Benefits of Electronic Invoicing in Healthcare
The pandemic of 2020 stands as a grim reminder of what truly holds importance in this world and what doesn’t. For businesses and corporate organizations across the globe, it has served as and continues to be, a pivotal point for the adoption of digital and electronic functionality.
In 2022, the faster an organization adapts to new technology and digital back-office management, the better its growth in this competitive economy. Did you know that the Accounts Payable (AP) industry reported record numbers in the year 2020, simply by implementing electronic invoicing? This seemingly small change has demonstrated a remarkable improvement in efficiency and resilience in the payments, approval, and processing of invoices.
So, what exactly is an e-invoice?
The conventional invoicing process is a tedious one. It involves countless manual tasks such as data entry, calculation and management of checks/balances, invoice creation, as well as painstakingly intensive storage and filing of paper. With so much manual work involved, there are countless disadvantages associated with this practice, some of which include:
- More chances of human error in terms of data entry, information, or fraud verification
- Lost or misplaced invoices in mail/storage
- Loss of sensitive information/billing data
- More time needed to complete billing cycles and payment collection
Electronic invoicing addresses all these issues in the most efficient way possible. The process now involves submission and receiving of all payments through an e-invoicing software. This effectively eliminates the need to use fax machines and mailing services, and helps organizations rid their systems of any backlog caused due to a greater volume or demand.
Here’s how electronic invoicing can help your office today:
- Reduced Cost and Time of Invoice Processing:
According to reports from 2020, organizations that implemented electronic invoicing in their offices were successfully able to slash the total processing time from 12 days to 3-4 days. This automatically meant early payments and better financial management.
- Accuracy in Data:
E-Invoicing software ensure error-free billing with better data reporting, insurance verification, and the ability to process larger volumes in a shorter duration of time.
- Master Electronic Billing:
Electronic payments and multiple payment options are the two things that can make or break consumer retention. Sending invoices electronically can help you get more visibility within banking channels, reduce chances of payment fraud, and seamlessly optimize your payment functionality.
- Streamlined Care for Patients:
Data management of all accounts payable and receivable goes hand in hand with better patient care. Any healthcare facility that successfully implements an e-invoicing system will provide better care by collecting payments faster and generating more revenue every quarter.