How to Increase your Health System’s Spend Visibility (Spend Visibility Part 3)
To truly reap the benefits of spend data, health systems must take action to clean and structure all procure to pay (P2P) data. Follow the steps outlined below to gain true visibility at your hospital. [blockquote author=”” link=”” target=”_blank”] Read Parts One and Two of our spend visibility series now to discover the benefits […]
Is your Health System Achieving Clear Spend Visibility? (Spend Visibility Part 2)
Insight into spend visibility is essential for decision-making within finance and supply chain in health systems. Clear spend visibility provides information for leaders to make supply decisions, evaluate their procure to pay processes and gain insight into usage and product waste. The benefits of spend visibility are endless, but health systems and hospitals struggling to […]
Why Health System P2P Leaders Need Spend Visibility (Spend Visibility Part 1)
How much can finance and supply chain leaders gain from spend visibility benefits? The answer is almost endless, but it comes down to better decision-making. When data, especially dark data, takes on the form of graphs and diagrams, leaders obtain insights rather than simply numbers filled in columns and rows. Suddenly it turns into potential […]
How to Map your Health System’s Procure to Pay Processes
Health systems lose millions each year due to process inefficiencies and errors throughout the procure to pay (P2P) process. Most of these lost funds are preventable, but teams are content, in a state of denial, or misunderstand the process. To bring awareness and begin to prevent leaking dollars, begin by creating a procure to pay […]
How to Ensure Vendor Compliance at your Health System
Ensuring vendor compliance at your health system may seem like a daunting, impossible task that never ends. You’re not wrong. Managing thousands of vendors and holding them accountable is complex and requires attention to detail and a timely dedication your Procurement and Accounts Payable (AP) staff may not have. The results of not doing so […]
Returned Goods Process: What to Track and Document
Returning unused or unwanted products at your health system is unavoidable making a well-defined returned goods process an essential asset. Industry-leading returns processes directly reduce millions of dollars in exposure to risk– $7M annually at health systems in the USA*. No health systems are alike making it difficult to design a one process fits all […]
Top 5 Healthcare AP Trends Going into 2022
The last two years in healthcare have brought on challenges our industry has never experienced with the onset of COVID-19. As 2022 approaches we begin preparing for post-pandemic operations and take a look at trends in healthcare’s Accounts Payable (AP) departments. 5 AP Trends in Healthcare Disbursed Workforce The pandemic has brought on the need […]