Did you know over 49% of healthcare organizations still make the majority of payments with manual processes?
Replacing paper-based checks with automated and electronic payments helps streamline payments which provides a host of benefits — robust supplier relations, dependable security features, further insights through cash flow processes, rebates, reduced processing costs, and more.
Quality patient care is a top priority for all healthcare organizations, but healthcare executives are also being pressured to increase efficiencies while decreasing costs across the board. A good starting point is to evaluate your accounts receivable (AP) processes and look for ways to streamline payments. An automated payments system saves time and money and with suppliers being paid on time you can insure uninterrupted patient care.
With cost reduction being the number one priority of CFOs today, what is your healthcare organization waiting for?
Electronic payments are 30x less expensive and 10x less prone to fraud than paper checks. When the numbers are crunched, it’s clear that your organization can profit from making the switch to an automated AP solution. The benefits of replacing paper-based checks with automated payments are plentiful and include:
Reduced Processing Costs
• Eliminates associated printing supplies
• Saves money
• Decreases environmental impact
Strengthened Supplier Relations
• Flexibility to pay suppliers with preferred methods
• Rich remittance detail for customers
• Easier cash application for Accounts Receivable (AR) departments
Built-in Security and Fraud Protection
• Fraud risk is 10x less likely to occur using automated payments
Enhanced Visibility into Cash Flow
• Improves reporting, auditing, and visibility of cash
• Real-time payment status tracking
Rebates on AP Spend
• Earns cash back
• Increases positive ROI
• Profitable AP department
Reaping these benefits at your organization is within reach when you adopt an automated AP solution that increases efficiency, reduces costs, and mitigates fraud risk while also monetizing AP spend. Needless to say, AP automation is worth the investment. Say goodbye to paper-based payments and hello to time- and cost-effective solutions.
See what the experts are saying about the benefits of adopting automated payments by reading the full article “How Streamlining Payments Will Benefit Your Healthcare Organization“. And for further information and insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest trends and topics.