Success story · Non-profit

BHF minimizes risk and advances governance and compliance with Fraxion

Name: Fraxion
Brand: Fraxion
Rating: 4.4 (193 reviews)

The Board of Healthcare Funders (BHF) replaced manual, paper-based approvals, expense claims, and invoice matching with Fraxion’s cloud-based spend management platform. With automated approval workflows, mobile access from any smart device, automated invoice matching, and supplier diversity tracking, BHF strengthened policy compliance, reduced financial risk, and built a culture of compliance across the organization.

COMPANY OVERVIEW

Serving medical scheme members is the motto, which guides the way the Board of Healthcare Funders fulfils its function of a representative body to the healthcare funding industry. BHF members include: Medical schemes, administrators and managed care organizations throughout the Southern African region, with membership in South Africa, Lesotho, Zimbabwe, Namibia, Botswana, Mozambique, Malawi and Swaziland.

Membership has recently been extended to other Healthcare Funders in Southern Africa and Africa. The core aim is to ensure the sustainability of the healthcare sector by enabling medical schemes, managed care organizations and administrators to provide accessible, affordable, quality healthcare to their medical scheme members. As the industry representative body, the organization relies on the membership of all medical schemes to ensure that it can lobby government and other organizations effectively and to influence policy where necessary on behalf of the entire industry.

BEFORE FRAXION

BHF was experiencing inefficiencies due to cumbersome approval systems that only limited employees had access to. Furthermore, staff could not access the systems from smart devices while out of the office. Manual expense claims and approval processes for travel requests and physical invoice matching delayed travel bookings and accounts processing. Supplier diversity statuses could not be easily monitored for reporting purposes. BHF realized that a solution was required that would provide more effective controls to facilitate these processes and develop a culture of compliance across the organization.

Challenges

BHF struggled with:

Manual, paper-based processes

Reliance on physical documents led to delays, inefficiencies, and increased risk across operations.

Cumbersome approval processes

Approval workflows were slow and restrictive, with limited accessibility, making it difficult for employees to manage approvals, especially when out of the office.

Manual expense claims and invoice matching

Travel requests and expense claims were processed manually, causing delays in approvals, travel bookings, and payment processing.

Limited mobility and system access

Staff couldn’t access approval systems from smart devices, leading to inefficiencies when working remotely or in the field.

Difficulty in monitoring supplier diversity

Tracking supplier diversity statuses, such as B-BBEE compliance, was challenging, complicating reporting and compliance efforts.

Lack of control

Without an established process, enforcing effective controls proved challenging, which often led to non-compliance with organizational policies

Solutions

With Fraxion, BHF has gained:

Simplicity and wide user adoption

Fraxion’s intuitive design makes it easy for staff to use, leading to quick adoption and consistent process compliance.

Automated approval workflows

Fraxion’s automated approval routing enabled requests to be systematically processed, reducing delays and ensuring compliance with BHF’s control measures.

Mobile accessibility

The cloud-based platform allowed staff to access the system from any smart device, improving flexibility for employees working remotely or while traveling.

Automated accounts payable and invoice matching

Fraxion streamlined the invoice matching process, linking invoices to orders and requisitions to prevent duplicate payments and ensure accurate processing.

Supplier compliance tracking

Fraxion facilitated BHF’s tracking of B-BBEE compliance and supplier diversity statuses, making it easier to meet reporting requirements and align with organizational goals.

Policy compliance and reduced financial risk

Systematic enforcement of approval workflows ensures that all spend aligns with company policy, with alerts highlighting irregularities in real time for quick resolution.

Consistent requisition handling

Regardless of urgency, all requests must follow the same process, ensuring fairness, accountability, and clear audit trails for every transaction.

Automated approval workflows

All spend requests are systematically routed for approval before any costs are incurred. This enforces organizational policies and ensures that no unapproved purchases take place, regardless of urgency.

Policy-enforced workflow rules

Spend requests must comply with predefined rules and workflows aligned to internal policies. This ensures that every request is processed according to company standards, reducing the risk of unauthorized or non-compliant transactions.

Real-time alert notifications

Alerts are triggered for any irregularities or contraventions, allowing for immediate intervention and risk mitigation. This proactive feature ensures that issues are flagged before they escalate.

Invoice matching

Invoices are matched directly to purchase orders and requisitions, preventing duplicate payments and overpayments. This feature helps maintain clean financial records and reduces the risk of fraud or error.

Centralized, cloud-based access

Mobile-friendly, cloud-based access allows stakeholders to review, approve, or reject requests in real time, even when out of the office. This supports timely approvals and reduces risks and delays.

Compliance-ready supplier diversity tracking

Supplier diversity status and B-BBEE requirements are tracked within the platform, simplifying reporting and ensuring ongoing compliance with regulatory and organizational standards.

BHF minimizes risk and advances governance and compliance with Fraxion

Board of Healthcare Funders

BHF struggled with:

With Fraxion, BHF has gained:

The key features driving compliance and risk management for BHF

Policy compliance

Risk management

Process efficiency

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A big thank you to the Professional Services and Support teams – nothing is too much trouble and it appears that their patience is endless.

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