How Invoice Approval Improved Healthcare Financial Operations

Spotlight

Our client is a prominent healthcare provider with multiple facilities across various regions, offering a wide range of medical services to a growing patient base. As the organization expanded, so did its administrative workload, especially in handling financial tasks such as managing invoices. They needed a solution that could improve efficiency, reduce errors, and provide greater transparency across the approval process.

Highlights

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Faster Invoice Approval

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Increase in Accuracy

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Increase in Vendor Relationships

Customer’s Speak

Mike Reynolds

Legal Operations Manager

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Challenges Faced Before Implementing Revenue 365

Before adopting the system, the healthcare provider encountered several operational challenges that made managing approvals time-consuming and prone to delays.

Manual Approval Process: Each department involved in the approval had to review invoices manually, which often led to delays. Approvals were being handled through email, making it difficult to track and monitor the progress of each invoice. This slow process led to significant delays in payments to suppliers and service providers.

Risk of Payment Delays: Delayed approvals meant that payments to customers were often held up. These payment delays not only caused operational disruptions but also strained relationships with suppliers. In some cases, late payments even led to a loss of potential discounts or early payment incentives.

Lack of Transparency and Visibility: With several departments involved, it was difficult to get real-time updates on where each invoice was in the approval cycle. The limited visibility presented an opportunity to identify and address issues, paving the way for smoother processes and reduced delays.

Frequent Errors in Invoice Approval: With manual data entry and multiple people involved in reviewing invoices, mistakes were inevitable. Errors such as overpayments, underpayments, or incorrect expense allocations were frequent, causing confusion and extra work to resolve.

Difficulty in Scaling Operations: As the healthcare provider expanded and added more locations, the manual approval process became even harder to manage. The increase in invoice volume, combined with the outdated system, made it clear that they needed a more scalable solution to handle their growing needs.

How We Solved It – The Solution

Our invoice approval feature simplified the entire process. The system gave the healthcare provider the tools to track invoices and payments in real-time, reduce approval times, and avoid manual errors. Here is how we addressed each challenge:

Centralized Invoice Approval Platform: Our centralized platform helped entire approval. This allowed all to review the invoices from one location, making it easy for departments to review, approve, and track the progress of invoices. The platform provided a clear view of the status of each invoice, eliminating the confusion caused by scattered communication across emails and paper files.

Automated Reminders and Notifications: One of the key features of the system was the automated that kept the invoice approval easier. The system alerts the departments and individuals whenever action was required, ensuring no invoice was left unattended. This significantly reduced approval delays and kept payments on track.

Role-Based Access Control: Our role-based permissions feature within the system. This meant that only authorized personnel could approve specific types of invoices, reducing the risk of mistakes and make sure that each invoice was reviewed by the right person. This feature not only improved accuracy but also added an additional layer of security to the approval process.

Audit Logs
Every invoice processed through the system came with a complete activity history. From the moment it was uploaded to final approval, each action was logged in real time. This made it easy for teams to trace any change, verify approvals, and quickly address questions or concerns. It also gave departments full visibility and confidence in the approval process.
Implemented Custom Templates
To speed up the approval process and reduce errors, we introduced custom templates tailored to the healthcare provider’s common purchase types such as lab supplies, medical equipment, and facility services. Each template included only the fields relevant to that purchase category, making it easy for staff to fill out invoices correctly on the first try. This helped avoid missing details, reduced time spent on entries and brought consistency across all departments.

Results & Business Impact:

The implementation of the invoice approval delivered significant results and business benefits. Here is a summary of the impact:

Approval Time Reduced by 50%: With the centralized platform and notifications, the time required for approving invoices was reduced by half. Invoices that once took days to move through the approval cycle were now approved in a fraction of that time. This improvement helped make sure that the healthcare provider could pay vendors faster and maintain smooth operations without delay.
Error Rate Reduced by 30%: The role-based permissions brought a noticeable improvement in accuracy. With no issues in overpayments or incorrect expense entries, the approval process became much smoother. This not only saved valuable time but also helped the team make better financial decisions with greater confidence.
Improved Customer Relationships by 80%: With faster, more accurate invoice approval, the healthcare provider was able to send invoice vendors on time, often taking advantage of early payment discounts. This not only strengthened relationships with them but also led them saving the organization money in the long run.