Accounts Payable Automation for HealthcareDiscover Effective AP Solutions for Healthcare Organizations
Solve AP Challenges Unique to Healthcare
with MHC NorthStar
It’s not unusual for over half of a hospital’s expenses to consist of goods and services purchased from suppliers. The healthcare industry is constantly faced with new dilemmas, ever-shifting priorities, and increased volume when it comes to its Accounts Payable process. Automate your AP operation with cloud-based MHC NorthStar and reduce manual intervention, data discrepancies, and security and compliance concerns.
It is estimated that global healthcare spending will surpass $10 trillion in 2022. And in the US, the average healthcare employee’s salary is $60,976. However, it seems most organizations are paying those salaries largely to complete tedious tasks that keep employees from more strategic efforts that might move your organization to the top of the 784,626 companies that currently make up the healthcare sector.
Without automation, invoice processing times can run anywhere from four days to seventeen. Over two weeks of your AP team’s valuable time can be spent chasing invoices through an antiquated system. The volume of paper-based invoices and limited automation capabilities inherent in traditional ERP systems impede your ability to advance to the levels of organizations like McKesson, CVS Health Corp, and UnitedHealth Group.
Automating your invoice and payment process instantly gives you more visibility into the overall status of everything flowing through the system. Accuracy is enhanced when you no longer must rely on staff to manually intervene throughout an already flawed process. Free your costly employee hours up for more value-added duties that contribute more meaningfully to your company’s core mission.
Previously a major hindrance to the smooth progression of your invoices, non-PO invoices can now be more efficiently processed, reducing headaches and adding time to engage in the parts of your job that bring you more fulfillment. And access to your automated payables’ system anywhere and anytime ensures that you’re always prepared for what may come.
Cloud-based AP Automation with
MHC has always been dedicated to AP professionals working within healthcare. And that commitment to improving your overall workday has never been more apparent than with the launch of our cloud-based next-gen AP automation solution. Gain the ability to process millions of supplier and vendor invoices, at any time, on any device, from any location. Let MHC NorthStar guide your healthcare payables team to the next level of invoice processing.
FLEXIBLE FUNCTIONALITY: No longer enter IT tickets and wait in line to be able to create your own processes. Out-of-the-box useability provides no-code workflows that allow you to build your own process.
CONTENT-CENTRIC PROCESSES: Documents are the lifeblood of any business, especially healthcare organizations. Produce professional documents at volume with user-friendly templates and edit functionality.
SCALABLE GROWTH: MHC NorthStar allows you to grant access to unlimited users at no extra cost. Give your healthcare organization the space to expand without being in danger of outgrowing your AP automation platform.
BEST SERVICE PROVIDER: When assistance is needed, feel confident that MHC’s award-winning customer support is there to patiently walk you through important processes and resolve any issues quickly and efficiently.
Paper-based and Manual Processes Causing Delays?
A PayStream Advisors survey discovered that 36% of healthcare organizations are still receiving paper invoices from their suppliers and vendors. And a whopping 44% of those organizations are still paying those invoices with a paper check. Given the number of suppliers a healthcare organization deals with, your Accounts Payable team is positively swimming in papers and drowning from the subsequent manual interventions those papers generate.
Paperless Healthcare AP System
Remove the need for printers and filing cabinets and eliminate the paper-related drudgery from your everyday operations. MHC NorthStar automates your AP process, allowing you to route invoices for approval via email. And as plenty of organizations move to a remote work model, your employees don’t have to have rifle through reams of papers to have access to all the information that allows them to effectively do their jobs.
Lack of Visibility into the AP Process to Quickly Identify Outstanding Liabilities?
Unlike in other industries, healthcare organizations tend to receive payment for services months after that service has been provided, as you wait on insurance processes and approvals. Therefore, ensuring that you have a true understanding of your organization’s outstanding liabilities is vitally important and the only way to get visibility to your overall cash flow.
Efficient AP Dashboards
The ability to access MHC NorthStar’s user-friendly dashboards from anywhere will grant you that visibility necessary for your AP team to function at the very top of their game. Understanding where in the workflow each outstanding invoice is will tell you exactly where your company’s financials stand so you can make better decisions as an organization.
Missing Financial Controls Raising Audit Flags?
Healthcare is one of the most highly regulated industries, given HIPAA and other compliance requirements. Many more eyes are on the financials of healthcare organizations than in any other industry. Robust financial controls are often extremely difficult to implement for a company with as many compliance regulations as those in the healthcare industry. And even after you’ve launched the controls, measuring and auditing your financials when manual intervention is required only leads to audit and compliance issues.
MHC NorthStar minimizes all those unnecessary manual steps that lead to irregularities and mitigates the resulting risk. Your auditing process becomes easier and more trustworthy. And the ability to document each step involved in the process gives your organization a final product they can feel confident provides accurate information.
Excessive Manual Data Entry and Intervention Creating Errors?In healthcare, most purchased services don’t come with a corresponding purchase order. This large volume of non-PO invoices tend to require manual data entry and intervention, too often creating Accounts Payables issues that follow the invoice through the entire process and result in incorrect or late payments.
Configurable Automated Workflows
MHC NorthStar eliminates the need for time-consuming manual data entry and its associated problems by harnessing the power of invoice workflow automation for non-PO invoices. Gain the ability to immediately update your workflow process as you experience changes in personnel, without having to enter an IT ticket.
Invoice Exceptions Causing Processing Delays?You may only have an invoice exception 5-15% of the time, but those are always the elements that bring your workflow to a grinding halt. And with the nature of the healthcare industry, those exceptions are bound to happen. Delays are caused when your team must stop their workday to research the exception, determine next steps, and identify the process for a single invoice.
Exception Handling for AP
Exception handling with MHC NorthStar grants you the ability to determine exception workflows, allowing you to forward the “problem” invoices to the correct parties for appropriate handling. No longer have to stop the entire process to determine next steps by creating a documented process workflow that triggers the second an exception occurs.
Difficulties in Modifying Processes When Needed?
It feels daunting to have to outline a workflow process from start to finish using an entirely blank slate. Things constantly change in an organization and you feel the need to take account all variations of what the future can bring. Starting to outline a workflow from scratch simply feels overwhelming.
Intuitive Workflow Management Tools
MHC NorthStar offers built-in projects available as a starting point for your workflow. From there, users can make changes with easy drag-and-drop functionality. No need to have to involve IT. Start with a basic workflow and then customize that workflow to meet all your healthcare organization’s needs.
Current Solution Isn’t User-Friendly?
An interface that isn’t intuitive or easy-to-use will be abadoned by your users- all that money spent on a solution that isn’t being used to its potential. A quality user experience is so important and changes the overall effectiveness of your healthcare organization.
MHC NorthStar’s user-friendly interface with accessibility from anywhere makes your Accounts Payables process easy to customize for your unique, ever-changing needs. Painlessly manage your day-to-day operations.
Data Errors and Discrepancies Creating Issues?
Manual processes are the breeding ground for data errors and discrepancies. Human intervention and the resulting typos can have an unpleasant impact on your healthcare organization’s ability to process your Accounts Payable invoices in a timely and accurate manner.
Intelligent Data Capture
MHC NorthStar’s seamless automation removes the potential failure points and enhances your AP workflow. Take advantage of next-generation OCR technology that ensures your information is captured quickly, successfully, and accurately.
Approvers/ Stakeholders Holding up the Process?
How often does your entire payables process come to a grinding halt as a result of one individual being out of the office or away from their desk? You end up at risk of paying late and accruing late fees. Given the number of invoices a healthcare organization deals with, this could add up to tens (if not hundreds) of thousands of dollars. Just because someone didn’t hit a button for approval.
Invoice Approval Routing
MHC NorthStar gives you the ability to configure and modify workflows as needed, including allowing the AP Manager to approve the invoice when certain stakeholders are unavailable. Stakeholders receive notification that an invoice is ready for approval and can submit for final payment at the click of a button.
Integration Made Easy
MHC NorthStar supports Infor and other ERPs for maximum flexibility.
Given our extensive experience with Infor and other ERPs, integration is seamless and painless. MHC NorthStar supports maximum flexibility in incorporating your healthcare AP process with your existing ERP, speeding up the go-live process and allowing you to get right to work optimizing your process workflows.
Why Choose MHC NorthStar to Automate Accounts Payable in Healthcare
According to research by PayStream Advisors, duplicate payments, late payments, missed discounts, and high processing costs are the biggest challenges facing healthcare payables teams. MHC NorthStar’s undeniable value is in its automation capabilities, removing discrepancies, optimizing timelines, and offering visibility into the invoice process. Hosting these benefits on a cloud-based platform ensures that your workforce can submit invoices, process approvals, and ensure timely payments regardless of where they are sitting.
There are so many moving parts in the healthcare space. Everything proceeds at a rapid pace and with a sense of purpose. Stay ahead of the game with improved efficiency in your AP automation workflow.
Reduces Invoice Late Fees
With increased invoice volume comes the possibility of more invoice late fees. Ensure payments are made accurately and on-time, every time, with MHC NorthStar.
Increases Early Payment Discounts
Take advantage of early payment discounts. Automate your invoice payments to occur on a particular day and optimize healthcare department budgets.
Reduces Data Entry Head Count and Quality Issues
The sheer number of transactions in healthcare payables makes your organization more vulnerable to data entry and quality issues. Take advantage of MHC NorthStar’s customizable automation workflows to eliminate those problems.
Provides Increased Visibility into Outstanding Payables
With all the components of healthcare Accounts Payable, it’s vital to know the status of each payable. Ensure timely payments and gain the ability to identify improvements with MHC NorthStar.
Manage Vendor Relationships
Vendor relationships are the cornerstone of the Accounts Payable process in the healthcare space. Nourish and maintain those partnerships by automating your AP operations and ensuring your vendors reliability.
Optimize Cash Flow
Optimize cash flow with MHC NorthStar cloud-based AP automation by reducing potential obstacles and overdue invoices that create budget gaps. Improve your company’s overall budget by changing how your payables are processed.
Healthcare organizations open new office locations constantly. Make sure your AP system grows with your evolving needs using the inherent scalability of MHC NorthStar.
Security is vitally important to the healthcare industry. Leverage the advanced security cloud-based platforms are known for with MHC NorthStar AP automation.
Find out more about MHC’s solutions for the Healthcare industry!
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