How Kyriba Helped Horizon BCBSNJ
ABOUT HORIZON BLUE CROSS BLUE SHIELD OF NEW JERSE
Horizon Blue Cross Blue Shield of New Jersey, headquartered in Newark, New Jersey is the only licensed Blue Cross and Blue Shield Association plan in New Jersey, providing health insurance coverage to over 3.2 million people throughout all of New Jersey.
“Kyriba has improved the efficiency of our cash operations and provided the tool to help us forecast cash more accurately and effectively. We have been very happy with Kyriba’s implementation and support teams and we’re pleased to be a part of their growing customer base.”
Horizon Blue Cross Blue Shield of New Jersey
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 BCBSNJ 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.