Leading healthcare organizations recognize the benefits of going digital. More accurate data, a 360° view of patients, and a better user experience are just a few benefits. At the same time, not all of healthcare’s business has been digitized. A large part, the transactions for medical devices and supplies, still rely on a complex and highly inefficient manual process.
A digital transaction management platform is a cloud-based software that connects you with your healthcare partners – whether it’s facilities, suppliers, distributors, or even sales reps, and manages these document-based transactions. A DTM platform removes the friction inherent in these transactions that involve data, documents, and people for faster, easier, more convenient, and secure processes.
With the current manual transaction process, the
average transaction is in error 30% of the time
average transaction takes 15-50 manual steps
average transaction completion timeframe is 1-3 months
With a digital transaction management platform
Healthcare facilities and suppliers can connect and gain end-to-end visibility of their transactions, effectively managing today’s expensive case-to-invoice processes within a secure, confidential, HIPAA-compliant platform.
Originally digital transaction management platforms were thought of a tool for real estate agents to track their transactions and communicate with the involved parties. It has since grown to help a number of industries to handle transaction paperwork, which can be anything from hiring a new employee to applying for and financing a new vehicle.
In healthcare, a digital transaction management platform protects and secures sensitive business information and provides you with a single platform in which to manage it. You can decide who to share the information with and adjust the information as needed. You can collaborate and take action with your healthcare partners on transactions while maintaining a clear audit trail. And, documents are accessible at any time, on any device. From the start of the process, the contract, to the scheduling of the surgery, to the submission of the delivery order/requisition, purchase order generation, and invoice generation… and all the steps in between, a digital transaction management platform can eliminate errors, reduce FTE time, and reduce the transaction time frame.
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