Digitizing the procure-to-pay process helps reduce costs, improve supplier relationships
Automated invoice and payment processes help drive efficiencies
As hospital management has become increasingly digitized, it’s not only possible but also more cost-effective to integrate purchasing and accounts payable systems into a streamlined procure-to-pay (P2P) process, so the multiple hospital departments involved in obtaining and paying for goods and services can do so more efficiently. The right P2P solutions can also help drive stronger supplier relationships because they allow suppliers to get paid on their own terms.
However, inefficiencies in the P2P process can strain vendor relationships and drive up health system costs. To maximize the benefits of a streamlined P2P process, hospitals and health systems must select partners that can provide the compatible services and payment options suppliers want, along with the ongoing partnership needed to keep the P2P process running smoothly as technology and organizational changes continue into the future.
Digitizing the P2P cycle can help hospitals address pressing challenges and build sustainable financial health.
This whitepaper addresses strategies to address the challenge of inefficient Accounts Payable and P2P processes in healthcare organizations. Streamlining the P2P process with AP digitization is key to cutting costs and improving supplier relationships:
- Select partners that can provide payment options suppliers want.
- Select partners that help keep technology running smoothly and efficiently.
- Digitize and automate invoice and payment to reduce manual processes.
- Digitize the P2P cycle to drive efficiencies and reduce costs.
- Focus your staff on more strategic initiatives.