Paymerang Provides Insight into the Healthcare B2B Payments Space in Recent VISA Navigate Article
Healthcare procurement could be one of the leading verticals in B2B digital payments, yet the industry remains stagnant because of its dependence on antiquated processes.
Manual paper-based processes are a significant disruption for the healthcare industry, adding around $22 billion annually in unnecessary expenses2. Seventy percent of supplier invoices are sent through mail or email, and 50% of organizations still pay their suppliers with checks3. Errors caused by manual processes cost the healthcare industry between $4 million and $6 million each year4, and invoicing errors often take days or months to reconcile, resulting in time and money lost for financial departments.
Because it’s such a high-growth industry, healthcare is the ideal vertical for finance automation. Commercial payments within healthcare offer an estimated $2.9 trillion opportunity for Fintechs and financial institutions5 who join to meet the ever-growing demand for an effective B2B digital payment solution.
“Provider organizations need to be ready for the digital age, which means automating as many processes as possible to reduce unnecessary work and costs,” says Nasser Chanda, CEO of Paymerang, a provider of invoice and payment automation software for the healthcare industry.
Paymerang’s premier AP automation solutions save organizations hundreds of hours annually, enhance visibility, increase accuracy, improve efficiency, and earn rebates while reducing paper, fraud risks, and operating costs. The benefits of AP automation alleviate major pain points in healthcare financing, including highly fragmented payment solutions, long days sales outstanding (DSO) periods, and financial records needed to meet regulatory and compliance requirements.
To be successful, healthcare procurement departments must recognize the benefits of digitizing their business processes and leave manual processing behind.
“Automation brings greater efficiency to hospital financial operations, allowing finance departments to focus more on the revenue cycle, including billing and collection,” says Chanda. “With automation on the physician practice side, for example, office managers can focus on running world-class healthcare facilities and supporting doctors. This results in better-run practices and improved patient care.”
To read the full article, click here.
1VISA Navigate: B2B healthcare in the U.S.: The next frontier for digital payments
2The Cost of Paper Records on Both Sides of the Healthcare Supply Chain Is Daunting,” Remitra 2021
3“Payables automation for Healthcare,” PayStream Advisors, 2018
4Tech Enabled and Paper Free Bringing Healthcare Purchasing into the 21st Century,” Remitra, 2021