More than being an unnecessary burden, paper invoices complicate the healthcare industry’s ability to comply with HIPAA regulations. iPayables provides a high-level AP automation solution that guarantees and enhances HIPAA compliance and ensures the security of your invoices throughout the organization, not just in the AP department. In addition, you gain the HIPAA required ability to track who’s viewed what invoices and what changes have been made.
Healthcare payables systems carry a higher level of complexity than other industries. Multiple locations and complex coding can make finding the right automation solution difficult. iPayables specializes in healthcare complexity and compliance. While providing a centralization of automation, visibility, and control, iPayables allows the process flexibility sometimes required by different locations or business functions. Additionally, the iPayables solution is well equipped to handle large volumes and the audit tracking of that information. information and keep it safe as invoices and payments are sent to their proper places.
iPayables is not outsourcing. It’s not a purchasing system. It is a payables system maintained by the payables department. The payables department determines the automation rules and who sees and approves which invoices. While the system enables full straight-through processing of all invoices, you determine what invoices should be reviewed or processed by your payables department and what items can flow straight-through based on the system validations. With iPayables, you keep the control of payables in your payables department.
For a good reason, the healthcare industry has a lot of regulations regarding the information processed, as much of it contains the private information of patients. With HIPAA regulations and other precautions that should be taken with such sensitive information, many automation solutions simply aren’t qualified to work in healthcare. Conversely, iPayables is audited annually for HIPAA compliance, and is fully capable of respecting the sensitivity of the invoices being processed and the associated regulations required for that sensitivity. iPayables also produces a SOC 1 Type 2 audit annually and the solution is audited for ADA compliance.
Healthcare is an industry where it’s common to have an organization include multiple locations or entities, but this often decreases control and visibility. With a HIPAA compliant, high-level accounts payable automation solution, you can maintain and increase your security, and track invoices throughout your whole system.