Best Practices for Invoice and Payment Automation

This guide outlines best practices for automating invoice and payment processes in healthcare, aimed at reducing manual tasks and enhancing cash management. It presents 11 strategies based on feedback from GHX customers and their experiences with over 19,000 healthcare facilities. The document begins by emphasizing the importance of establishing standards for accounts payable excellence and refining order management through accurate invoice data. It stresses the need for internal education and buy-in from senior leadership to foster cross-departmental communication and alignment. The guide also addresses the significance of automating the procure-to-pay process and streamlining reconciliation efforts. Additionally, it recommends conducting yearly evaluations to identify new opportunities and tracking exceptions to improve the program's effectiveness. The document concludes with insights on identifying at-risk suppliers and leveraging contract events to enhance payment options, ultimately aiming to increase compliance and rebates.