Healthcare Industry
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Healthcare Industry

Reduce inefficiencies and create a strong
financial backbone for an effective value-based ecosystem

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Healthcare

 

Reduce inefficiencies and create a strong financial backbone for an effective value-based ecosystem

The healthcare industry is poised for significant changes as the new administration under Donald Trump looks to repeal the Affordable Care Act (ACA). Nonetheless, the industry’s slow and painstaking transition toward value-based care continues in the face of rising cost concerns. As the new value-based ecosystem takes shape, providers are building the required risk management capabilities. Meanwhile, payers are preparing to support them with relevant payment models.

 

Key focus areas

  • Shift the operating model to be able to deliver care in the new outcome-based ecosystem
  • Improve care delivery through digital connected health, with focus on telehealth, m-Health, wearable, social media and electronic patient records
  • Unlock new sources of value via data and analytics
  • Drive regulatory compliance, and ensure product and patient safety

Given these changing industry dynamics, driving greater process efficiencies and reducing operational expenses is foremost on the minds of healthcare organizations.

 

With a robust electronic invoicing solution, healthcare organizations can substantially slash costs while reallocating resources for more strategic, patient care activities.

Key challenges in healthcare

 

The healthcare industry has traditionally lagged behind its counterparts in embracing automation. As a result, organizations grappled with paper-based invoice processing, facing significant challenges in handling errors and exceptions. However, the good news is, driven by the growth of e-commerce in the healthcare supply chain, a growing number of healthcare organizations are fast embracing electronic invoices.

 

Unique invoicing and pricing situations

  • Significantly less efficient and highly complex payment processes as compared to other industries
  • High volume of invoices originating from distributed suppliers of health and non-health-related goods and services
  • Huge purchasing budgets spanning medical supplies, facility maintenance, and medical technology
  • Existing purchasing processes not in harmony with the use of electronic medical records and computerized physician order entry (CPOE) systems
  • Large number of special requests from practitioners for medical equipment and supplies, in addition to already negotiated contracts

Key goals

  • Healthcare
    Achieve greater value for each dollar by reducing billing inefficiency
  • Healthcare
    Reduce administrative costs, transforming AP from a mere back office function to one that delivers strategic value
  • Healthcare
    Eliminate inefficient invoicing processes to qualify for early payment discounts
  • Healthcare
    Bring down late payment penalties
  • Healthcare
    Eliminate scanning equipment costs as well as freight and special charges

Tackle your invoicing complexities with the Invocus solution

 

Healthcare organizations, typically characterized by huge supply chains, can strike a fine balance between their clinical and financial objectives by adopting electronic invoice processing. Keeping in mind their unique requirements and challenges, Invocus has developed a comprehensive, centralized eInvoicing solution suite that helps streamline processes and reduce the underlying processing cycle.

 

With a robust electronic invoicing solution like Invocus, healthcare organizations can streamline their accounts payable processes and reduce the invoice processing cycle time

 

Tangible benefits

 
  • Gain greater visibility into invoices originating from across the dispersed supply chain
  • Improve cash flow, reduce expenses, and maintain a good credit status
  • Be audit ready and ensure effective compliance with regulatory requirements
  • Drive cost-saving process improvements, leading to better bottom-line
  • Allocate more resources for care delivery, thus improving business outcomes and patient satisfaction scores

BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE

 

SUPPLIER INFORMATION MANAGEMENT

  • Compliant onboarding via supplier portal for self-registration
  • Effective data management via centralized repository, hassle-free document tracking, and audit trail management
  • Supplier risk management through data enrichment, risk alerts and risk scores

SUPPLIER SELF-SERVICE E-INVOICING

  • Easy payment tracking along with status updates, and configurable alerts on pending requests
  • Any format invoicing, with ICR to extract invoices from images
  • Early payment discounts with automatic calculation of discount due dates and amount

TOUCHLESS INVOICE PROCESSING

  • Automated 2-way and 3-way matching, along with easy exception handling
  • Customizable and condition-based approval workflows
  • Downloadable pre-canned reports, with easyconversion to charts and graphs

DYNAMIC DISCOUNTING

  • Customization of your dynamic discounting program based on savings targets
  • Easy collaboration with suppliers on program roll-out, payment dates and discount values
  • Centralized tracking of program savings and supplier acceptance