Company: Horizon Blue Cross Blue Shield of New Jersey
Horizon Blue Cross Blue Shield of New Jersey is an $8.2B not for profit, health services corporation and the largest health insurer in New Jersey. Horizon BCBSNJ is headquartered in Newark, NJ and employs over 5,000 professionals.
The treasury workstation that Horizon BCBSNJ used was no longer supported and the company needed a solution to replace their system while meeting their functional requirements and ideally improving efficiencies in their cash operations.
Horizon BCBSNJ’s primary objectives were to:
- Improve the forecasting of cash flows
- Automate internal and external reporting
- Automate the generation of accounting entries
Horizon BCNSNJ had been using an installed treasury workstation but wanted to move to an on-demand system that better suited the company’s needs for IT support, disaster recovery, and performance. The company was also not satisfied with the reporting and forecasting capabilities of the previous system and looked to Kyriba to make improvements.
The main reason Horizon BCBSNJ chose Kyriba was for its feature rich forecasting tool. Not only did Horizon BCBSNJ prefer Kyriba’s forecasting and reporting capabilities over other options, they also noted that Kyriba’s support was a key factor in their decision. Another critical factor in switching to Kyriba was the company’s Software-as-a-Service delivery model which virtually eliminated IT resource requirements.
Since implementing Kyriba, Horizon BCBSNJ’s main goals of improved cash forecasting, automated reporting, and automated GL posting have been achieved. Kyriba has made Horizon’s cash management operation more efficient and enabled them to spend more time on analytics and less time on transaction processing. Kyriba was also able to convert their historical information into the new system, which made the implementation significantly quicker and easier.