Boston Medical Center Selects Bank of America to Assist with Payments Tran...( Electronification will enhance cash m...),Health

Electronification will enhance cash management efficiencies and reduce costs

CHARLOTTE, N.C., June 3 /PRNewswire/ -- Bank of America announced today that Boston Medical Center, the largest safety net hospital in New England, has chosen Bank of America to transform a significant portion of the hospital's Accounts Payable paper checks into electronic payments.

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Based on the bank's experience managing a vendor network of nearly 75,000 suppliers, and a proven vendor onboarding program, Bank of America estimates that Boston Medical Center will convert 67 percent of its paper checks to electronic payments within the first six months.

"We were looking for a payments solution that would help us quickly go paperless and at the same time reduce significant costs," said Ron Bartlett, chief financial officer, Boston Medical Center. "The Comprehensive Payments suite was easy to implement and we look forward to benefiting from the increased efficiencies of the program."

In order to help BMC migrate payments from paper to electronic, Bank of America will employ its Comprehensive Payables suite, enabling Boston Medical Center and its vendors to materially reduce payment processing costs associated with paper checks.

"Comprehensive Payables also will enable Boston Medical Center to benefit from improved working capital through enhanced and predictable cash flows, drive additional efficiencies in their payment processes, and earn rebates on volume that migrates from checks to card payments," said Kevin Phalen, Product executive with Bank of America's Integrated Debt and Treasury, and Merchant Division.

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