By Jessica Moran
Healthcare executives face tremendous pressure to provide quality care to patients, streamline registration experiences, and comply with data privacy regulations — all while being tasked with increasing operational efficiencies and decreasing costs. These pressures land heavily on Accounts Payable (AP) departments struggling to tie activity to the primary objectives of the organization. In fact, cost reduction initiatives are the number one priority of CFOs today, according to KaufmanHall1.
Why the focus on the AP function as an area for improvement? Many healthcare organizations have expansive supplier networks. Making on-time payments to vendors relies on cash flow that can be affected by factors outside the organization’s control, including federal reimbursement, patient payments, and regulatory issues. With these factors complicating the AP process and over 49% of healthcare organizations still making most of their payments through manual processes with paper checks2, it’s no wonder CFOs find themselves struggling to rein in the costs of making payments.[Read more…] about How Streamlining Payments Will Benefit Your Healthcare Organization