PayStream Advisors Healthcare ePayables Report 2014
Exploring Leaders in Strong Healthcare Solutions
Four years after the Affordable Care Act passed, there are still many uncertainties about how the law will be implemented, as new regulations emerge and courts continue to weigh in. While many of the details of healthcare reform could change and alter how healthcare companies do business, there is one constant: cost pressures.
Healthcare companies are under pressure to keep costs down while still providing a high level of service. Between one-third and one-half of all U.S. healthcare spending can be classified as wasteful, according to the insurance company Aetna. While most of the discussion on waste centers around redundant or unnecessary tests or inefficiencies in the system, the business operations of healthcare companies can do their part to rein in costs in their divisions.
Today, many healthcare companies are turning to automated solutions to try to reduce administrative costs, make purchasing more streamlined and accountable, and make the entire process more efficient. Though the industry is filled with new lifesaving technologies and diagnostic equipment, it has traditionally lagged behind in implementing technologies that improve back-office operations. And while the industry pushing forward with the electronic conversion of medical records, its accounting and billing operations are still buried beneath an avalanche of paper.