How do you manage purchases within your behavioral health organization/practice? Is there a process in place to ensure all purchases are approved before they happen? Having purchasing controls in place is essential for Behavioral Health Providers. Implementing purchasing control processes helps to ensure all purchases go through the appropriate channels before they are made. So, what exactly is a purchasing control process? A purchasing control process is a defined, documented and implemented process that ensures purchases are made in compliance with the prescribed procedures as established by the organization's leadership. This is generally a process that is managed by either the finance department, accounting team, or an accounts payable department.
Here is an example of a purchasing controls process:
Why is having a purchasing controls process important?
- It will help your business to keep unnecessary purchases from taking place.
- It will help ensure all items to be purchased are in compliance before it is purchased.
- It will help your business to save money in the long run.
As you can see implementing a purchasing control process in your practice can make a big difference in reducing unnecessary expenditures in your organization and will help you to mind your financial business more effectively.
Next month will feature the 3rd installment of the Importance of Minding Your Financial Business: Part 3 – Utilizing Interns for Cost Savings for your Practice.
About the Author:
Monica Akerele is a native of Charlotte, NC and currently a Graduate Assistant for the Provider 360 collaborative with UNCC and Cardinal Innovations Healthcare. She has over 12 years of business management and supervisory experience gained while working in the Corporate sector. She left the corporate world to pursue her passion of a career in Social Work.