Case Study: Leading Medical Device Manufacturer achieves paperless payments and $1.5M annual net benefit with Corcentric Payments

Medical Device Manufacturer Goes Paperless with Corcentric Payments

Leading Medical Device Manufacturer faced a failed bank‑sponsored virtual card program that left most suppliers paid by check, rebate tiers underperforming, and the bank unwilling to drive further electronic conversion. Seeking to reduce manual check volume and capture missed rebate and efficiency opportunities, the company engaged Corcentric and its Corcentric Payments service to audit the program and recommend a path to electronic payments.

Corcentric’s audit uncovered large gaps (only 350 of ~4,000 card‑capable suppliers enrolled, overestimated conversion by 3x) and provided a conversion framework; Corcentric Payments then executed the plan, achieving the company’s 75% electronic payment conversion target in under 90 days and guaranteeing a minimum 30% virtual card conversion of targeted check spend. The program delivered a 500% increase in checks converted to electronic payments, a 100% increase in spend converted to virtual card, and a $1.5M increase in annual net benefit.