Beneficial Life: Validating Medical Test Invoices

Company Background

Not only is Beneficial Life the largest and oldest life insurance company in the Intermountain West, it is in the nation's top 10 percent of life insurance companies in assets and insurance in force. It is a values-driven company that has high standards of performance. Beneficial Life has a strong reputation because of its integrity, security, excellence in performance, service and profitability.

Project Summary

Beneficial Financial Group hired our group to work with the challenge of validating medical test invoices. Beneficial's current process was taking to much time. Our group was assigned to go in and look at the current process to see if we could find a way to either speed it up or get rid of it altogether. During the course of the project we were also asked to discover what the industry was doing to fix the problem of validating invoices.

Our team first examined the process and documented it thoroughly. After that we contacted other companies in the industry by either cold calling or contacting BYU Alumni. We also gathered information about how much time was spent doing the validation process and the rate of errors in that process. Once that was done we gathered together all that information and made our recommendations.

The team's recommendation was that Beneficial Financial Group should keep records of vendor invoice errors and decrease the frequency of line-item checking on invoices from vendors that consistently submit error-free invoices. Return invoices with errors and require vendors to correct invoices before payment.

Beneficial Financial Group must make a strategic decision whether to utilize small vendors for cost savings or to give agents incentives to use large vendors in order to increase the efficiency of the vendor-invoice reconciliation process.

Team Members

Jeff Larkin

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• Rollins Center for eBusiness
• 574 TNRB, Provo, UT 84602
• Phone: (801) 422-2815
• Fax: (801) 422-3449
• E-mail: ebusiness@byu.edu