READY, SET, AUTOMATE: 5 Ways Healthcare Organizations Can Gain Efficiencies, Reduce Costs With Digitized AP Technology

In today’s healthcare environment, cost savings and process efficiencies are more critical than ever for both providers and their suppliers. Yet paper invoices and manual processing remain a persistent burden — a liability that eats away at precious time and inflates costs far more than it should. “Streamlining the procure-to-pay (P2P) workflow is an obvious choice for improvement, especially in healthcare, where time is of the essence,” says Jess Scheer, IOFM’s Executive Editor. “Yet data shows that payment systems in the healthcare industry are still too reliant on paper and inefficient manual processes, which generate added costs and massive waste for both providers and suppliers.”

In fact, the latest data indicates that 70 percent of healthcare invoices are still paper-based and 85 percent are paid with paper checks1 , with an average processing cost of $7.00 per check2 . That can quickly add up for both buyer and seller. These cumbersome manual processes also contribute to errors and slow payments even potentially putting the supply chain at risk. The Institute of Finance and Management (IOFM) partnered with the Remitra division of Premier, Inc an organization dedicated to transforming healthcare financial processes to reduce waste and save time for both healthcare providers and their suppliers. Together, we’ll explore opportunities for improvement and how to streamline the procure-to-pay cycle to generate better outcomes for both healthcare organizations and their supplier partners.