GHX provides a wide range of perspectives on how greater collaboration and visibility across the supply chain can improve both clinical and financial performance in healthcare.
PayStream Advisors reports that nearly three-quarters of invoices handled between healthcare suppliers and healthcare organizations are received in paper format or email. When it comes to payments management, research shows that checks are most often used to make payments. Manual, paper-based payment processes are time-consuming and labor-intensive, resulting in delays, missed early payment discounts and poor provider-supplier relationships. Additionally, high volumes of paper checks can lead to significant processing costs, payment processing errors, and a risk of fraudulent or improperly authorized payments.
Healthcare organizations that have automated their procurement processes are now turning their sights on the automation of payments in order to improve overall efficiency, cut costs and increase savings. PayStream Advisors’ recently surveyed hundreds of North American payables practitioners and C-suite executives, examining payables management trends across a variety of industries, including healthcare. Those surveyed reported the following top benefits achieved through accounts payable (AP) automation.
What you don’t know about payable automation may be holding your organization back. Learn more and read the entire PayStream Advisors paper on the impact of payables automation.