As Halloween approaches, it's the perfect time for health systems to embrace a treat that promises not just temporary delight but sustained benefits year-round. We're talking about the enchanting world of Accounts Payable (AP) automation, a powerful tool that can transform your financial operations into a well-oiled machine, enhancing efficiency, and significantly reducing expenses.
Health systems are continually striving for ways to improve their processes and cut costs, making AP automation a valuable asset. According to Becker's, process improvements and cost reduction are top priorities in the healthcare finance landscape. Now, let's delve into how AP automation can help health systems unlock its magic.
The Magic of AP Automation: Process Improvements
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Swift and Accurate Invoice Processing: Manual invoice processing can be painfully slow and error-prone. AP automation brings magic by automating invoice capture, coding, and approvals. As a result, the time-consuming, manual aspects are eliminated, and errors are reduced. According to Becker's, 65% of healthcare executives have reported that automation streamlined their AP process.
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Centralized Collaboration: AP automation provides a central hub where all invoice-related communication, interactions, documentation, and workflows come together. It simplifies invoice collaboration, enhancing clarity and reducing the risk of errors and fraud.
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AI and ML: Your Magical OCR Wand: Nimbello's OCR Software magically erases the headaches of manual AP processes. Nimbello's software performs the tedious manual tasks across the entire invoice process, leaving your team free to focus on strategic initiatives. Even health systems that may have thought they fixed their manual processes with scanning solutions often find out they have been tricked vs having a treat for month end.
Cost Reduction: The Ultimate Elixir
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Cost Savings: AP automation works its enchantment by reducing costs associated with manual invoice processing, such as printing, mailing, and storage. It's estimated that paper-based processes cost up to $8 more per transaction than electronic invoicing, and shifting to automation could collectively save more than $100 billion.
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Minimizing Errors: Manual data entry is vulnerable to human errors, which can lead to discrepancies and delayed payments. With AP automation, the risk of errors is minimized, ensuring accuracy throughout the payment process.
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Vendor Management Made Easy: Vendors are critical to your health system's success. AP automation simplifies vendor management with configurable onboarding forms, compliance maintenance, document management, and more. It ensures that your vendor data is accurate and up-to-date, enabling the smooth issuance of 1099s and robust vendor relationships.
The Crystal Ball: Future Efficiency
Health systems need to operate efficiently, and AP automation acts as a crystal ball, offering insights into your AP processes. You gain instant visibility into invoices, employee productivity, and AP operations through robust analytics and reporting tools. It helps you make data-driven decisions and plan for future financial excellence.
This Halloween, don't just settle for the usual tricks and treats. Unlock the enchanting power of AP automation to boost efficiency and save costs within your health system. At Nimbello, we specialize in helping healthcare organizations harness the magic of AP automation to optimize their financial operations. Contact us today and make this Halloween the beginning of a financial transformation that keeps on giving. It's a treat you won't want to miss!