North America. About Scotiabank Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 55,000 employees, Scotiabank Group and its affiliates serve about 10 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate, and investment banking. With $357 billion in assets (as at April 30, 2006), Scotiabank trades on the Toronto (BNS) and New York (BNS) Stock Exchanges. For more information, plese visit www.scotiabank.com. About Chase Paymentech Solutions In Canada, Chase Paymentech Solutions is headquartered in Toronto, Ontario and is an affiliate of Chase Paymentech Solutions, LLC. As a leading payment processor and a single source for debit and all major credit cards, the company offers a full suite of advanced payment solutions, including point-of-sale and wireless terminals, an electronic gift card program and secure e-commerce capabilities. Chase Paymentech Solutions, LLC, headquartered in Dallas, Texas, will be the world's largest financial transaction processor for businesses accepting payments via traditional point-of-sale, hospitality, Internet, catalog and recurring billing. The privately held company is an end-to-end processor for merchants of all sizes and industries and is a result of the 2005 integration of the former Paymentech and Chase Merchant Services. The integrated companies will process approximately 15.5 billion transactions annually, with more than $560 billion in annual bankcard volume in both Canada and the United States. For more information, please visit www.paymentech.ca.
- 30 -
Media Contacts: Pam Patten
Frank Switzer Director, Public Affairs Scotiabank 416.866.7238 (office); 416.676.7864 (cell)
Ross Haider Corporate Executive, Business Development Chase Paymentech Solutions 416.417.9144
|
I think their reporting system is just wonderful. It's very advanced, very thorough, and it meets our needs very well.
|
| Copyright © 2005. Ormed Information Systems Ltd. All rights reserved |
| Ormed Information Systems Ltd. 780.482.7200 info@ormed.com |