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…
If you’re a supplier for hospitals and health systems, you know it’s a rewarding yet demanding field. Increasing competition and thinning margins compounded by healthcare supply chain disruptions opens in a new tab make it a challenge to thrive in today’s marketplace. Finding ways to work smarter with your healthcare provider customers, accelerate payments and create operational efficiencies in your accounts receivable (AR) department is more important now than ever.
According to Marian Favors, Executive Director, Customer Support Operations at KARL STORZ opens in a new tab, a global manufacturer and distributor of endoscopes, medical devices and other equipment: “Customers should never feel our infrastructure, they should only feel our brand.”
Unfortunately, in the healthcare supply chain purchasing space, both providers and their suppliers do feel the infrastructure; one that’s antiquated, driven by manual processes and in dire need of a transformation.
Are you still issuing paper invoices? How about relying on paper checks for payment? You may want to rethink those old-school AR processes after considering this PINC AI™ opens in a new tab data (as of February 2021):
Technology can solve these costly AR problems created by outdated, manual, paper-based purchasing and payment processes. With Remitra®, Premier is bringing the tech to healthcare suppliers and providers – and changing the trajectory of healthcare purchasing for the better.
Built for healthcare, Remitra is one of the most comprehensive, integrated, cloud-based procure-to-pay (P2P) technology platforms that seamlessly automates financial processes to reduce waste and save time for both providers and suppliers.
Using Optical Character Recognition (OCR) technology, Remitra can take documents in any format (paper, fax, PDF) and translate them into electronic data interchange (EDI) messaging standards, which typically is the method large health systems prefer their suppliers to use. The platform effortlessly handles invoices (810s), purchase orders (850s), purchase order acknowledgements (855s), product and pricing information (832s), and price authorization acknowledgements (845s).
All EDI and non-EDI transmissions are unified for delivery between the provider’s enterprise resource planning (ERP) system and the supplier’s integrated systems, regardless of group purchasing organization (GPO) affiliation or choice of ERP.
By eliminating human intervention and taking paper out of the equation, Remitra standardizes the purchasing and invoicing process, cuts down on the potential for fraud and errors, and creates operational efficiencies on both sides of the healthcare supply chain – all of which help to ensure faster, more accurate payments to suppliers.
Projected savings calculated using 2020 internal Premier supply chain data and invoices.
“When it comes to transacting and doing business, healthcare is so far behind other industries, it’s incredible. We need to get to the place where retail is today,” says Marian. “What’s going to get us there is an automated platform like Remitra. When providers and suppliers can conduct business on a common platform designed to solve the billions of price discrepancies that bottleneck the healthcare supply chain every year, we will have revolutionized the way we work together. I’ve been saying that for years. We need a transformation. What gets me excited about Remitra is that it’s a transformational initiative.”
Ready to modernize your accounting processes? Start by evaluating your potential AR savings with our ROI calculator opens in a new tab.
Want to dig deeper into the benefits of automation? Register to join our HFMA webinar on Feb. 17, 3 p.m. ET / 2 p.m. CT.
Ready to take the next step? Request a demo today.
Key takeaways: Employee burnout and turnover are real threats to a healthcare organization’s mission to…