Reducing Costs and Improving Financial Management: The Benefits of AI–led Accounts Payable Technology in Healthcare

Healthcare organizations often rely on purchase orders and establish partnerships with major suppliers such as pharmaceutical companies, medical equipment providers, and medical supplies providers. These suppliers submit invoices in various formats, including XML, EDI, email, and PDF, which are subsequently entered manually into the Electronic Data Interchange (EDI). As part of the meticulous reconciliation process, each invoice must be meticulously matched to a purchase order, goods received notice, and contract. Manual invoice processing introduces a range of risks, including misplaced paper invoices, duplicate payments, penalties due to late payments, missed early payment discounts, and erroneous allocation or non-compliant invoice payments.

These challenges are further exacerbated in systems encompassing multiple hospitals or health centers, as invoices are often sent to delivery locations rather than the central finance team, increasing the likelihood of loss within the system. Here comes the need of AI–led accounts payable technology in healthcare.

This whitepaper serves as an authoritative exploration of the potential improvements and opportunities to streamline the AP automation cycle within the healthcare industry. The whitepaper covers:

• Key areas of improvement
• Paperless Invoice Management
• Data informed decisions
• Regulatory compliance in healthcare
• Synergy between AP and P2P
• Overview of Zycus AP automation solution