The healthcare industry has rapidly shifted towards e-invoicing 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, e-invoicing is becoming a more popular and cost-effective method for processing invoices. What’s more, e-invoicing 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 e-invoicing?
Electronic invoicing (e-invoicing) 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.
E-invoicing provides several key benefits in the healthcare industry helping their finance teams to ensure:
- Secure invoicing – E-invoicing 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 (InvoiceNow).
- Increased efficiency – E-invoicing saves time and money by automating the invoicing process, ultimately processing invoices faster.
- Cost savings – E-invoicing provides up to 60% savings in invoice processing.
- Reduced errors – Manual tasks are error prone, leading to billing and payment discrepancies. E-invoicing 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 – E-invoicing 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. E-invoicing solutions help automate compliance checks, reducing the risk of non-compliance penalties.
- Data analytics – E-invoicing solutions generate valuable data that can be analysed to identify trends, improve financial decision-making, and optimise procurement processes.
- Integration with healthcare systems – E-invoicing can be seamlessly integrated with existing healthcare management and financial systems, creating a cohesive and efficient ecosystem.
- Environmental sustainability – Going paperless with e-invoicing contributes to sustainability efforts by reducing paper usage and the carbon footprint associated with traditional invoicing processes.
Is now the right time to start e-invoicing 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 e-invoicing network in Singapore (InvoiceNow) has onboarded over 50,000 organisations and this count increases daily. This means healthcare organisations can currently find thousands of trading partners with whom to exchange e-invoices, and enjoy the benefits of cost-effective, efficient and secure invoicing.
Recognising the benefits of e-invoicing, 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 e-invoicing services within Singapore, LinkFor 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 Singaporean e-invoicing network without any disruption to your current operations. Discover more about LinkFor e-invoicing at www.linkfor.asia