The financial impact of COVID-19 has challenged the healthcare industry in many ways that have increased expenses and limited revenue.
Financial leaders are asked to do more work, with less available resources. The good news is that there are ways to close the revenue gap.
One administrative process that all healthcare organizations can elevate is their Accounts Payable process, resulting in reducing costs, generating new revenue streams while delivering exceptional patient care.
Many practices have asked themselves the following question: “is our practice using its resources wisely?” We’ve compiled a list of how to streamline your operations, maximize revenue, create better processes—ultimately leading to better patient care.
1.Efficiency: Healthcare finance teams are constantly shifting their focus from one task to the next. It tends to be a one-person show in smaller practices, with the practice administrator wearing many different hats. Manually keying invoice data is time-consuming and takes away from other strategic initiatives that drive better outcomes for the practice. Not to mention the long, drawn-out, and inefficient process of having to chase down doctors or department heads to approve invoices. Invoice Automation immediately provides complete visibility to all invoices in a centralized location and harnesses the power of artificial intelligence to electronically route invoices for approval. By automating payment disbursements, the practice no longer needs to enroll vendors into specific payment methods, send checks, or reconcile payments. You no longer must pick up the phone to make credit card payments, track down outstanding checks or manage risky vendor data. With a single file upload to Paymerang’s cloud-based portal, all your vendors are enrolled in their preferred method of payment and the individual transactions are reconciled. From procurement to payment, finance automation is in the palm of your hand.
2. Security: According to the Association for Financial Professionals, in 2019, 81% of organizations experienced payment fraud. With the introduction of telehealth and remote payment options, financial compliance and security issues have only become increasingly complicated. Healthcare practices must continue to stay vigilant when making payments, since most organizations don’t think about fraud risk until it’s too late. Paymerang is a SOC-2 firm that undergoes annual audits for PCI, NACHA, and OFAC Compliance. We offer payments to vendors in 3 different ways—virtual cards, ACH, and checks, ensuring that they get paid on time in the manner they prefer.
3. Profitability: Paying vendors by checks can add up quickly. Most organizations don’t realize how much they are spending on an annual basis to pay their suppliers. Imagine the cost of check stock, stamps, ink, bank fees and machine maintenance for all the checks you print. That’s not even counting the cost of the labor. Now, can you see all the work on the back-end that comes with processing payments? Having your staff make phone calls to vendors; chasing payments or other issues can be detrimental to the healthcare business workflow. By allowing Paymerang to process your AP payments, you will see an immediate increase in efficiency, AP processing cost reduction and decreased duplicate or missed payments.
To learn more about Paymerang’s Payment Automation solution, schedule a demo here.