Five Ways AP Automation Can Ease Burnout, Turnover in a Healthcare Organization’s Finance Department
Key takeaways: Employee burnout and turnover are real threats to a healthcare organization’s mission to…
The need for greater operational efficiency, cost reduction and workforce productivity in our economically uncertain environment continues to push companies toward accounts payable (AP) automation adoption opens in a new tab in their finance departments.
One business sector falling short in embracing the benefits of AP automation opens in a new tab is healthcare. Many hospitals and health systems still use manual, outdated AP processes that are slow and prone to error, which can lead to discrepancies between purchase orders (POs) and invoices, and credit holds that result from late payments to suppliers.
It’s no secret that AP automation can help streamline the entire procure-to-pay (P2P) process – from PO delivery to invoice receipt and approval routing to payment processing – saving healthcare organizations both time and money while freeing up AP staff to focus on more value-add activities that positively impact the bottom line.
And that’s where Remitra – Premier’s cloud-based, P2P technology that’s designed to seamlessly automate financial processes to reduce waste and increase efficiencies for both healthcare providers and suppliers – comes in.
So, what’s keeping so many hospitals and health systems from fast forwarding into the 21st century and implementing this vital technology? Conversations our Remitra team has had with healthcare leaders and finance professionals reveal a consistent set of myths that lead to roadblocks and questions, hampering AP automation adoption in their organizations.
To help separate fact from fiction, below are five AP automation myths we regularly hear from healthcare providers — and the truths behind them.
The electronic data interchange opens in a new tab (EDI) capabilities of Remitra enable providers and their suppliers to conduct business on a common platform by integrating their enterprise resource planning (ERP) systems. This helps create much-needed standardization between providers and suppliers; helps eliminate human error and expense associated with the manual processing of POs; and helps ensure invoices are accurate and paid on time.
With each check a provider sends out, they’re also sending out sensitive data like the name of their banking institution, bank routing number and account number that could all wind up in the hands of thieves. In addition to being stolen, paper checks can be forged or get lost in the mail, never making it to the suppliers they’re intended for. Using Remitra electronic payment methods, providers can maximize opportunities for efficiency and minimize opportunities for check fraud and theft opens in a new tab.
As inflation persists and costs for labor, raw materials, transportation, services and supplies have not returned to normal, forward-looking healthcare leaders are reimagining the supply chain and how incorporating AP automation can address ongoing financial pressures. Here are just a few ways Remitra can help:
One of the best ways to improve efficiency within a healthcare organization is to implement AP automation technology, and if an ERP system upgrade or transformation is planned, providers should consider accomplishing them simultaneously. Doing so enables the organization to manage finances more effectively and improve business operations overall, not to mention addressing both at once can save a lot of time and effort and keep bad data and processes from migrating into the new ERP system.
AP automation can be a powerful tool for healthcare organizations grappling with workforce issues opens in a new tab in their finance department, acting as a labor extender that enables AP teams to do more with less by helping to maximize their resources and productivity.
Gone are the days of excusing your hesitancy to tech-enable outdated, manual AP processes based on these myths and misperceptions.
They’ve been debunked.
National Director, Remitra Provider Solutions
Charity is the liaison between the Remitra sales team and the implementation and operations teams, providing subject matter expertise and ensuring providers’ smooth transition to the Remitra AP automation platform.
Key takeaways: Employee burnout and turnover are real threats to a healthcare organization’s mission to…