Procure-to-Pay Outlook for Health Systems for 2024
Health systems face a constant challenge: ensuring efficient and cost-effective operations while maintaining the highest quality of care for patients. At the heart of this challenge lies the procure-to-pay (P2P) process, a critical component of supply chain management and cash flow. Procure-to-pay transformed to adapt post-pandemic, driven by technology and the healthcare supply chain’s growing […]
How to Choose the Right Company to Perform Your Next Recovery Audit
Health systems and hospitals leak over $2B* annually – above the average annual hospital expenditure. While some leaked funds will be lost forever, healthcare leaders can partner with third-party companies to perform a diagnostic recovery audit and get up to 25 percent of the leaked funds back. Recovery audits are a vital tool for identifying […]
The Power and Pitfalls of OCR Tools in Healthcare Procure to Pay
In the fast-paced world of healthcare auditing, automation has emerged as an invaluable asset. Keeping up with the advancements in AI technology is crucial, along with understanding its limitations. Optical Character Recognition (OCR) is a key success factor in procure to pay (P2P) automation. OCR tools have revolutionized how documents are processed, enabling greater efficiency […]
5 Accounts Payable (AP) Benefits of a Recovery Audit
Account Payable (AP) gets the “short end of the stick” in health systems’ procure to pay (P2P) process. AP is often left resolving exceptions, rushing last-minute payment requests, and struggling to keep the hospital off vendor credit hold. AP corrects upstream P2P mistakes, resulting in more work and backlogs and reducing efficiency. However, many AP […]
Taking on Healthcare’s Greatest Challenges in 2023
Nonprofit health systems and hospitals will take years to recover from the effects the pandemic has on their labor force, cash flow, and supplies. In fact, high labor and supply costs are adding unprecedented debt to hospitals leaving one health system reporting their debt as high as $6.34 billion in December 2022. However, 2023 is […]
Understanding Healthcare’s Procure to Pay Process
Procure-to-pay (P2P) processes comprise various smaller processes that all lead to acquiring and purchasing goods for a health system at the most advantageous price. Purchasing and paying for items seems simple, but in large health systems and hospitals spanning various departments and locations, the process easily breaks down. It only takes one error or process […]
How to Increase your Health System’s Spend Visibility (Spend Visibility Part 3)
To truly reap the benefits of spend data, health systems must take action to clean and structure all procure to pay (P2P) data. Follow the steps outlined below to gain true visibility at your hospital. [blockquote author=”” link=”” target=”_blank”] Read Parts One and Two of our spend visibility series now to discover the benefits […]