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 […]
Process Mapping: An Essential Tool for Your Procure-to-Pay Processes
Looking to increase margins and cut costs in your health system’s Procure-to-Pay (P2P) processes? One often-overlooked tool to accomplish this is process mapping or creating a visual representation of organizational processes. This not only identifies costly process gaps but also identifies areas lacking accountability and communication. In healthcare systems’ P2P, commonly broken processes include: Extended […]
Penn Medicine’s Keys to a Successful Supply Chain
In today’s rapidly evolving healthcare market, more hospitals are cutting costs across the board and looking to their supply chain departments to identify the best places to start. Many health systems have taken this opportunity to audit and streamline their supply chains into more focused, profitable departments. Penn Medicine at the University of Pennsylvania is […]