Key Strategies for Driving Accounts Payable (AP) Efficiency

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Healthcare payment solutions ease accounts payable (AP) efficiency to vendors with automation

Too often, hospitals and health systems are mired in paper, which can make it difficult to focus on opportunities to boost cash flow, build vendor relationships, and increase efficiencies. Electronic invoicing and payment allows hospitals to eliminate manual invoice processing and reconciliation tasks, cutting the time it takes to process an invoice while also reducing opportunities for keying error rates. With this in mind, this report explores how several hospitals are using electronic payment approaches with suppliers, such as Buyer Initiated Payments, virtual payments and purchase cards, to help improve A/P processes. The report also offers strategies for moving away from paper-based systems and ways to leverage electronic invoicing.

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