Accounts Payable Management

Credit ratings, cash flows, and supplier relationships are crucial factors for running a successful healthcare business. Healthcare providers can not afford to miss any payment window as paying bills on time plays an imperative role in all three of these factors.

Why is Accounts Payable Management Significant?

The mission of the healthcare industry is to deliver the best possible care to patients. Here is how efficient accounts payable management can help healthcare providers achieve that goal:

Late payments can potentially bring to a halt the flow of goods and services essential to delivering care. On-time payments will ensure an uninterrupted flow of supplies and services from the vendor, which, in turn, will streamline the systematic flow of business.

Missed or late payments can wreak havoc on cash flow, cost late fees, and strain relationships with suppliers. By taking charge of paying the healthcare provider's bills on a timely basis, we ensure that good credit and solid long-term relationships with the suppliers can be maintained.

An efficient accounts payable process ensures that you are up-to-date with all early-pay discounts and avoid any overdue charges, penalties, or late fees.

With a stringent accounts payable processing system, you can easily track all your invoices. This helps avoid missing payments or making a payment twice.

Frauds and thefts can be avoided to a greater extent by following a streamlined accounts payable process.

Invoice processing

Sypore records the accounts payable with accuracy and efficiency on receiving any supplies to ensure the healthcare provider's financial statements report the correct numbers.

.01

Verification

Sypore then matches the vendor's name, authorizations, order date, and other requirements with the invoice to verify the purchase order.

.02

Tracking

In the case of goods, Sypore uses the invoice to trace the number/quantity of goods received to avoid a double entry of an expense or omission of a particular invoice.

.03

Payment

Finally, Sypore makes the payment on a timely basis after obtaining the supervisor’s approval.

.04

Closure

After making payments when due, Sypore knocks off the expense from the account.

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Process

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