Healthcare finance teams face unique AP challenges and compliance requirements. Choose an AP automation solution that has the right features and expertise to address these challenges. For example, you may need to find a solution that offers features like audit trails, documentation for regulatory compliance, and workflows that support healthcare-specific approval structures.
Missing Financial Controls Raising Audit Flags?
Built-in data validation flags discrepancies such as mismatched amounts or missing purchase order numbers so you can resolve exceptions before they become problems. Next, we’ll unpack the specific hurdles that manual processes create for healthcare organizations. These benefits translate into smoother operations, healthier margins, and stronger support for patient care.
- Combined with master data management (MDM), AI can catch small changes, like new payment details, that may signal fraud.
- Discover the next generation of strategies and solutions to streamline, simplify, and transform finance operations.
- You can also ensure your team remains HIPAA compliant when conducting an audit.
- With Auxis’ AP automation solution running smoothly, the healthcare client achieved 70% touchless invoice processing – equivalent to freeing up more than 2,500 human hours per month.
- When multiplied across departments and facilities, this administrative burden adds up quickly, diverting staff attention from patient care.
- Healthcare organizations can successfully implement AP payment automation through a thoughtful, strategic approach.
What is healthcare accounting?
Investigating exceptions diverts staff from higher-value work and further slows down the process. Beyond HIPAA, AP teams must navigate CMS guidelines, state regulations, and industry-specific financial rules. Keeping up with evolving requirements adds complexity and heightens the risk of non-compliance. If your organization is still relying on manual AP processes, you’re not alone. Plus, because it relies on human input, it’s prone to errors that can damage relationships and ding the bottom line.
- Cloud-based QuickBooks Online accounting software can be configured for a healthcare organization, although it doesn’t offer a robust healthcare industry solution and isn’t HIPAA-compliant.
- For small healthcare organizations with up to 25 users (for QuickBooks Online Advanced), budget-friendly QuickBooks Online may be a limited back-office solution to consider, along with a HIPAA-compliant healthcare system.
- When assistance is needed, feel confident that MHC’s award-winning customer support is there to patiently walk you through important processes and resolve any issues quickly and efficiently.
- Automated invoice routing accelerates approvals, ensuring timely payments and improving vendor relationships.
- And if you have multiple healthcare entities operating under one company, managing accounts payable becomes even more complicated.
- Healthcare accounts payable software is the tool used to accomplish this goal.
Ready to save time and money?
View invoice and payment status across all departments, facilities, or vendors. Identify bottlenecks, track timelines, and get a clear view of your audit trail—without relying on manual reports or cross-team follow-ups. A variety of AP tasks can benefit from automation, from the end-to-end approval process to PO-matching, vendor onboarding, compliance, payments, and reconciliation. This means many healthcare companies are more likely to deal with a third party for billing, rather than going directly to the source. Small doctor’s offices operating outside these networks face an uphill battle and will need every tool at their disposal to compete with corporate giants. Reliable accounting data can help smaller healthcare companies make better capital investment decisions.
Data Errors and Discrepancies Creating Issues?
AP payment automation technology also significantly reduces the risk of errors, such as duplicate payments and calculation mistakes, that often occur when providers depend on manual operations. This continuity also smooths the onboarding of new AP employees while making it a more attractive destination for talented professionals. Accounts payable records what healthcare organizations owe to suppliers for goods and services, while accounts receivable tracks what healthcare providers are owed by patients and payers. Healthcare organizations process thousands of invoices each month from suppliers of medical supplies, lab services, equipment maintenance, and software subscriptions. Manual processing of this volume is time-consuming and prone to data entry errors. With digital records and audit trails, healthcare organizations can easily track payments, maintain regulatory compliance, and respond to audits efficiently.
Integrate Tipalti finance automation software with your healthcare ERP for streamlined, paperless, automated supplier invoice processing with routed approvals and global payments. A healthcare industry ERP with seamless integration to third-party software eliminates the need for different systems as silos requiring duplicate data entry. By choosing an AP automation solution with these features you tackle your sector’s toughest challenges. You reduce manual processes, strengthen vendor relationships, and build the visibility and control needed to support patient care and financial health. You can pay all vendors through their preferred method – whether ACH, virtual card, gym bookkeeping or paper check – all from one healthcare accounts payable software solution. A successful transition from manual to automated invoice processing requires digitization of processes upstream of the invoice.
Management
Below is a quick snapshot of the best accounts payable vendors in 2025, helping you see which AP platform fits your business and delivers the best results. Join MHC’s Blaine Sanderson and Bottomline’s Kevin Monroe to see how MHC NorthStar Payments Plus turns everyday supplier payments into revenue—while cutting processing time in half and eliminating fraud risk. Vendor relationships are the cornerstone of the Accounts Payable process in the healthcare space. Nourish and maintain those partnerships by automating your AP operations and ensuring your vendors reliability. Documents are the lifeblood of any business, especially healthcare organizations. Produce professional documents at volume with user-friendly templates and edit functionality.
High Volume of Invoices
To help separate fact from fiction, we’ve debunked the top five AP automation myths we hear from providers in a recent blog. This link takes you to an external website or app, which may have different privacy and security policies than U.S. Learn more about how workflow automation can help healthcare ap automation remove process bottlenecks and streamline your organization.
By tracking these metrics over time, you’ll see where AP automation is making an impact and where there are still significant challenges in healthcare finance. Finally, be sure to seek out feedback from industry peers throughout the evaluation process. And browse reviews on G2 and other review sites to learn about other companies’ experiences with different AP automation solutions.
Epicor focuses on AP automation for industries like manufacturing and retail. It retained earnings offers highly customizable workflows and provides end-to-end visibility into payables, which can help businesses better manage cash flow and improve financial oversight. Download our free e-book, trusted by top CFOs on Accounts Payable Automation, and reduce invoice processing errors, improve visibility, and control costs.