Cash Flow is king. In no other industry is this truer than in the Healthcare industry. One of the biggest challenges healthcare providers face is cash-flow.
From the moment a patient checks in to the moment payment is received from final billing, your organization is committing resources. Inefficient cash-flow can affect operations, culture, and patient outcomes.
Paper processes can greatly help or inhibit your cash flow. Document processes typically have grown organically over time without any thought to strategy or efficiency. Processes that worked fine as a small organization become hugely complicated and bloated in larger organizations. As you increase patient flow, the inefficiencies of those processes become unnecessary burdens on your team.
It is imperative you develop an understanding of document processes. When our analysts conduct a Business Technology Assessment and trace the flow of documents through a system, typically they find redundancy, wasted steps and antiquated processes. The findings from an assessment show areas needing improvement and opportunities to introduce small technology integrations that can produce dramatic results for end users.
Time is money. The longer the lead time from services rendered to payment, the less cash-on-hand your organization has for operations. This could mean slower invoice payments, putting off hiring vital staff, and the overall financial health of the organization.
According to Gartner, 3-5% of controllable expenses is tied up in printing. This number is higher for the healthcare industry because it is more paperwork intensive.
Knowing is better than not knowing. By conducting a Business Technology Assessment, you will understand all of the related expenses of your document systems as well as what can be done to improve those processes.
You can request and introductory conversation here on our website.
Ronnie Hay is the Marketing Director for UBEO.