The quality of patient care hinges on a healthcare organization’s accounts payable (AP) and receivable (AR) strategy. Organizations need to ensure timely payments to and from patients and vendors so they can establish sufficient working capital and invest in other beneficial services and technology. Practical AP and AR management also results in higher credit ratings, better relationships with stakeholders, and a more predictable cash flow.
Read on about how healthcare practices can improve their AP and AR management and the ways PNC can set your organization up for success.
Remote Deposit. Organizations can save time, reduce fraud risk and human error, and speed up transactions with remote deposit. Remote deposit allows organizations to forgo bank hours and deposit at their convenience, whether that be in the late evening or early morning. The bank will usually put a hold on the deposit and make the funds available within a business day.
Consolidate customer deposit processes. Manually processing individual payments is a repetitive function that can lead to mistakes and possibly regulatory non-compliance. Streamlining payments to vendors frees up time and allows financial departments to focus on bigger projects. Organizations that use checks, ACH, and wire transfers can combine multiple payments to be processed by their bank. Consolidated payments is a digitally-integrated, automated process that significantly reduces the risk of human error and ensures timely, accurate payments.
Lockbox and PINACLE® Commercial Payments. Organizations can streamline all ACH, bill pay, RTP, and wire payments through PINACLE® Payments and Lockbox features. PINACLE® is a full-suite payment processing and reporting program that helps healthcare practices safely organize and verify vendor and patient payment data. Lockbox helps AR consolidate patient payment data in systemized reports that detail available funds in real time.
Digital Receivables Workflow. Paper documents, returned claims, and superfluous statements are kryptonite for any healthcare practice. Electronic Data Interchange (EDI) creates robust data exchanges and ensures medical data accuracy. EDI is like email, a post office, and fax all-in-one. It’s an external system for businesses to send and exchange documents and helps organizations effectively cash forecast with accurate remittance reports that are generated daily.
A healthcare practice’s success is largely determined by its accounts payable and receivable management system. These systems maintain customer credit, increase an organization’s net profit, and improve patient confidence. PNC’s expansive suite of AP and AR products are key tools for healthcare financial management. They maximize efficiency, increase productivity, and decrease the need to hire additional accounting staff.
