Your accounts payable (AP) process provides fertile ground for new sources of revenue and cost saving. To maximize the revenue generated by your AP department, you should be able to answer “yes” to the following questions:
- Do you take advantage of commercial-card rebates when making supplier payments?
- Do you have the ability to offer suppliers early payment, without reducing your days cash on hand, through supply chain financing?
- Are you maximizing your days payable outstanding, or is your AP staff making payments simply to get those invoices off their desk?
- Are you partnered with a payment services provider that enrolls supplier into rebate-generating payment methods on your behalf?
Now more than ever, hospitals are examining how to reduce costs and generate new revenue. If you are going through this process in your hospital, make sure to examine the opportunities provided by ePayables and strategic planning in your AP process.