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BENEFITS OF ELECTRONIC INVOICING IN HEALTHCARE

March 29, 2022

The pandemic of 2020 stands as a grim reminder of what truly holds importance in
this world and what doesn’t. For businesses and corporate organizations across
the globe, it has served as and continues to be, a pivotal point for the
adoption of digital and electronic functionality.

In 2022, the faster an organization adapts to new technology and digital
back-office management, the better its growth in this competitive economy. Did
you know that the Accounts Payable (AP) industry reported record numbers in the
year 2020, simply by implementing electronic invoicing? This seemingly small
change has demonstrated a remarkable improvement in efficiency and resilience in
the payments, approval, and processing of invoices.



So, what exactly is an e-invoice?

The conventional invoicing process is a tedious one. It involves countless
manual tasks such as data entry, calculation and management of checks/balances,
invoice creation, as well as painstakingly intensive storage and filing of
paper. With so much manual work involved, there are countless disadvantages
associated with this practice, some of which include:

 * More chances of human error in terms of data entry, information, or fraud
   verification
 * Lost or misplaced invoices in mail/storage
 * Loss of sensitive information/billing data
 * More time needed to complete billing cycles and payment collection

Electronic invoicing addresses all these issues in the most efficient way
possible. The process now involves submission and receiving of all payments
through an e-invoicing software. This effectively eliminates the need to use fax
machines and mailing services, and helps organizations rid their systems of any
backlog caused due to a greater volume or demand.

Here’s how electronic invoicing can help your office today:

 1. Reduced Cost and Time of Invoice Processing:
    According to reports from 2020, organizations that implemented electronic
    invoicing in their offices were successfully able to slash the total
    processing time from 12 days to 3-4 days. This automatically meant early
    payments and better financial management.
 2. Accuracy in Data:
    E-Invoicing software ensure error-free billing with better data reporting,
    insurance verification, and the ability to process larger volumes in a
    shorter duration of time.
 3. Master Electronic Billing:
    Electronic payments and multiple payment options are the two things that can
    make or break consumer retention. Sending invoices electronically can help
    you get more visibility within banking channels, reduce chances of payment
    fraud, and seamlessly optimize your payment functionality. 
 4. Streamlined Care for Patients:
    Data management of all accounts payable and receivable goes hand in hand
    with better patient care. Any healthcare facility that successfully
    implements an e-invoicing system will provide better care by collecting
    payments faster and generating more revenue every quarter.



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ABOUT PAYSPAN. NOW PART OF ZELIS

With the largest healthcare network in the U.S., we provide payment automation
services that improve administrative efficiency, meet regulatory requirements,
and enable payers and providers to manage new reimbursement strategies.

We bring together healthcare expertise with proven financial services technology
to empower a new generation of healthcare economics.



Jacksonville:
7751 Belfort Parkway, Suite 200
Jacksonville, FL32256


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Support: 1-877-331-7154


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1-844-893-8537
M-F 6AM – 8PM EST


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Payspan, Inc. is a registered independent sales organization/member service
provider of Fifth Third Bank, Cincinnati, Ohio.
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