So many lives have been disrupted by the COVID pandemic. Some businesses had to close, and many others struggled to find ways to keep the revenues coming in and paying bills. One of the biggest industries impacted was healthcare. Not only were hospitals and clinics overrun with patients, but they were stricken by scarcity of supplies and resources, and an almost complete loss of revenue from elective care and surgery, causing significant losses.
Digitally Adapt, or Else!
The American Hospital Association noted, “Revenue losses and sluggish recovery of patient volumes have been met with increased expenses creating the perfect financial storm for hospitals and health systems.”
New ways to cope with these changes had to be found. Like most companies, hospitals, medical practices, and other healthcare entities have discovered that going digital is a way to drastically slash costs and improve performance. But where should you start with this transformative process?
Two key areas of your business where you can dramatically make changes are through automating your Accounts Payable and digitally transforming your document management processes.
Why Automate Accounts Payable?
To create operational efficiencies and scalability that support the business growth of hospitals, senior living, and long-term care facilities, healthcare executives need to consider implementing AP Automation services that eliminate the tedious and expensive tasks associated with invoice processing and other manual tasks that impede business agility and responsiveness to changing business conditions.
NEdocs, with its development partner Blue Creek Software, has helped healthcare companies automate their AP processes, including routing GL Code, matching purchase orders, and approving and entering invoices. Your organization’s Accounts Payable department, controllers, and executive team will benefit from an AP Automation solution that:
Provides faster, more efficient invoice approvals
Supports remote access from anywhere
Increases flexibility and scalability
Prevents duplicate invoices and payments
Manages AP by exception
Provides centralized visibility and control
Offers security, access controls and auditing
Supports supplier payments
Why Digitally Transform Your Documents?
Digitally transforming your organization’s document management can dramatically improve security and staff access, as well reduce risk of data loss and regulatory non-compliance.
For example, Reed Gelzer, M.D., and head of Newbury, New Hampshire based Trustworthy EHR, stated that electronic health records (EHR) may be posing issues for providers when it comes to medical malpractice litigation because of both human and design errors. To avoid this risk, your organization can benefit from implementing an Enterprise Content Management (ECM) system, which is fully equipped to manage patient records, AP files, and HR records.
Another area worth transforming paper records into digital is credentialing. These records are expensive to maintain and prone to cause costly failures. Eliminating the paper problem will enable your organization to enhance its information security, improve process efficiency, and reduce costly errors.
To successfully convert to an efficient virtual credentialing system:
- Evaluate your current processes and identify gaps with your objectives.
- Establish a safe and secure location for virtual files.
- Organize an efficient filing structure for storage and access.
- Digitally scan and shred your paper documents.
Work with Experienced Pros
For almost 40 years, NEdocs has been optimizing record and document management for healthcare and other records intensive industries. We can help you devise a solution that automates and optimizes the processes and documents that ensure business continuity and financial stability.
For further information about what AP automation and document management solutions do for healthcare providers, feel free to contact one of our specialists online or call (603) 625-1171.