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 […]
Centralized AP vs Decentralized AP at your Healthcare System
Does your health system operate a centralized Accounts Payable (AP) department or run decentralized departments and systems? Is your current structure effective and efficient, or is money being leaked through your AP operations? Understanding how your health system’s AP operates and the benefit of different operating models is essential to decision-making. It takes AP one […]
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 […]
Six Reasons 3-Way Matching is a Must at Your Health System
Veering from the 3-way matching process by not using a purchase order (PO) puts health systems at risk of erroneous transactions and a simple way of detecting potential fraud. According to our data, health systems do NOT use a PO on an average of 69% of transactions.* What is 3-way Matching? The three-way matching process […]
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 […]