Consolidate and Automate: How health payors can create a more efficient future in the cloud
The Microsoft team is increasingly focused on tailoring solutions for the healthcare industry, as evidenced by our recent announcement of the Microsoft Cloud for Healthcare. This dedication includes creating solutions that make it easier for healthcare payors to run their business efficiently and deliver high-quality experiences to members.
The migration of software solutions to the cloud represents more than just a shift in technology; it’s an industry-wide evolution toward more connected and empowered decision making. With this shift comes an opportunity for healthcare payors to leverage next-gen technologies and transform how they operate and improve care for members.
ERP solutions like Microsoft Dynamics 365 Finance go beyond traditional accounting systems and deliver best-in-class, scalable solutions that consolidate financial data across the enterprise, and automate inefficient business processes to simplify the experience for finance professionals.
Consolidating data to create shared experiences
For years, financial reporting has been a static experience. Despite best efforts, reports often are already outdated by the time they are published. With Dynamics 365 Finance, users can build dynamic reports with consolidated financial information from existing internal systems, explore data, and make adjustments easily without manually rerunning reports.
By making real-time reporting accessible across internal departments and creating dashboards to share key information, healthcare payors are empowering their team members to make informed business decisions and drive improved business outcomes. To make this even easier, Dynamics connects seamlessly with Microsoft Office 365 applications and enables users to interact with familiar tools like Microsoft Excel. The ability to equip each worker across the organization with a shared data experience saves considerable time and fosters a culture of collaboration.
Automating processes to realize efficiency
Payors already automate claims, member eligibility, and similar processes that involve data transactions between systems with existing technologies. Yet, there are significant opportunities to standardize and streamline manual business processes around these systems, including enrollment, billing, prior authorizations, adjudication of complex claims, member appeals, utilization reviews, and overpayment recovery.
To empower customers to digitally transform processes that span siloed systems, Microsoft provides an integrated solution platform that bundles capabilities of its Power Platform with Dynamics 365 applications. As a result, healthcare payors are equipped with powerful tools to automate inefficient business processes, reduce errors, and greatly improve productivity.
Consider how your firm currently processes accounts payable; seasoned professionals typically can process 30-40 AP invoices in an hour. With streamlined processes, a single employee can process the same number of invoices in just ten minutes – that is an opportunity to increase employee efficiency by more than 80%. Power Platform introduces a user-friendly solution for managing AP invoices by connecting data sources and facilitating actions that link inbound orders and reports with invoices so that every input is up to date and everyone is paid on time.
If you’re searching for a more effective financial reporting solution and also interested to increase the productivity of your teams, Dynamics 365 Finance is your chance to break free. Download the Microsoft Dynamics 365 Finance Trends Report to discover how the cloud is shaping the future of finance and reach out to your Microsoft account representative to learn how Dynamics and the Power Platform can help advance your business.
