INDUSTRY SPOTLIGHT: Paymerang Continues Rapid Growth in the Healthcare Vertical
Since acquiring Inworks in 2019, Paymerang has proven itself a preeminent Accounts Payable (AP) Automation solution for the healthcare industry. Today, Paymerang is rapidly increasing its market share with hospital systems, physician groups, and senior living communities across the U.S.
Recently, MaineHealth, a not-for-profit integrated health system providing preventive care, diagnosis and treatment to 1.1 million residents in Maine and New Hampshire, signed with Paymerang to move away from multiple payment providers to a single platform powered by the company. MaineHealth’s goal was to improve efficiency and reduce complexity. Paymerang is also moving upstream to serve some of the largest physician offices in the country. Paymerang has seen exponential growth in the healthcare sector, enjoying a 500%+ increase in the last 2 years, and has processed billions of dollars in supplier payments to healthcare vendors.
“Paymerang makes finance teams more efficient,” said Nasser Chanda, CEO of Paymerang. “This enables healthcare organizations to focus on their core mission of delivering quality patient care.”
Partnering with healthcare associations has bolstered Paymerang’s standing in the industry. The company is a member of nearly 40 healthcare associations nationwide and is proudly endorsed by 11 partner associations, such as Nebraska Hospital Association, Wyoming Hospital Association, Mississippi Hospital Association, and the North Dakota Hospital Association.
Paymerang’s powerful technology transforms the AP process into a revenue stream by shifting vendors to electronic payments. Paymerang provides ongoing enrollment with every payment batch, which generates a higher level of electronic payment participation, and ensures timely payment settlement with vendors. Also, Paymerang helps streamline the process of patient reimbursements and physician partner distributions, enabling swift and secure payments. According to VISA Navigate, 70% of all invoices in the hospital system are paper-based, and 85% of all payments are done manually with error-prone paper checks, further demonstrating the need for automation1.
Having eliminated manual tasks and saved thousands of hours each year, healthcare finance teams can focus on more strategic initiatives, such as improving the revenue cycle and enhancing profitability. Paymerang also provides improved outcomes in fraud protection, business continuity, compliance, vendor care, and escheatment.
Paymerang’s recently launched Invoice Automation solution is HIPAA compliant, with role-based permissions to meet the needs of healthcare providers. Electronic work queues provide authorized users instant visibility to all invoices and their approval status. Invoices can be set up to flow through multiple levels of approval–creating a fail-safe electronic paper trail—and be posted to the accounting system automatically. Coming soon is Paymerang’s Purchase Order Automation solution, which will streamline the front-end procurement process.
Paymerang understands that healthcare professionals are doing more with less, in today’s tight labor market, making AP automation more critical than ever. Implementation takes less than 10 hours, and the solution works with almost every ERP in healthcare, including PointClickCare, Meditech, Lawson, Sage Intacct, Cerner, Epic, Matrix Care, Workday, Sage 100, QuickBooks, and Blackbaud.
The healthcare industry is a critical part of the US economy, representing 19.7% of Gross Domestic Product (GDP) as of 20202. Paymerang is delighted with its leading presence in the space and is committed to bringing healthcare finance into the digital age.
1B2B healthcare in the U.S.: The next frontier for digital payments
2Centers for Medicare & Medicaid Services