Healthcare is a high-tech field. But when it comes to accounts payable, paper still rules.
Hospital, clinic and practice financial departments still receive an average of two-third of vendor invoices on paper, whether they arrive by mail, email or Web download. Disbursements and financial reporting may be highly automated, but the process of approving invoices still involves paper moving from desk to desk and financial staff chasing approvals.
As a result, turnaround happens too slowly to take full advantage of vendor discounts. Errors in recording expenses, paying expenses and charging back for expenses cascade through a process that offers little or no visibility.
The good news is that there is a better way. Best of all, it can be implemented with technology you already have: email and a Web browser.
IPS pioneered the idea that documents can enter your organization as paper, email or electronic files and become digital assets powering an all-digital process. The world’s healthcare providers, as well as advertising agencies, financial firms and governments, have entrusted us with creating more than one billion digital records.
From paper, email, Web download and other sources, we generate a standard digital document format, with rigorous control over quality. Our intelligent capture process extracts key data from those documents – from vendor name and PO number to line-item detail – and posts it as an electronic invoice to each digital document. That information drives our digital workflow process, which routes invoices to approvers, manages exceptions and gives you visibility of the entire process.
IPS can also integrate workflow components into existing EMR and other accounting systems. Whatever the implementation, productivity rises, processing costs fall, and providers can realize 100% of available discounts for on-time payment.
To learn more about how IPS helps hospitals, clinics and physician practices with accounts payable, click on the Contact Us links to the right.