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The adoption of technological advancements, in healthcare or any industry for that matter, varies for a number of reasons and happens along a predictable continuum. When a new technology emerges, there will be people who adopt at the earliest stages (innovators), early adopters, those in the early majority, those in the late majority, and laggards who resist the adoption altogether. The reasons for these different rates of adoption are varied as well. Some see cost as a prohibitive factor. Some do not trust new technologies and want to make sure that they have been fully vetted before bringing them into their own practice. Others are simply comfortable with their current way of doing things and don't seek out a change.
Like most manufacturers, CryoLife has been challenged to increase operational efficiency and cut costs without negatively impacting product and service quality. Upon examining our processes, we identified accounts receivable (AR) as a significant area for savings.
We manually processed a wide range of payment forms from customers: credit cards, automated clearing house (ACH) payments, wire payments and checks. Payment processing was time consuming, labor intensive and costly. We spent $1.4M annually in credit card processing fees, budgeting $100k per month – that caught the attention of the C-suite.