Implementing payables automation software, which includes accounts payable (AP) and electronic payments solutions, is one way of reducing costs in the back office. But, Paystream Advisors found almost 50 percent of healthcare organizations today are still using checks to make the majority of their supplier payments. Manual, paper processes are inefficient, labor intensive and costly. These outdated practices are incapable of supporting today’s increasingly complex payment environment. If you are a healthcare organization that is still relying on paper, here are four reasons why your current payment processes aren’t working for you.
The quality of supply chain data is critical to so many operations within a health system. It really is the foundation for success. At our most recent Supply Chain Summit, representatives from TransForm Shared Service Organization presented their data story on the Summit20 stage.
Within the healthcare industry, the personalized patient journey and experience are key topics being discussed. Cloud and mobile computing technologies are both raising consumer expectations and offering solutions to meet them as well.
The adoption of wearable devices has steadily increased over the past several years since the invention of the smartwatch. The annual shipment of wearable devices is projected to increase to 430 million units by 2022. Wearable devices have also evolved beyond smartwatches to include other technological devices such as glasses, headbands, earpieces and other wearables, however, smartwatches are expected to constitute the largest device in this category.
Perception vs. Reality. Is it negatively impacting your healthcare organization? According to Paystream Advisors, electronic payments could help your organization achieve greater financial health, as well as its broader mission of providing value-based, cost-effective, high quality patient care.
In 2015, the U.S. Department of Health and Human Services (HHS) defined a goal to link 30 percent of Medicare payments to value-based reimbursement (VBR) models by 2016 and increase to 50 percent by the end of 2018. Until this development, Medicare reimbursement was primarily fee-for-service. The shift to a VBR model places more emphasis on the outcome of a treatment plan, that is quality over quantity.