A longtime leader in healthcare improvement, we’re developing new ways to revolutionize the industry.
Using paper records is costly. It's more than just the price of paper, printers and toner cartridges. Across the healthcare industry, manual, paper-based processes may add as much as $18 billion to $22 billion in unnecessary annual expenses. Yet many provider organizations and their suppliers are still relying on these outdated processes for procurement, accounts payable (AP) and accounts receivable (AR).
The world is going paperless, but some areas of the healthcare industry — including AP and AR — are lagging behind. PINC AI™ data shows that:
It's often because of competing priorities that procurement and accounts payable have fallen through the cracks. But the data is clear. The cost of paper records is high.
Healthcare leaders and their suppliers that truly want to save every dollar possible and create maximum efficiencies should be proactive in moving their supply chain processes to digital solutions.
Premier launched Remitra™ to help members and their suppliers leave paper transactions in the past. Developed by healthcare experts, for the healthcare industry, Remitra is pioneering better integration between providers and suppliers. Remitra offers a GPO and ERP-agnostic, cloud-based platform to integrate digital capabilities and streamline supply chain management, from procurement through to payment. The technology features a cohesive, end-to-end accounts payable and accounts receivable experience purpose-built for healthcare providers and suppliers.
Many large health care systems and enterprise suppliers have some level of EDI integration, but adoption lags due to high barriers to entry. Remitra changes that by converting OCR data from paper records into EDI transmission standards, making it easy to transact digitally even as the long tail of paper-based invoicing is reduced over time
Simplify Workplace Processes
Automation makes ordering and payment processes more reliable and predictable. Smoother workflows in the office allow for more efficient allocation of human resources. Staff can focus on providing patient care rather than worrying about ordering and payment processing.
Automation also builds more reliable relationships with suppliers. When suppliers know they get paid on time every time, the healthcare organization can count on supplies being delivered on time, reducing stress over inventory shortages. This may seem daunting, but an accounts payable department can be modernized in a matter of weeks.
Capture Discounts and Rebates
Many suppliers offer discounts or rebates for prompt payments as well as bulk orders. Automated systems can help ensure payments are processed on time every time. They also can track ordering patterns and help identify opportunities to save money on supplies an organization is already purchasing. Remitra is so easy to use that providers can extract insightful data and leverage this information for significant cost savings.
Minimize Errors and Fraud
Paper records are vulnerable to human error as well as intentional misuse. Errors and fraud can be costly for health systems, especially for organizations that are penalized with fees. With Remitra, the average PO to invoice match exception rate can be reduced to less than 1 percent, minimizing errors while speeding up payment to suppliers by 10+ days on average.6 Remitra can help minimize these risks, increasing security and protecting an organization's reputation in the marketplace.
Ease Burdens on Both Health Systems and Suppliers with Faster Payments
Payments delayed due to paper records are burdensome to suppliers, especially ones that operate on tight margins. This can delay the delivery of supplies and strain health system resources. It can also negatively impact an organization's credit rating, which can limit future financial opportunities, across the enterprise. Many suppliers also charge fees for late payments. Late fees can add up quickly, especially if delayed payments become the norm.
Automating ordering and payments can ensure providers get what they need when they need it, while also minimizing financial risk all along the supply chain.
Digitize Supply Chain Management
Going paperless with Remitra streamlines supply chain management processes. Healthcare organizations can reduce the need for bulky file cabinets and other paper document storage. Digitizing procurement and accounts payable processes also reduces time spent searching through paper files for a misplaced document. Invoices and payment files can be retrieved electronically with just one click, which is important in today’s environment where much of the workforce needs remote access to files.
Remitra offers a cloud-based, end-to-end solution for managing ordering, invoicing and payments. Organizations can streamline the process and take advantage of all these benefits and more.
Getting Started with Remitra
Ready to take the next step and learn more about what Remitra can offer your organization? Starting the conversation is easy. Simply connect with us, to learn more about how Remitra can help modernize your accounting processes.
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