Many healthcare providers still use manual processes that are slow and inefficient, often leading to lost invoices and late payments. This puts a strain on relationships with frontline workers, reduces the quality of patient care, and can increase costs.
By implementing an accounts payable automation solution, your healthcare facility can say goodbye to the manual data entry that comes with AP processing. The right outsourced AP automation partner will help you streamline the entire process, from invoice receipt through delivery to the appropriate members of your team. Here are some major benefits of outsourcing AP automation:
Expedite Turn Times and Improve Efficiency
Manual data entry is time-consuming – and so is correcting errors made because of it. In fact, manually processing invoices can take up to 45 days. However, automating invoice processing can take 5 days or less.
AP automation lets workers easily access information from anywhere, so they can spend less time searching for files and more time providing the best care possible. The best solutions can integrate with your existing accounting system to ensure all vendor and invoice data is synchronized, so you can truly achieve end-to-end process automation and faster turn times.
Reduce Costs and Secure Discounts
A recent Institute of Finance & Management Report found that manually processing invoices costs 3 times more than using an automated solution. With AP automation, there’s no need to hire more employees to keep up with the high volume of invoices.
There’s also no need to replace employees to complete manual tasks. With involuntary turnover totaling $1 trillion each year across the U.S., automating manual tasks and eliminating the need to hire replacements can result in major cost savings.
And the financial benefits of AP automation keep coming! Many healthcare organizations leverage automation to avoid penalties for late payments and capture early payment discounts as well.
Enhance Visibility into Processes
Manual processes can leave you with little-to-no transparency into the status of invoices. This can be problematic when your healthcare organization is being audited. However, when you automate invoice processing, there’s a clear record for all your documents, allowing you to prepare for an audit effectively.
The Right AP Automation Partner
With 30+ years of experience, MetaSource is a global leader in digital transformation, bringing technology, expertise, and services to help you achieve increased efficiency in your healthcare facility. We are audited to SOC 2 Type 2 and HIPAA standards, ensuring service quality and document security.
Our current AP automation clients have eliminated 99% of manual data entry and transitioned to processing 80-90% of their invoices using fully automated software. MetaSource helps ensure quicker turnaround times, improve customer service, and optimize patient care, all while eliminating error-prone tasks, providing real-time actionable data, and reducing data silos and other inefficiencies impacting your healthcare facility.
Contact MetaSource to learn how to easily implement a healthcare digital transformation strategy. You can also download our guide: How Your Healthcare Organization Can Improve Its AP Process with the Right Automation Solution for more information on how streamlining invoice processing can help you save a significant amount of time and money.
