Healthcare providers around the world are saving money by automating their procurement and finance processes. In addition to benefiting from reduced processing costs, these professionals are gaining critical insights that help them better manage their finances.
Purchase-to-pay technology enables real-time visibility into all purchases and invoices across an organisation. With this insight, healthcare companies can effectively manage spend and cash flow. They can drill down into the data to see exactly where their money is being spent and with whom, and identify savings opportunities, such as volume and early payment discounts. By implementing AP automation, one large non-profit healthcare provider, for example, was able to dramatically reduce costs, while improving processes and approval times with fewer resources.
The greater the degree of automation, the more benefits that an organisation realises. By implementing e-invoicing – along with purchase-to-pay automation – companies can gain further efficiency and savings, reducing the staff time needed to prepare and process invoices and eliminating printing and mailing costs. There is greater accuracy and control over finances, while relations with suppliers improve as missing or lost invoices and long invoice cycles are significantly reduced.
While reducing healthcare costs is a global need, the spotlight is particularly focused right now on the U.S. market. As part of the country’s efforts to make healthcare more affordable, healthcare providers are turning to technology to find ways to dramatically cut costs and eliminate waste. The benefits of purchase-to-pay automation and e-invoicing are undeniable and will play an important role in helping healthcare providers identify savings and reduce spend.