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Bottom-Line Impact: Digital Finance for Sourcing and Procurement

Transform Healthcare for the 21st Century

The Transformation to Digital Finance

Digital finance is a way to improve healthcare performance in the finance and procurement team by using digital technologies to integrate and automate healthcare processes. Improving performance is not just about efficiency and cost savings, though. “Improving” can mean lowering risk, achieving greater visibility into opportunities, shortening process cycles and completing core processes sooner as well as increase the potential to attract and retain the best employees. All these improvements translate into finance and procurement efforts that are far better able to have a strategic impact on the rest of the healthcare entity. Our Office of Finance benchmark research finds that 9 out of 10 organizations say finance should play a more strategic role in their company.

Digital transformation means shifting more of the work the department does manually using emailed spreadsheets to software systems. A practical approach to the transformation process is to undertake the change in a series of healthcare initiatives rather than a single big-step overhaul. This approach is preferred as there is usually limited staff time available for a singular focus on larger transformation.


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