# Expense Management * **Definition:** Expense Management in healthcare refers to the systematic process of tracking, analyzing, and controlling costs associated with healthcare services and operations, utilizing technology and data analytics to optimize resource allocation, reduce waste, and improve financial performance. * **Taxonomy:** CTO Topics / Expense Management ## News * Selected news on the topic of **Expense Management**, for healthcare technology leaders * 4.9K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/27/2025 | [**AI Agents Empower Marketing Expense Management with Autonomous Perception ...**](https://finance.yahoo.com/news/ai-agents-empower-marketing-expense-094100155.html) | [[Yahoo Finance]] | | 5/27/2025 | [**How health systems are tackling 2025's biggest supply chain challenges**](https://www.beckershospitalreview.com/supply-chain/how-health-systems-are-tackling-2025s-biggest-supply-chain-challenges/) | [[Beckers Hospital Review]] | | 5/6/2025 | [**ONE Gas Announces First Quarter 2025 Financial Results; Expects to Achieve the ... - PR Newswire**](https://www.prnewswire.com/news-releases/one-gas-announces-first-quarter-2025-financial-results-expects-to-achieve-the-upper-half-of-2025-financial-guidance-declares-second-quarter-dividend-302446273.html) | [[PR Newswire]] | | 4/24/2025 | [**Emburse Launches an AI-Powered Mobile App for Enterprise Expense Management**](https://finance.yahoo.com/news/emburse-launches-ai-powered-mobile-130000925.html) | [[Yahoo Finance]] | | 3/24/2025 | [**Spend Matters Names Airbase by Paylocity #1 Expense Management Solution for SMEs**](https://markets.businessinsider.com/news/stocks/spend-matters-names-airbase-by-paylocity-1-expense-management-solution-for-smes-1034507226) | [[Business Insider Markets]] | | 3/24/2025 | [**Spend Matters Names Airbase by Paylocity #1 Expense Management Solution for SMEs**](https://finance.yahoo.com/news/spend-matters-names-airbase-paylocity-130000095.html) | [[Yahoo Finance]] | | 2/27/2025 | [**HIMSS**](https://healthtechmagazine.net/events/himss) | [[HealthTech Magazine]] | | 2/27/2025 | [**Philips Champions Digital Transformation at BioAsia 2025 - ICT&health International**](https://ictandhealth.com/ai-health-news/philips-champions-digital-transformation-at-bioasia-2025) | [[ICT and Health]] | | 2/20/2025 | [**F&G Annuities & Life Reports Fourth Quarter and Full Year 2024 Results - PR Newswire**](https://www.prnewswire.com/news-releases/fg-annuities--life-reports-fourth-quarter-and-full-year-2024-results-302381725.html) | [[PR Newswire]] | | 2/11/2025 | [**Professional Services Market to Grow by USD 2.08 Trillion from 2024-2028, Driven ... - PR Newswire**](https://www.prnewswire.com/news-releases/professional-services-market-to-grow-by-usd-2-08-trillion-from-2024-2028--driven-by-business-process-digitalization-report-with-market-evolution-powered-by-ai---technavio-302373527.html) | [[PR Newswire]] | | 2/6/2025 | [**Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast ... - Yahoo Finance**](https://finance.yahoo.com/news/latest-global-healthcare-digital-twins-163000337.html) | [[Yahoo Finance]] | | 2/5/2025 | [**Digital Healthcare Solutions: Transforming the Future of Medicine - by Jacob Weber**](https://medium.com/@jacobweber005/digital-healthcare-solutions-transforming-the-future-of-medicine-601c30e7a577) | [[Medium]] | | 1/31/2025 | [**BNCCORP, INC. REPORTS FOURTH QUARTER NET INCOME OF $2.3 MILLION, OR $0.64 ...**](https://www.prnewswire.com/news-releases/bnccorp-inc-reports-fourth-quarter-net-income-of-2-3-million-or-0-64-per-diluted-share-302365182.html) | [[PR Newswire]] | | 1/26/2025 | [**IT Professional Services Market to Grow by USD 657.9 Billion (2025-2029), Driven by Digital ...**](https://www.prnewswire.com/news-releases/it-professional-services-market-to-grow-by-usd-657-9-billion-2025-2029-driven-by-digital-transformation-ais-impact-on-market-evolution---technavio-302359589.html) | [[PR Newswire]] | | 1/21/2025 | [**Schwab Reports Fourth Quarter and Full Year Results**](http://www.businesswire.com/news/home/20250121070609/en/Schwab-Reports-Fourth-Quarter-and-Full-Year-Results/?feedref=JjAwJuNHiystnCoBq_hl-Q-tiwWZwkcswR1UZtV7eGe24xL9TZOyQUMS3J72mJlQ7fxFuNFTHSunhvli30RlBNXya2izy9YOgHlBiZQk2LOzmn6JePCpHPCiYGaEx4DL1Rq8pNwkf3AarimpDzQGuQ==) | [[Business Wire]] | | 12/13/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Digital ...**](https://finance.yahoo.com/news/professional-services-market-expand-usd-072500518.html) | [[Yahoo Finance]] | | 12/13/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Digital ...**](https://www.prnewswire.com/news-releases/it-professional-services-market-to-expand-by-usd-621-4-billion-2024-2028-digital-transformation-drives-growth-ai-powered-report-on-market-trends---technavio-302330772.html) | [[PR Newswire]] | | 11/22/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Driven by ...**](https://finance.yahoo.com/news/professional-services-market-expand-usd-194500855.html) | [[Yahoo Finance]] | | 11/22/2024 | [**IT Professional Services Market to Expand by USD 621.4 Billion (2024-2028), Driven by ...**](https://www.prnewswire.com/news-releases/it-professional-services-market-to-expand-by-usd-621-4-billion-2024-2028-driven-by-growing-digital-transformation-market-evolution-powered-by-ai---technavio-302313562.html) | [[PR Newswire]] | | 11/12/2024 | [**5 Hospital Stocks Set to Thrive Amid Robust Industry Trends - Nasdaq**](https://www.nasdaq.com/articles/5-hospital-stocks-set-thrive-amid-robust-industry-trends) | [[Nasdaq]] | | 11/12/2024 | [**Post-Roe, Your Period App Can - And Will - Be Used Against You - Forbes**](http://www.forbes.com/sites/abigaildubiniecki/2024/11/12/post-roe-your-period-app-can---and-will---be-used-against-you/) | [[Forbes]] | | 11/11/2024 | [**5 Hospital Stocks Set to Thrive Amid Robust Industry Trends - Yahoo Finance**](https://finance.yahoo.com/news/5-hospital-stocks-set-thrive-170200996.html) | [[Yahoo Finance]] | | 10/11/2024 | [**The Data Driver: Harnessing Real-Time Data for B2B Expense Management**](https://www.pymnts.com/tracker_posts/the-data-driver-harnessing-real-time-data-for-b2b-expense-management/) | [[PYMTScom]] | | 7/2/2024 | [**Karen Ko joins Florence as chief financial officer**](https://www.laingbuissonnews.com/care-markets-content/inpost/karen-ko-joins-florence-as-chief-financial-officer/) | laingbuissonnews.com | | 12/13/2023 | [**6 Best Mid-Cap Tech Stocks to Buy Right Now**](https://money.usnews.com/investing/articles/best-mid-cap-tech-stocks-to-buy-now) | [[US News]] | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **BILL**: A financial operations platform that provides expense management solutions for small and midsize businesses. - **Airbase**: A spend orchestration software provider that offers spend analytics and vendor management features to optimize organizational spending. - **TravelPerk**: A travel management platform that integrates expense management solutions for businesses. - **Emburse**: A company that has launched an online travel expense tool designed to streamline the expense process and improve data integrity. - **Ramp**: A corporate card and expense management company focused on cost-cutting and performance enhancement. - **Tangoe**: A leader in IT expense management recognized for its mobile cost management solutions. - **Centime**: A fintech company enhancing cash management platforms through advanced expense management solutions. - **American Express**: A financial services corporation that has acquired Center, an expense management software company, to enhance its services for small businesses. - **Paylocity**: A cloud-based provider of HR, payroll, and spend management software solutions, recognized for its innovative expense management capabilities. - **Procurify**: An AI-powered platform for procurement and accounts payable solutions, focusing on real-time visibility and control over spending. - **Marqeta**: A global card issuing platform that partners with Found to provide advanced expense management solutions for small businesses. - **Yokoy**: An AI-powered expense and payment processing platform acquired by TravelPerk to enhance its offerings. - **Mesh Payments**: A company focused on streamlining enterprise expense management solutions through partnerships with SoFi Bank and Galileo Financial Technologies. - **Paychex**: A payroll and human resource management service provider with extensive experience in financial management for small and medium-sized businesses. - **Tenet Healthcare**: A healthcare company transitioning to a value-based care model, focusing on ambulatory surgery centers and divesting from hospitals to manage expenses. - **Centauri Health Solutions**: A company that has acquired Applied Revenue Analytics to expand its revenue cycle management services. - **R1 RCM Inc.**: A key player in revenue cycle management that has made strategic acquisitions to enhance its capabilities. - **Guidehouse**: A consulting firm that conducted an analysis revealing healthcare executives' plans to invest in technology for revenue cycle performance. - **Infinx**: A company specializing in AI-driven solutions aimed at optimizing the financial lifecycle of healthcare providers. - **McKesson**: A healthcare company that provides technology solutions for payer operations and claims processing. ### Partnerships and Collaborations - **Centime and Fyle**: A collaboration to enhance cash management through automated expense approvals and real-time visibility into spending. - **Marqeta and Found**: A partnership providing small businesses with streamlined expense management and real-time transaction tracking. - **American Express and Center**: American Express acquired Center to improve real-time insights into employee spending and simplify expense report submissions. - **TravelPerk and Yokoy**: TravelPerk acquired Yokoy to enhance its travel and expense management platform, aiming to streamline processes for SMBs and mid-market companies. - **Mesh Payments, SoFi Bank, and Galileo**: This collaboration aims to enhance expense management solutions, reduce inefficiencies, and accelerate product development. - **Project Empower**: A CHS initiative integrating Oracle Health's ERP with financial and supply chain systems to improve operational efficiencies. - **Oracle Health and Community Health Systems**: Collaboration to implement an ERP system across CHS subsidiaries to enhance operational efficiency. - **Accenture and consus.health**: Accenture's acquisition of consus.health aims to improve healthcare management and operational efficiency in Germany, Austria, and Switzerland. - **Codoxo and Driscoll Health Plan**: Collaborating to present at the NAMPI Conference on AI solutions for healthcare cost management and fraud detection. - **Tennessee Primary Care Association (TPCA) and Azara Healthcare**: A strategic collaboration to enhance care transformation and quality management. - **Caregility Corporation**: Unveiling innovative care coordination solutions to enhance virtual care and optimize clinical workflows. - **Sunrate and Voxel**: A partnership to integrate virtual card issuing with payment solutions, enhancing scalability for clients. - **Innovaccer and P3 Health Partners**: A partnership aimed at utilizing Innovaccer's Healthcare AI Platform to enhance patient care and optimize healthcare costs. - **Bergen New Bridge Medical Center and Inserra Supermarkets**: Partnership to improve access to care through community health services. - **P3 Health Partners and Innovaccer**: Formed a strategic partnership to utilize AI for personalized interventions and cost-effective healthcare delivery. - **Counterpart Health and Southern Illinois Healthcare**: A strategic agreement to integrate AI-powered solutions into SIH's EHR system to enhance value-based care delivery. ### Innovations, Trends, and Initiatives - **Expense Management Automation**: There is a growing demand for integrated solutions that automate travel and expense management processes. - **Automated Expense Management Platforms**: Emerging solutions that automate approvals and reconciliations, reducing manual errors and improving efficiency. - **Real-time spending data**: Utilization of data analytics tools to enhance B2B expense management by providing insights into spending patterns. - **AI in Expense Management**: The use of AI to optimize cloud asset management and automate expense processes, enhancing financial oversight. - **Touchless Automation by Paylocity**: The Airbase platform automates expense management, significantly reducing the need for manual expense report creation. - **Cloud-Based Solutions**: The shift towards cloud-based expense management solutions is gaining traction, particularly among small and medium-sized healthcare organizations. - **Supply Chain Excellence Awards**: ECRI's recognition of healthcare organizations for effective spend management highlights the importance of supply chain optimization in controlling costs. - **AI and Automation in Expense Management**: Technologies like machine learning and generative AI are being utilized to automate expense reporting, reducing manual processes and improving efficiency. - **AI-driven solutions**: Innovative approaches being adopted by healthcare organizations to enhance revenue cycle management and expense tracking. - **FinOps Model**: A strategic approach to IT cost management that emphasizes accountability and collaboration to reduce cloud costs. - **FinOps**: A combination of finance and DevOps to manage cloud costs and optimize investments. - **Value-Based Care Model**: Tenet Healthcare's shift towards a model that emphasizes cost management and efficiency through divestitures. - **Project Empower**: An initiative by CHS to integrate Oracle Health's ERP with various systems to streamline operations and reduce costs. - **Increased IT Spending**: A report indicates that three-quarters of healthcare providers and payers have increased their IT spending, focusing on AI, cybersecurity, and infrastructure. - **Healthcare Management Service Organizations (MSOs)**: The MSO market is projected to grow significantly, driven by the need for operational efficiency and financial performance. - **Exponential IT Mindset**: Healthcare IT leaders are encouraged to adopt innovative strategies to improve patient outcomes and manage costs amidst industry disruptions. - **AI and Automation in Revenue Cycle Management**: Healthcare executives are increasingly investing in AI and automation to improve revenue cycle performance, with nearly 80% utilizing some form of revenue cycle outsourcing. - **Inovalon's New Solutions**: Including Eligibility Verification Pro to reduce claims denials and improve cash flow. ### Challenges and Concerns - **Economic Pressures**: Businesses are under economic pressures that require efficient expense management to maintain profitability. - **Manual processes**: Many organizations still rely on manual expense management processes, leading to increased workloads and errors. - **Regulatory Compliance**: As companies innovate in expense management, ensuring compliance with regulatory standards remains a critical concern. - **Rising Healthcare Costs**: Healthcare organizations face increasing operational expenses, necessitating effective expense management strategies to maintain profitability. - **Financial Pressures**: Healthcare providers are dealing with low financial margins and rising drug prices, prompting a need for cost management strategies. - **Rising Operating Expenses**: Healthcare organizations are facing increased costs due to inflation, labor shortages, and technology expenses. - **Cash Flow Issues for SMBs**: 82% of small and medium-sized businesses struggle with cash flow, necessitating better financial tools. - **Rising Operational Costs**: Healthcare executives are facing increased operational costs due to staffing shortages and rising inflation, prompting a focus on cost containment. - **Technical Debt**: Outdated technology and systems create significant costs, hindering modernization efforts and impacting overall IT expenses. - **Labor Costs and Access Issues**: Medical groups are struggling with rising labor costs and access issues, impacting their financial stability and operational efficiency. - **Claims Denials**: Healthcare systems spend approximately $19.7 billion annually to address denied claims, impacting financial stability. - **Cash flow issues**: 82% of small and medium-sized businesses experience cash flow issues, highlighting the need for better financial tools. - **Data accuracy**: Legacy payment processes hinder data accuracy, necessitating investment in modern data visibility tools. - **High Interest Costs**: CHS reported a net loss attributed to high interest costs, highlighting financial pressures in healthcare. - **Administrative Burdens**: Healthcare providers are burdened with administrative tasks that detract from patient care, highlighting the need for technology solutions that streamline operations. - **Labor Shortages**: 90% of healthcare executives acknowledge that labor shortages in the revenue cycle workforce exacerbate operational issues. ## Related Topics [[Cost Management]]; [[Budget Management]]; [[Financial Management]]