Automation for invoice processing has a surprisingly low implementation rate in Healthcare facilities. This is odd for two reasons: firstly, the invoice process involved in medical facilities is just as, if not more, intensive then many other industries and secondly because as a highly service oriented institution, any gaps in operational standards can prove detrimental to ROI and patient care.
Imagine for a moment a scenario in which a medical accounts payable department with a paper invoicing system makes a manual mistake related to data entry. A single mistake sparks a chain of errors which take considerable additional time to correct. In the meantime other involved parties need to be notified of the delay, while departmental staff retraces the step it took in order to rectify the mistake.
Automated Invoice Processing prevents this scenario from occurring, in the following ways:
- ELIMINATES THE DELAY CAUSED BY PAPER FILES: When data errors are made on paper files, corrections and approvals take considerable longer than with a strictly electronic process, delaying delivery of accurate and updated records to third entities and medical patients.
- ALLOWS FOR BETTER RECORDS MANAGEMENT: medical financial records can be tracked by authorized parties throughout their process all the way until the final approval.
- PROMOTED DEPARTMENTAL GROWTH AND DEVELOPMENT: Since paper is eliminated, manual error-prone operations are almost entirely eliminated, leaving departmental staff to other patient-care oriented tasks.
- OVERALL OPTIMIZATION OF EXISTING PROCESSES: Most software solutions for automation do not replace existing processes, but optimize them, ensuring that no gaps are created throughout implementation.
But these are only the beginning. Each software system is customizable to specific departmental requirements. Some accounts payable departments have even begun implementing automated 3-way matching processes through which all related financial documentation such as PO’s, payments, invoices, receipts, and the like for Medicare, Medicaid, facility Maintenance and Billing, Insurance, and other expenses are matched and checked for data accuracy.
If automation is the missing link between your medical AP department staying afloat and soaring, contact us today or watch our webinar recording below – “Next Steps Towards a Paperless AP Department.”