Two other common ePayment obstacles cited by finance leaders are limited bandwidth of AP teams to contact and enroll vendors, and concern with liability for managing vendor bank information. Qualified payment service providers can address all of these issues by conducting tailored campaigns to enroll vendors to accept ePayment methods like virtual card, and then enable them in the AP automation platform. As noted above, they can also handle payment inquiries to save additional time.
The last few years have been particularly challenging for healthcare AP teams, and market conditions are likely to remain, with hybrid work arrangements, finance staffing shortages, and supply chain volatility expected to continue for the foreseeable future. Automation provides a solution though. While healthcare AP teams are a bit behind their counterparts, they are readily embracing plans to automate, which along with managed services, can deliver a brighter, more efficient future with stronger vendor relationships.
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About the Author: Elizabeth (Elle) Kowal is Chief Operating Officer at MineralTree, a company focused on creating frictionless accounts payable (AP) and payment processes. She has spent over 18 years in banking, finance, payments and business technology providing solutions for organizations of all sizes in multiple industries, including healthcare.
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