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Document Management

OptiDoc's Distribution Management systems have saved our clients millions of dollars. This product continues to save millions of dollars each year as the delay between product delivery and cash closing is reduced.

Please see below how electronic distribution of POD documents have saved one of our clients millions in just the first year, with an ongoing generation of $1.4 million annually:

POD collection from carriers are automated via the OptiDoc™ POD generator. Carriers with existing imaging systems will send images of their PODs with header information via an email to the central POD processor. The OptiDoc™ POD processor automatically accepts the data.  The POD processor then uploads the information into the OptiDoc™ electronic document management system. POD information is then available to all financial associates within the organization with security and access to the OptiDoc™ system. Carriers that do not have an existing electronic document management system will be required to scan and send images with manually entered header information into the OptiDoc™ POD generator. The OptiDoc™ POD generator has the dual functionality of being able to accept pre-scanned documents from existing EDMS systems as well as manually scanned documents received from smaller carriers. The POD generator has the capability to generate reports and statistics from the POD database. These reports are accessible in a common standard format, such as Crystal Reports, or Report2Web.

 Reports produced by the POD generator include the following:

  •           Total PODs expected by shipment

  •           Total PODs scanned (percentage of those expected)

  •           Total PODs scanned incorrectly and error rationale

  •           Carriers with outstanding POD submissions

  •           Carriers with incorrect POD submissions

Cost benefits include:

  • Our clients estimated benefit of 50% reduction in collection timing on shipment discrepancies

  • The one-time estimated reduction in working capital (A/R balance) is for one client has been as much as 13 per year

  • The annual recurring opportunity cost benefit of the A/R balance reduction is $520,000 ($13M at a prime rate of 4%)

  • Elimination of the annual 21% payment to Creditek for collection of outstanding claims = $324,000 in annual savings (Reduction in current manual effort frees Deduction Management associates to manage claims internally)

  • Elimination of the expense of manual POD sourcing/paper-based copies = $220,000 ($22/POD: 10,000 PODs per year)

  • Elimination of temporary labor = $7,500 annual labor savings

  • One contractor (average billable hourly rate of $18) scanning PODs manually one day per week

Total benefits =    $552,000 claims and POD sourcing annual expense elimination

                                $520,000 annual opportunity cost reduction based on reduced A/R balance

                                $1.4 M annual A/R balance reduction

                                One-time $13M reduction in working capital (annual A/R balance)

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