Going into an office is no longer necessary as invoices don’t need to be printed, managers chased for approvals and queries, and checks handwritten and mailed. With Remitra® AP automation, staff gain 24/7 access and 100 percent control and visibility over invoices and payments anytime, anywhere. Future-proof your international operations by providing end-to-end automation for multi-entity companies in a single instance. This includes reporting to ERPs with multi-entity support like Sage Intacct, NetSuite, and OneWorld.

Financial Reporting and Analytics in Medical Expense Management

Evaluate how a potential accounts payable automation solution can be customized and configured to meet your unique needs . Use MuleSoft or Dell Boomi to connect unearned revenue legacy financial systems with modern AP automation, making compliance easier and payment flows faster. The right setup doesn’t just automate—it transforms how payments move through your healthcare system. It acquires a spectrum of vital resources encompassing pharmaceutical elements, research data, and cutting-edge manufacturing equipment. These widely dispersed suppliers often introduce distinctive invoicing structures, currencies, and payment terms into the mix. Manual processing of this multifaceted range of invoices can rapidly morph into a complex endeavor fraught with the potential for error and operational bottlenecks.

• Investigating exceptions diverts staff from higher-value work and further slows down the process.
• Medical billing is directly linked to how quickly and accurately a healthcare provider receives payment.
• Santell had the opportunity to redesign BrightView’s accounting systems from the ground up.
• For additional information on topics covered in this content, contact a Grant Thornton Advisors LLC professional.
• Deliveries of supplies come with an order form or some other documentation.

Surviving and Thriving: How Cashback Cards Aid Medical Practice Survival

• Regular security audits and SOC 2 compliance give you confidence that your vendor follows industry best practices.
• But it’s not just hospitals that are feeling the strain; providers across the Continuum of Care (CoC) — including physician practices, surgery centers, long-term care facilities and others – are strained too.
• By implementing an AP automation solution, healthcare organizations can eliminate inefficiencies in their financial operations, allowing them to focus on delivering the best possible patient care.
• After multiple attempts and communication, it becomes evident that the account is uncollectible.

That ensures every invoice lands in the right place in your accounting system without batch uploads or manual exports. The result is a single source of truth for financial data across hospitals, clinics, and specialty centers. Healthcare organizations process thousands of invoices each month from suppliers of medical supplies, lab services, equipment maintenance, and software subscriptions. Manual processing of this volume is time-consuming and prone to data entry errors.

Configurable Approval Workflows

Ensure timely payments and gain the ability to identify improvements with MHC NorthStar. You may only have Cash Flow Statement an invoice exception 5-15% of the time, but those are always the elements that bring your workflow to a grinding halt. And with the nature of the healthcare industry, those exceptions are bound to happen. Delays are caused when your team must stop their workday to research the exception, determine next steps, and identify the process for a single invoice. Automating your invoice and payment process instantly gives you more visibility into the overall status of everything flowing through the system.

Set Clear Payment Policies Explain payment terms upfront to patients and include them in the registration process to avoid confusion or delays. Use Technology and Automation Implement billing software to track claims, automate reminders, and healthcare accounts payable reduce manual errors. Verify Insurance Details Upfront Check patient coverage and eligibility before services are provided to avoid claim denials and billing surprises. Get in touch with us today to learn how our expert consultants can help your healthcare business achieve financial stability and success. Approvers receive notifications and reminders to review pending invoices, which they can approve, reject, or query directly within the system. This digital workflow eliminates the need for physical document circulation, speeding up the approval process and reducing the risk of invoices getting lost, delayed, or mis-routed.

• A 2023 research study found that in 2022, patient out-of-pocket spending increased by 6.6% to $471.4 billion on average.
• There are also reams of paper to manage, which compounds if each of their healthcare partners engages in manual processes.
• These cards involve a one-time use, auto-generated credit card number that the accounts payable department sends to the supplier.
• However, practices can expedite this process by monitoring outstanding claims and regular follow-ups with the payer.
• Taking a proactive approach to collections can help turn outstanding receivables into reliable revenue.
• According to the PayStream survey, 36% of healthcare organizations use an invoicing system built into their enterprise resource planning (ERP) system, which may not always be the most efficient.