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Why it’s time to get efficient with cost management tech

No matter what your company does, in order to be competitive you need to focus on solving challenges, reducing costs, and increasing efficiency across your entire organization and within your accounts receivable team. AR automation technology has proven to be the successful answer across every industry. But for businesses within the healthcare, laboratory and medical supply fields, there is an even more urgent need to add automation as soon as possible.

A staff of two doctors and a nurse reviewing data on a computer monitor

There are big challenges facing the medical supply industry

You need to play a vital role in keeping your organization a few steps ahead of the competition. To do this, you must to be well-versed in the trends and challenges your industry and your business will need to contend with in the coming years. From rise of accounts payable automation in healthcare to the fast growing virtual credit card payment channel, your financial operations have changed drastically over the last few years.

Automation is the answer you’ve been looking for

You know that it costs money to get paid. But every dollar you save is not only an increase in profits, but also a step towards an optimized, efficient, invoice-to-cash process. There is cost-saving, automated technology which can handle virtually every step of your accounts receivable (AR) process, including:

  • Integration with your customers’ AP platforms to automate the manual process of submitting invoices and receiving payments
  • Multiple electronic payment options can lower credit card processing fees with Level 3 Interchange fees, and process payments immediately
  • Virtual credit card automation which can process those emailed card payments without the time-consuming manual labor

Every best-in-class financial operation doesn’t look to add resources in order to improve efficiency, they build or buy an automated solution to speed up invoice-to-cash processing while at the same time removing the manual labor and driving down invoice-to-cash expenses.

The results speak for themselves

When you cut out the repetitive manual effort and replace it with automation, you can create a scalable accounts receivable (AR) team which can process more payments without the need for additional resources. You also have the opportunity to use existing resources to take on more strategic tasks, make collections calls, and improve your customer experience. The overall effect of adding automation to your accounts receivable (AR) processes is a lower days sales outstanding (DSO), increased customer satisfaction rates, and multiplied savings as you transition your paper customers to faster, less expensive electronic options.

You’ve seen other areas of the medical supply and healthcare fields cut costs and improve service when they adopted automation. It’s 2018. Why haven’t you applied these proven strategies to your own AR team?

About the author:
Adina Rubin is a writer at Billtrust. She can be reached on LinkedIn and Twitter.

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