Consolidating to one invoice dating heddon lure boxes
He or she makes a partial payment online through the provider website, but pays the remainder of the balance over the phone a few weeks later.
Confusion ensues when the patient receives a call requesting the payment he or she has already made, due to the second payment not having posted.
Then, if the patient makes multiple payments through multiple channels, the money travels to the same place to be posted and the provider saves the time of making an unnecessary call.
A medical center in Vidalia, GA was able to achieve 0k in operational cost savings by consolidating patient payment vendors, largely through adoption of self-service payment channels.
However, innovator organizations have been able to dramatically reduce costs down to .36 through the diligent use of automation (See Table 3).
The benefits of automating the invoice management or expense management process are crystal clear – lower processing costs, increased processing efficiencies, accelerated approval cycles and improved supplier and employee relations, to name just a few.
The latter depends on both payment channels reporting in an accurate and timely manner.
This is a risk of using disparate vendors for each payment channel.
Consider grouping your patient payment channels into a single platform and your patients and staff with thank you.
Employee expense processing involves employees purchasing goods or services and then submitting reports and receipts detailing their expenses, managers reviewing and approving the expenses and the AP department coding and reimbursing the expenses.
T&E expenses have additional steps such as travel booking, entertainment expenses, mileage, per diems etc.
What was interesting to note was the relation between processing costs and the extent of T&E automation an organization had in place.
It is obvious from Table 1 that automation drives down expense processing costs significantly.