The healthcare landscape is constantly evolving and there are significant transformations in the ways that healthcare providers operate and how patients communicate with healthcare organizations. Healthcare businesses are often complex and involve a multitude of workflows. Daily tasks that include generating invoices, billing nuances, reconciling regulations, and many more. Manually doing these tasks causes errors and consumes a huge amount of time and energy. With a continual flow of patients and very little time and workforce available to tackle, things have only become more complicated, especially since the pandemic.
However, let’s not fret when technology-driven innovative processes are here to make lives easier for us all. Recent studies have confirmed that the process of automating healthcare accounts payable has increased annual revenue and continues to be efficient and accurate. The purpose of these techniques is not just to replace humans. But rather to provide room for the healthcare staff to concentrate on more pressing matters such as offering better service to their patients.
A strong Healthcare Accounts Payable Automation System can reform this facet of healthcare administration. It can ensure on-time payments, reduce errors, and improve overall operational efficiency. Let’s learn a few of the many components that could be used to make a healthcare accounts payable automation system robust and sturdy.
Healthcare organizations now use many digital technologies. Here are a few examples:
- Optical Character Recognition (OCR)
- Electronic Data Interchange (EDI)
- Automated Appointment scheduling
- Portals offering patient self-service and electronic check-ins
These are some of the most innovative, effective technologies that are being used in the healthcare industry and they continue to prove themselves efficient and accurate. So, where are these technologies used and how? Let us take a look.
1. Invoice Management
Maintaining effective Invoice Management is the foundation for any Healthcare Accounts Payable Automation system. This component shall include
Automated Invoice capture: Imagine being able to automatically extract text from an image without having to manually read and write it. Digitize invoices and paperwork using Optical Character Recognition (OCR) and retrieve relevant data automatically with precision, thereby saving time and reducing errors.
Electronic Invoicing: Electronic Data Interchange (EDI) is a technology that allows businesses to communicate and receive digital invoices in standardized formats directly from vendors.
Validation and Matching: Automating the process of validating invoices against purchase orders can ensure the precision of a surgeon’s scalpel.
2. Workflow Automation
Automating the workflow can streamline the entire Healthcare Accounts Payable process, minimizing the risk of human error and manual intervention. Healthcare organizations often use technologies like Enterprise Resource Planning (ERP) which is basically software that would automate administrative tasks. It provides enough time for the staff to focus on patient care and other pressing tasks on a daily business day. Key features for Healthcare Accounts Payable Automation include:
Approval Routing: Invoices are routed to the relevant staff automatically based on a number of predefined sets of conditions, for approval.
Notifications and Reminders: Automating Notifications and Reminders to set alerts and push them at regular intervals to ensure timely approvals and avoid delays.
Audit Trails: It is crucial to maintain detailed reports of all and every action performed within the system to ensure transparency and adherence to protocols.
3. Payment Processing
In order for a Healthcare Accounts Payable Automation System to process payments seamlessly, here are a few pointers to consider:
Multiple Payment Methods: To be able to cater to varied vendors, it is advisable for the healthcare organizations to be open to support various payment methods such as ACH, wire transfers, and checks. These can make payments easier and accessible for the patients electronically.
Scheduled Payments: Is there a wiser way to do things than automatically scheduling payments to enhance money transfers? Let’s take advantage of early payment discounts and applicable offers.
Reconciliation: Automate the process of coordinating payments against bank statements to make sure accounts are well-managed and updated in real-time.
4. Regulatory Compliance
When it comes to the healthcare industry, it is mandatory to adhere to several regulatory compliances and cater to the appropriate regulating bodies and health programs. Here are a few such regulators:
HIPAA (The Health Insurance Portability and Accountability Act) is a regulatory body that governs and ensures to protect data and privacy of the patients. Healthcare facilities must protect sensitive data. HIPAA dictates insurance companies on the do’s and don’ts to follow while releasing such critical data.
CHIP (The Children’s Health Insurance Program) is a U.S. federal healthcare program that works to provide medical coverage for children (below 18 years) who come from low-income families. [VM1] [SP2]
The Agency for Healthcare Research and Quality (AHRQ) is the federal agency that works within the U.S. Department of Health and Human Services (HHS) to improve the safety and quality of the nation’s healthcare system.
5. Data Security
Implementing a Robust Healthcare Accounts Payable Automation System is to protect and maintain sensitive patient data of the patients. Healthcare organizations often face the challenge of handling risks of sensitive patient information being released without their knowledge. Which is why it is important to automate this process. It ensures robust Automation systems are protecting financial and patient data, including encryption and access controls.
Wrapping Up
It is not easy dealing with life and death (literally!) daily. That is why healthcare is the most crucial and complex business that exists. Healthcare Accounts Payable Automation System can actually save a lot of time. At Droidal, we thrive to create such Accounts Payable Automation Systems that can allow healthcare organizations to spend their valuable time on patients instead of worrying about a multitude of complex workflows and administrative tasks. These are the types of cutting-edge technology that the healthcare industry needs to consider and invest for a better future. Leverage the available resources now with us!
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