How Corcentric transformed the American Kidney Fund's payment processes

Empowering the fight against kidney disease

It’s estimated that 37 million Americans have chronic kidney disease (CKD), and about 90 percent of people who have CKD are not even aware of it. This silent epidemic has significant financial and health impacts, particularly for those requiring dialysis or a kidney transplant.

One in seven dialysis patients, and many transplant patients, cannot afford the cost of care. The financial strain can be overwhelming, making it challenging for patients to access necessary treatments and maintain their quality of life.

This is where the American Kidney Fund (AKF) bridges the gap. AKF is a non-profit organization dedicated to providing direct financial aid to dialysis patients, transplant recipients, and donors to help cover the cost of treatment-related expenses. Their mission is to ensure that no one goes without life-saving care due to financial constraints.

Managing a massive grant program

The American Kidney Fund administers a $300 million grant program, issuing 300,000 checks annually to support tens of thousands of patients in need. Previously, AKF relied on manual processes to manage these payments. Two dedicated employees spent their entire workdays entering payments and mailing checks, a time-consuming and labor-intensive task that left little room for strategic financial planning or other critical activities.

In search of a partner who could take over the payment process and allow their finance staff to focus on more intentional work, the American Kidney Fund chose Corcentric. Corcentric’s offering streamlined the payment process, ensuring timely and accurate disbursement of funds.

The Corcentric Payments solution

Corcentric’s payment solution offers a suite of features that directly address the needs of the American Kidney Fund, enhancing their operational efficiency and financial security.

Corcentric Payments allows the American Kidney Fund to send one payment file to Corcentric. From there, Corcentric handles the distribution of payments, using the most efficient payment method, as well as any reporting/reconciling.

One of the most significant advantages of the solution is the elimination of manual check runs, which not only reduces the time and labor required to process payments but also minimizes the risk of errors and delays. Additionally, Corcentric’s system reduces exposure to fraud, providing a secure environment for managing and disbursing funds.

Corcentric Payments supports multiple payment methods, including dual credit cards, ACH, prepaid debit cards, and checks, offering flexibility to accommodate various recipient preferences. This diversity in payment options ensures that AKF can meet the unique needs of its patient base. Furthermore, the seamless integration with existing ERP systems and treasury banks streamlines the payment process, ensuring smooth and efficient transactions.

“It has been a huge relief. What I mean by that is our auditors are blown away by how we’re using this partnership and technology with two professional accountants to manage a $300 million grant program,” says Michael Nosil, CFO of American Kidney Fund. “It’s an accountant’s dream.”

The impact on American Kidney Fund

Since implementing Corcentric Payments, the American Kidney Fund has experienced transformative benefits, particularly in terms of efficiency and resource allocation. Two accountants now spend just 30 minutes a day managing the grant program, a stark contrast to several employees dedicating their entire workdays to this task. With less time spent on manual labor, the finance team can engage in more strategic activities that directly support the organization’s mission.

Another critical benefit, especially for the patients, is the enhanced visibility provided by Corcentric Payments. The American Kidney Fund now has access to real-time payment data, which they can seamlessly feed into their system. This capability allows patients to view the status of their payments, offering them greater transparency and peace of mind during their treatment journey. Having this level of visibility is crucial for patients who depend on timely financial assistance to manage their healthcare costs.

Overall, partnering with Corcentric has not only streamlined payment processes but also empowered the finance team to become a strategic function within the organization. With reduced administrative burdens, the team can now provide valuable insights and expertise, further contributing to the American Kidney Fund’s mission of fighting kidney disease. This strategic evolution underscores the profound impact of Corcentric’s payment solution on the organization’s ability to fulfill its vital role of helping kidney patients across the nation.

The path forward looks bright, and for Nosil, there’s no turning back.

“I’d rather leave the hard work of getting payments out to the experts so that the American Kidney Fund can focus on meeting its mission.”