The healthcare industry has rapidly shifted towards eInvoicing in recent years due to advances in technology and automation. Technology is driving healthcare more than any other force, and it is expected to continue to develop dramatically in the future.
With the increasing volume of transactions in the healthcare sector, eInvoicing is becoming a more popular and cost-effective method for processing invoices. What’s more, eInvoicing is the most effective way to streamline and automate the invoicing process of healthcare organisations like private hospitals, medical centres and aged care facilities, eliminating the need for emailed invoices and manual invoicing tasks.
What is eInvoicing?
Electronic invoicing (eInvoicing) is the automated exchange of invoices between healthcare organisations and their trading partners. It is a standardised and secure way to send and receive invoices, which improves efficiency, accuracy, and transparency in the invoicing process
eInvoicing provides several key benefits in the healthcare industry helping their finance teams to ensure:
- Secure invoicing – eInvoicing is the safest way to send and receive invoices, thanks to the solution’s encrypted file transfer and the security provided in exchanging invoices via the Peppol eInvoicing network.
- Increased efficiency – eInvoicing saves time and money by automating the invoicing process, ultimately processing invoices faster.
- Cost savings – eInvoicing provides up to 60% savings in invoice processing.
- Reduced errors – Manual tasks are error-prone, leading to billing and payment discrepancies. eInvoicing reduces the likelihood of errors by automating invoice data transfer between systems.
- Streamlined approvals – Electronic workflows make it easier to route invoices for approval, reducing the time it takes to get invoices approved and paid.
- Better supplier relationships – eInvoicing can improve relationships with suppliers by offering faster payment processing and reducing payment disputes, ultimately leading to more reliable partnerships.
- Regulatory compliance – Healthcare organisations often have to adhere to strict regulatory requirements. eInvoicing solutions help automate compliance checks, reducing the risk of non-compliance penalties.
- Data analytics – eInvoicing solutions generate valuable data that can be analysed to identify trends, improve financial decision-making, and optimise procurement processes.
- Integration with healthcare systems – eInvoicing can be seamlessly integrated with existing healthcare management and financial systems, creating a cohesive and efficient ecosystem.
- Environmental sustainability – Going paperless with eInvoicing contributes to sustainability efforts by reducing paper usage and the carbon footprint associated with traditional invoicing processes.
Is now the right time to start eInvoicing in the Healthcare Industry?
Healthcare organisations including private hospitals, medical centres and aged care institutions, are always looking for ways to reduce costs, especially in back-end operations. This is because savings in back-end operations can free up more money to spend on patient care.
The eInvoicing network in Australia (Peppol) has onboarded over 35,000 businesses and government agencies and this count increases daily. This means healthcare organisations can currently find thousands of trading partners with whom to exchange eInvoices, and enjoy the benefits of cost-effective, efficient and secure invoicing.
Recognising the benefits of eInvoicing, healthcare organisations are beginning to enact electronic invoicing systems. However, it is important to consider each organisation’s specific invoicing needs and choose a solution that fits them.
With a wealth of experience in Peppol eInvoicing services within Australia, Link4 is your go-to partner to provide your organisation a customised solution that aligns with your healthcare industry needs. Our team of experts is here to support you every step of the way and ensure all your invoicing goals are met. We can help you onboard the Australian eInvoicing network without any disruption to your current operations. Discover more about Link4 eInvoicing at www.link4.co.
Footnote: In this article, “eInvoicing” and “e-invoicing” are used interchangeably to refer to electronic invoicing.