Accounts Payable is a fundamental activity for nearly all businesses, and organizations in the healthcare industry are certainly no exception. No matter what industry or marketspace you are in, the effective and productive management of accounts payable is essential.
If you get behind on your obligations you risk missing important financial discounts, defaulting with creditors, and damaging your reputation with suppliers and stakeholders.
Healthcare organizations face a number of challenges associated with Accounts Payable…and it’s easy to lose sleep at night. Despite the increasing digitization of workflow and systems, the accounts payable process in most healthcare organizations remains mired in paper copies and manual workflow.
The result is an often costly and people-intensive process that leaves financial executives with a growing unease over the inherent inefficiencies.
How can healthcare CFOs sleep a little better? One solution is to automate accounts payable – using a combination of hardware, software and business systems, reducing and eliminating the mundane and manual tasks that plague the AP process in most healthcare organizations.
By relieving the burden of manual data entry, stare-and-compare matching, and other routine and repetitive activities, automation helps your staff function in more productive and value-added activities.
AP automation works to reduce costs and inefficiencies, but there is also great opportunity through automation and best practices to improve the productivity of the process. The goal of AP automation is not to replace people with computers, but instead use advanced data capture and workflow techniques to make AP teams more productive and focused on adding value to the organization.
The bottom line is that if you aren’t automating your AP you could be missing out on substantial cost savings and efficiencies – essential in today’s climate of healthcare reform.
Software systems developed to manage the entire AP process — including electronic invoice delivery and document management, workflow automation, and advanced analytical tools — are all widely available, and now is the time to automate and optimize.
Automating your AP can alleviate the time spent manually entering data and free up your staff to focus on more important tasks. You will reduce errors and double payments, capture more discounts, and benefit by much greater visibility into the process. You will find comfort in the knowledge that you are using best practices in both technology and AP that help increase efficiency and overall productivity.
There are many important benefits for healthcare organizations that apply document automation to their AP process. But you don’t need to take just our word for it. Consider this real world example.
DRA Imaging is a full service medical diagnostic imaging facility. Their existing AP process was very labor intensive and prone to human error and delays. Obtaining documentation from multiple locations, multi-level invoice approval, and special sales tax reporting requirements all plagued the process.
“We needed a solution that could capture invoice data, perform tax calculations and verification, and integrate well with our existing ERP system, said Sandy Robb, Director of Accounting.
AP document automation provided the answer. Intelligent data capture works to capture invoice images and extract important data while performing sophisticated tax calculations and verifications executed in the background. Once all required approvals have been received, invoice data is automatically sent to their ERP system, eliminating tons of manual work. “By eliminating data entry, I can more efficiently use the higher level skills I am paying my staff for,” noted Robb.
As a result, DRA Imaging saves time and money, and ensures higher accuracy with AP automation.
Are you ready to take the next step toward document automation in your AP department? Sign up for our 30 minute webinar on June 11 at 2pm ET, Making the Case to Automate. It’s about time… with AP expert Henry Ijams of PayStream Advisors.
In this fast-paced interview, Eric McCracken of DocStar and Henry will discuss what you need to know to help stakeholders in your organization understand the need and Return on Investment of automation your AP department. Get empowered to make your case!
Whatever path you choose, look for providers and partners with the right mix of experience, expertise and technical capabilities that will lead you to success with AP document automation.