Is your Health System Achieving Clear Spend Visibility? (Spend Visibility Part 2)
Insight into spend visibility is essential for decision-making within finance and supply chain in health systems. Clear spend visibility provides information for leaders to make supply decisions, evaluate their procure to pay processes and gain insight into usage and product waste. The benefits of spend visibility are endless, but health systems and hospitals struggling to […]
Why Health System P2P Leaders Need Spend Visibility (Spend Visibility Part 1)
How much can finance and supply chain leaders gain from spend visibility benefits? The answer is almost endless, but it comes down to better decision-making. When data, especially dark data, takes on the form of graphs and diagrams, leaders obtain insights rather than simply numbers filled in columns and rows. Suddenly it turns into potential […]
How to Ensure Vendor Compliance at your Health System
Ensuring vendor compliance at your health system may seem like a daunting, impossible task that never ends. You’re not wrong. Managing thousands of vendors and holding them accountable is complex and requires attention to detail and a timely dedication your Procurement and Accounts Payable (AP) staff may not have. The results of not doing so […]
Top 5 Healthcare AP Trends Going into 2022
The last two years in healthcare have brought on challenges our industry has never experienced with the onset of COVID-19. As 2022 approaches we begin preparing for post-pandemic operations and take a look at trends in healthcare’s Accounts Payable (AP) departments. 5 AP Trends in Healthcare Disbursed Workforce The pandemic has brought on the need […]
Managing your Health System’s 1099 Vendors
2020 not only brought on a seemingly never-ending pandemic, but it also brought back the 1099 form complicating filings for health system’s accounts payable (AP) departments. Health systems commonly have 5,000+ unique 1099 vendors on an annual basis that will be paid multiple times throughout the year. Small oversights in your vendor management process can […]
Top 8 AP KPIs for your Health System
There is no shortage of data to track and measure, but tracking the right data is what matters – especially when measuring departmental and individual performance. Use these Key Performance Indicators (KPIs) to track, monitor, and measure a Health System’s AP department on efficiency, productivity, and cost savings. Top AP KPIs Invoice Cycle Time Invoice […]
How does your Health System Leak Funds?
You hear time and time again that your health system continues to leak funds, especially within the procure to pay (P2P) process. But, what does it really mean to “leak funds,” and what causes these leaks? Keep reading to find out. “Leaking funds” is the loss of funds within your health system that are caused […]