Accounts Payable: Creating Competitive Advantage

Most people view the Accounts Payable (AP) department as a function within the Procure to Pay process that is necessary but unlikely to create a competitive advantage. However, a company can transform the traditional AP cost center into a cost savings driver. It can do this by employing a simple strategy that consists of analytical tools, robust processes, and a team approach to drive outstanding results. This paper outlines how we forged this transformation at Baptist Health.

CQO Tie-in: Transforming the Accounts Payable function into a cost savings driver is a perfect example of the intersection of Cost, Quality, and Outcomes. Reducing manual labor impacts labor costs directly, and indirectly impacts the ability to negotiate more favorable costs based upon faster payment to supply partners. With credit holds virtually eliminated, quality of care and patient outcomes are no longer threatened by suppliers withholding procedural supplies for payment. And ultimately, suppliers want to do business with healthcare organizations that can support their cash flow through on-time payments. Having a solid reputation among suppliers ensures the most innovative products in the market will be available to provide the highest quality patient care.

Download White Paper

Related Resources

Blog
Read a sponsored blog from Owens & Minor to learn how staff can spend less time on manual tasks and more time on patient care.
White Papers
A detailed example of a new Master of Health Administration (MHA) program with a medical logistics concentration.
AHRMM What's New
Supply chain teams across the U.S. continue to face supply shortages.
On-Demand Educational Webinars
During this webinar you will take a look at the drivers of burnout and share organizational steps for addressing well-being in your organization.
On-Demand Educational Webinars
Join manufacturers, distributors and providers as we consider what demand planning looks like in an uncertain world.
On-Demand Educational Webinars
Learn what is driving the Great Resignation and how this is affecting health care.