The long-term health care industry is working to get ahead when it comes to treasury management, according to new findings from Capital One.
On Wednesday (Dec. 2), the company’s treasury management group released the findings from a survey that found more than half (63 percent) of health care professionals in the long-term care industry are anticipating accounts payable system upgrades in 2016.
[bctt tweet=”More than half of health care professionals anticipate AP upgrades in 2016.”]
Additionally, researchers found that the majority (58 percent) of those surveyed have also already made improvements in their AP systems over the last few years.
Capital One Bank’s Colleen Taylor, head of treasury management and enterprise payments, said in a statement that the industry’s embrace of newer accounts payable solutions can manifest in a variety of ways.
“As payments technology continues to advance in the health care sector, we fully expect organizations to implement improvements as needed, whether it be to automate the accounts payable process entirely, leverage commercial card usage or improve data analytics,” she stated. “In today’s economic environment, companies are doing everything possible to better manage payments and create greater process efficiencies.”
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Capital One also found that most survey respondents (53 percent) agreed they would use extra funds allocated to treasury management upgrades specifically for data aggregation and analytics. That’s more than double the number of health care professionals that said they would use the money to enhance accounts receivables solutions (23 percent). Fourteen percent said they would invest in fraud protection and risk management tools, and even fewer stated they would use the funds for cloud computing or mobility technologies.
Other conclusions include the finding that more than one-third of survey respondents pointed to control and security as the top benefit of using commercial card products; twenty-seven percent said the top benefit is AP efficiency, while 21 percent cited cost reductions.
Commercial cards are most often used by health care industry professionals to procure office supplies, the research found, followed by IT equipment and shipping costs.
