We have spoken at length about managing the A/P process and other bookkeeping and financial tasks for accountants and small businesses. Medical practices are faced with these same challenges.
A poorly managed A/P process can affect the bottom line of any business. Medical practices can use automated accounts payable apps like Expex, to organize and manage an efficient payment process, maintain strict cash management rules, and enjoy control and visibility over the payments process.
With recent developments in U.S. healthcare laws and rising business expenses, there is increasing pressure on medical practices to retain patients and stay in practice. While there is no easy fix to this problem, there are actions that small and medium sized private medical practices, can take to improve the efficiency and effectiveness of other core business operations.
Automating A/P affords numerous benefits to any business, not the least of which is to protect a business’s primary operating asset: cash. The ability to designate cash management roles and budgeting rules with automation provides a level of control over bill receipt, approval, and payment not available with traditional A/P processes. This allows businesses to be proactive in managing cash to provide high quality services on a consistent basis.
In addition to optimizing cash, the ability to designate management roles with A/P automation drastically reduces the chance of fraud within an organization. Also, the expense saved, and efficiency gained from the paperless nature of automation is undeniable.
Medical practices are more than patient care, they are businesses that can reap the benefits of A/P automation in their day-to-day operations. Contact us at Expex to learn more and return to patient care without the burden of bookkeeping and financial tasks.