Healthcare

Source supplies, equipment, and services while maintaining strict compliance standards

Lasso procurement software tailored for the healthcare industry addresses the critical needs of sourcing medical supplies, equipment, and services while ensuring compliance, patient safety, and operational efficiency.

Regulatory Compliance:
Embed strict standards (e.g., HIPAA, FDA, Joint Commission) into procurement workflows, ensuring medical supplies, pharmaceuticals, and equipment meet safety and legal requirements. Digital records simplify audits.

Timely Availability of Supplies:
Coordinate procurement of critical items—like PPE, medications, or surgical tools—with patient care schedules, ensuring no shortages disrupt treatments or procedures.

Cost Control:
Monitor spending on high-cost items—like imaging machines, implants, or drugs—against budgets. Analytics identify savings opportunities, such as bulk discounts or generic alternatives, without compromising quality.

Supplier Reliability:
Track vendors for delivery reliability, product quality, and compliance (e.g., sterile goods certification), ensuring a steady supply chain for essential healthcare needs.

Enhanced Traceability:
Maintain detailed records of sourced items—lot numbers, expiration dates, and supplier origins—for rapid recalls or quality assurance, critical for patient safety and regulatory adherence.

Quality Assurance:
Integrate specifications for medical-grade products into orders (e.g., sterilization standards, dosage accuracy), ensuring procured items meet clinical requirements.

Support for Patient Care:
Streamline procurement of specialized items—like prosthetics or diagnostic kits—freeing up healthcare staff to focus on patients rather than administrative delays.

Data Security:
Protect sensitive procurement data—like patient-related purchases or supplier contracts—with robust permissions and encryption, critical in a privacy-focused industry.

Get started with lasso!

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Healthcare

Source supplies, equipment, and services while maintaining strict compliance standards

Lasso procurement software tailored for the healthcare industry addresses the critical needs of sourcing medical supplies, equipment, and services while ensuring compliance, patient safety, and operational efficiency.

Regulatory Compliance:
Embed strict standards (e.g., HIPAA, FDA, Joint Commission) into procurement workflows, ensuring medical supplies, pharmaceuticals, and equipment meet safety and legal requirements. Digital records simplify audits.

Timely Availability of Supplies:
Coordinate procurement of critical items—like PPE, medications, or surgical tools—with patient care schedules, ensuring no shortages disrupt treatments or procedures.

Cost Control:
Monitor spending on high-cost items—like imaging machines, implants, or drugs—against budgets. Analytics identify savings opportunities, such as bulk discounts or generic alternatives, without compromising quality.

Supplier Reliability:
Track vendors for delivery reliability, product quality, and compliance (e.g., sterile goods certification), ensuring a steady supply chain for essential healthcare needs.

Enhanced Traceability:
Maintain detailed records of sourced items—lot numbers, expiration dates, and supplier origins—for rapid recalls or quality assurance, critical for patient safety and regulatory adherence.

Quality Assurance:
Integrate specifications for medical-grade products into orders (e.g., sterilization standards, dosage accuracy), ensuring procured items meet clinical requirements.

Support for Patient Care:
Streamline procurement of specialized items—like prosthetics or diagnostic kits—freeing up healthcare staff to focus on patients rather than administrative delays.

Data Security:
Protect sensitive procurement data—like patient-related purchases or supplier contracts—with robust permissions and encryption, critical in a privacy-focused industry.

Get started with lasso!

Edit Template

The Invoice Lifecycle: From Creation to Payment

Invoicing is a critical process for businesses of all sizes, ensuring cash flow and operational efficiency. Understanding the invoice lifecycle—from creation to payment—can help streamline operations, reduce errors, and improve client relationships. This blog post explores each stage of the invoice lifecycle, offering insights into best practices and tools to optimize the process.

1. Invoice Creation

The lifecycle begins with creating an invoice, a document that details the goods or services provided and the amount owed. This step requires accuracy to prevent disputes or delays.

  • Key Elements: Include the business name, contact details, invoice number, date, client information, itemized list of products/services, prices, taxes, and payment terms (e.g., due within 30 days).

  • Best Practices:

    • Use professional templates to ensure consistency.

    • Double-check quantities, rates, and calculations.

    • Clearly state payment methods (e.g., bank transfer, credit card).

  • Tools: Procure to Pay software like Lasso can automate invoice creation, reducing manual errors.

2. Invoice Delivery

Once created, the invoice must be sent to the client promptly. Delivery methods impact how quickly the invoice is received and processed.

  • Options:

    • Email: Fast and cost-effective, often with tracking features.

    • Mail: Suitable for clients who prefer physical copies, though slower.

    • Online Portals: Many businesses use client portals for secure, instant delivery.

  • Best Practices:

    • Confirm the client’s preferred delivery method.

    • Use clear subject lines for emails (e.g., “Invoice #123 from [Your Business]”).

    • Ensure the invoice is sent to the correct contact or department.

  • Tools: Invoice tracking systems like Lasso offers with built-in delivery tracking streamline this step.

3. Invoice Tracking and Follow-Up

After delivery, businesses must track whether the invoice has been received, viewed, or paid. This stage involves monitoring and communication to ensure timely payments.

  • Tracking:

    • Confirm receipt with the client.

    • Monitor due dates to identify overdue invoices.

  • Follow-Up:

    • Send polite reminders as the due date approaches (e.g., a week before).

    • Follow up promptly if payment is late, using professional and courteous language.

  • Best Practices:

    • Set up automated reminders through invoicing software.

    • Maintain a record of all communications for reference.

  • Tools: Tools like Lasso offer automated reminders and payment status tracking.

4. Payment Processing

Once the client initiates payment, the business processes it according to the agreed terms. This stage is crucial for maintaining cash flow.

  • Payment Methods:

    • Bank transfers (ACH, wire).

    • Credit/debit cards.

    • Digital wallets (e.g., PayPal, Stripe).

  • Best Practices:

    • Offer multiple payment options to accommodate client preferences.

    • Ensure secure payment processing to protect sensitive data.

    • Issue a payment receipt to confirm the transaction.

  • Tools: Payment gateways like Stripe, Square, or PayPal simplify and secure this process.

5. Invoice Reconciliation and Record-Keeping

After payment, businesses reconcile the invoice with their financial records to ensure accuracy. Proper record-keeping is essential for accounting and tax purposes.

  • Reconciliation:

    • Match payments to invoices in accounting software.

    • Resolve discrepancies (e.g., partial payments or overpayments).

  • Record-Keeping:

    • Store invoices and payment records securely, either digitally or physically.

    • Retain records for at least 7 years (or as required by local regulations).

  • Best Practices:

    • Use cloud-based accounting software for easy access and backups.

    • Categorize invoices for easy retrieval during audits or tax season.

  • Tools: Software like Lasso integrates reconciliation and record-keeping seamlessly.

6. Handling Disputes or Delays

Disputes or late payments can disrupt the lifecycle. Addressing these promptly maintains client relationships and cash flow.

  • Common Issues:

    • Incorrect invoice details (e.g., wrong amount or items).

    • Client financial difficulties.

    • Miscommunication about payment terms.

  • Best Practices:

    • Communicate openly to resolve disputes quickly.

    • Offer payment plans for clients facing financial challenges.

    • Include clear terms and conditions on invoices to prevent misunderstandings.

  • Tools: Procure to Pay platforms like Lasso can help manage client communications and track disputes.

Why Optimize the Invoice Lifecycle?

An efficient invoice lifecycle saves time, reduces errors, and improves cash flow. By leveraging automation tools, maintaining clear communication, and following best practices, businesses can ensure timely payments and stronger client relationships.

  • Benefits of Optimization:

    • Faster payments and improved cash flow.

    • Reduced administrative workload.

    • Enhanced professionalism and client trust.

  • Pro Tip: Regularly review your invoicing process to identify bottlenecks or areas for improvement.

Conclusion

The invoice lifecycle is more than just sending a bill—it’s a strategic process that impacts your business’s financial health. By understanding and optimizing each stage, from creation to payment, you can streamline operations and focus on growth. Invest in the right tools, maintain clear communication, and stay proactive to keep your invoicing process running smoothly.

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