The Healthcare Hub

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.

Thursday, May 26, 2022

5 Questions to Assess Your Strategic Digital Direction

(Two Minute Read)

Nearly all U.S. health system executives surveyed (99%) say it’s important to invest in digital transformation to improve outcomes and reduce cost of care.1 However, when digital transformation is not fully understood, then it’s also not well planned, processes are only partially automated, and investments are marginalized.

Take for instance accounts payable (AP) processes. While many healthcare organizations claim to have optimized their AP data and workflows, most have done more of a “lift and shift”, which is really just cutting and pasting old, broken processes into shiny new solutions. Case-in-point, up to 70% of invoices are still paper. And time-consuming and costly issues remain pervasive.

Take a hard look at your AP processes and ask these five questions. Are you as digital as you think?

  1. Do you receive most invoices in paper format or as email attachments?
  2. Do you manually key invoice information into systems?
  3. Are you manually routing invoices for approval?
  4. Do you struggle with missing or lost invoices?
  5. Are long cycle times leaving money on the table (e.g., early pay discounts/rebates)?

True digital transformation isn’t just about moving from paper to digital but fundamentally changing how your staff operates. It’s a cultural transformation whereby long-standing processes are replaced with new practices, new capabilities are added, and in some cases, new services are added to better serve patients.

In terms of AP, it means your team is working more efficiently in an electronic, automated environment specifically designed for process optimization and cost savings.

Don’t underestimate what true digital transformation can do for your AP operations. Strive for 100% electronic invoice receipt within a single, cloud-based platform equipped with automated processes, streamlined workflows and more complete visibility to invoice status.

Learn more about GHX eInvoicing

1The Race Toward Digital Transformation: 2022 Health System Survey, The Chartis Group, March 15, 2022, https://www.chartis.com/insights/race-toward-digital-transformation-2022-health-system-survey

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