Client
An S&P 500 company and leading real estate investment trust (REIT) with a highly diversified portfolio of 1,400 senior housing and healthcare properties averaging billions per year in asset investment activity.
Challenge
Due to an aggressive acquisition strategy, the client’s portfolio grew rapidly and inherited a range of billing systems, legacy software platforms, and a fragmented Accounts Payable group. They asked our team of waste and recycling experts to address the following concerns:
- Analyze their current systems and portfolio properties to identify process improvements.
- Improve workflow and identify cost savings at every level.
- Implement a new bill pay process to link all facilities and eliminate paper invoices.
Solution
We presented an analysis of identified issues, proposed solutions, and estimated outcomes. With their approval, we executed a multi-phased approach in different parts of the portfolio:
- Client-owned assets in medical office buildings and healthcare facilities (370+ properties).
- Managed assets and third-party hospital partners.
- The client’s senior partners portfolio (760+ properties).
Results
- 1,635 invoices audited across 197 locations with 50% of the portfolio onboarded.
- Found errors in 16.4% of invoices.
- Successfully identified and corrected $625,000 overcharges.
- Generated an additional $124,000 in net waste cost savings resulting in a 19.6% reduction.
We successfully implemented a bill pay process with each new portfolio added as they were onboarded into our waste management program. The effectiveness of the bill pay program prompted the client to extend accounts payable services to their partners.
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