Accounts Payable Automation Is Curing Inefficiencies in Healthcare Payments
PayStream Advisors Report Reveals More Healthcare Organizations Are Implementing AP Automation to Maximize Cash Flow and Maintain Profitability
(firmenpresse) - CHARLOTTE, NC -- (Marketwired) -- 07/25/13 -- PayStream Advisors, Inc., a leading independent research and advisory firm announced today their latest healthcare survey results. The study revealed that healthcare payment cycles are ten times less efficient, and decidedly more complex than payment processes found in virtually any other industry. This is due to the fact that payments and related remittance data are predominately time consuming paper-based systems that require manual intervention.
While healthcare is lagging behind other industries in the adoption of AP automation technology, healthcare organizations are implementing AP solutions like electronic payments (ePayments) in an effort to reduce administrative and back-office costs in AP and procurement.
The number one factor driving the healthcare industry to focus on ePayments is reduced overall payment costs (60 percent) and better cash management (60 percent). Removing paper from the AP department ranked third at 42 percent.
The complete 2013 report titled Healthcare ePayables: Curing Inefficiencies in the Healthcare Payment Market is underwritten in part by ABBYY, can be for free on the PayStream Advisors website.
Learn more about AP automation solutions for the healthcare industry at this year's PayStream that will be held in Charlotte, NC September 16 - 18Keynote speaker Kelly Coxon, Director of Procure to Pay at UPMC is presenting a session titled Using Simple Metrics and Benchmarking to Drive P2P Process Improvement
Coxon will share how benchmarking and metrics impact UPMC's overall Purchase to Pay strategy. "It's important for organizations across all industries to identify areas of strength, performance gaps, and opportunities for improvement."
"PayStream's Healthcare Benchmarking Group has been a valuable resource to help UPMC guide transformation of accounts payables and purchasing. In the process, we have learned a lot about our costs, our peers and uncovered opportunities for improvement," added Coxon, who also serves as the Chair of PayStream's Healthcare Benchmarking Group.
Prior to the PayStream Summit, healthcare professionals can attend a free live webinar titled , scheduled for Thursday, August 8, at 1:00 pm eastern time. PayStream Advisors managing director, Henry Ijams will be discussing AP automation solutions specifically for the healthcare industry. The webinar will explore how to decrease data entry, increase the number of timely payments, increase visibility of your invoices even in a decentralized environment, and other efficiency improving topics.
PayStream Advisors provides in-depth research, reviews and comparisons of top accounts payable and purchase to pay automation software. Offering research and insight to help companies improve AP efficiency, PayStream Advisors also hosts the annual Purchase to Pay Summit, , where accounts payable, finance and procurement leaders gather to share ways to advance purchase to pay processes through collaboration and automation. For more information please visit: .
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Teresa Bertucci
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Datum: 25.07.2013 - 13:09 Uhr
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