Many services providers have recently entered the accounts payable space. On the invoice management side, the provider offerings are as divergent as electronic invoicing, scanners, and workflow software. On the payment side, some providers manage ACH payments while others focus solely on Commercial-Card solutions. To achieve a truly paperless AP process, from invoice receipt to payment, many hospitals have to rely on five or six AP services providers—and still those hospitals are finding that they never can completely eliminate paper.
This reliance on multiple AP services providers reduces the efficiency that should be realized through AP automation. Moreover, relying on multiple providers raises costs, both for the hospital and its suppliers.
By working with a single AP services provider, the hospital is ensuring that it has one point of contact for all AP issues. Because it is interfacing with a single supplier invoice processing service, the hospital can achieve greater efficiency. Additionally, all approved supplier invoices are transmitted via a single invoice file—regardless of payment type—to the services provider for payment management.
So how can hospitals maximize the efficiency generated from AP automation, while not incurring additional costs? The key is working with a single AP services provider to leverage the rebate revenue generated from ePayables to fund invoice automation and workflow—with no capital outlay or liability entries for the hospital.