Tag Archives: healthcare


Paymerang Approved as NHA Services Preferred Business Partner

Two new organizations approved as NHA Services preferred business partners NHA Services, Inc., a for-profit subsidiary of the Nebraska Hospital Association is pleased to announce two new preferred business partnerships effective October 1, 2020, offering new service lines to health care providers across Nebraska. PaymerangPaymerang is an award-winning accounts payable e-payment and payment fraud solution. … Read More

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone.  Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020. … Read More

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone.  Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020. … Read More

Paymerang Approved as NHA Services Preferred Business Partner

Two new organizations approved as NHA Services preferred business partners

NHA Services, Inc., a for-profit subsidiary of the Nebraska Hospital Association is pleased to announce two new preferred business partnerships effective October 1, 2020, offering new service lines to health care providers across Nebraska.

Paymerang
Paymerang is an award-winning accounts payable e-payment and payment fraud solution. With a network spanning over 400,000 vendors nationwide, Richmond, Virginia-based paymerang provides its clients and partners across the U.S. with a simple, secure and profitable way to automate their accounts payable disbursements. paymerang’s partnership with NHA Services is designed to reduce both the hours and the materials required for the typical accounts payable processes in hospitals and health systems through electronic payments – saving staff time, resources and money.
Through its unique simplicity, paymerang enables clients to pay all their vendors electronically with a single payment file. By handling the entire vendor management and payment process, paymerang provides enhanced visibility, efficiency, security and financial rewards. paymerang processes over billions in payments annually to a network of over 400,000 vendors, with 75% receiving electronic payments.

For more information contact Eric Waldenmaier, VP Business Development, at (804) 334-5775 or ewaldenmaier@paymerang.com or visit www.paymerang.com.

Federal Funding Group
NHA Services, Inc. has partnered with the Federal Funding Group to establish the NHA Connectivity Consortium to assist NHA member hospitals with the application process for the Healthcare Connect Fund. Federal Funding Group’s extensive program experience can be leveraged by hospitals and health systems to maximize available funding opportunities while minimizing the administrative burden on their facilities.
Nebraska’s 2019 subsidy filings revealed a very small amount of hardware was filed for the entire state. A lot of money is being left on the table. The NHA Connectivity Consortium will deliver a comprehensive approach to the USAC program which will deliver the maximum amount of funding available to every health care provider. Unique benefits for NHA members include large scale funding for capital projects (fiber builds, eligible network equipment). Certain urban hospitals/health systems are eligible for additional funding (data centers and administrative sites). Filings can also be made for firewall managed services and equipment.

About NHA Services, Inc.
For more than 25 years, NHA Services, Inc., has been an essential partner to Nebraska Hospital Association (NHA) members. We help hospitals and health care providers across the state strengthen their operational and financial performance, improve quality and outcomes, transform infrastructure, and prepare for the future. We offer unparalleled opportunities for addressing the business challenges facing health care organizations. Utilizing the services of our Preferred Business Partners supports the NHA and benefits all NHA members.

NHA Services is committed to be the first resource Nebraska health care providers turn to for access to workable, cost-effective solutions. Our partners undergo a strategic vetting process and approval by the NHA Services Board of Directors to ensure they provide the right products and services needed to respond to the changing health care landscape. Our Preferred Business Partners have passed our highest standards for quality and service.

At NHA Services, we’re all about connecting hospitals and providers with the right companies to enhance efficiencies, lower costs and deliver exceptional health care quality. We work hard to find the best business solutions in the marketplace so you can focus on doing what you do best – delivering exceptional, quality care.

For more information, visit the NHA Services website.

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone. 

Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020.

Against this backdrop, improving revenue cycle performance is a top priority for healthcare finance leaders, and they are meeting this challenge by optimizing their payments to suppliers.

How electronic payments improve revenue cycle performance

Optimizing payments to suppliers enhances the healthcare revenue cycle in five ways: 

1. Higher profit margins: Electronic payment solutions reduce the costs of paying suppliers, contributing to higher profit margins.  Electronic payments also streamline payment operations.  A single payment file upload initiates payment to all a hospital or health system’s suppliers; instructions are parsed, and payments are automatically remitted in all payment methods.  This eliminates the need to log in to multiple banking systems and wipes out the costs of printing and mailing paper checks.  What’s more, electronic payments provide real-time payment reconciliation that eliminate the keying of data or the decoding of banking messages.  Additionally, advanced solutions deliver detailed payment and reconciliation reports.  These reports enable more accurate accrual reporting, greater payment reporting integrity, and better visibility into spending based on the metrics most important to executives.

2. Better cash flow: Best-in-class accounts payable departments – typically, those with a high level of automation – approve and post an invoice within 3.6 days of receipt, per The Hackett Group’s E-Invoicing Benchmarking Study.  Conversely, it takes departments with little or no automation 16.6 days to process a single invoice.  Hospital and health systems are literally leaving money on the table because of slow invoice approval cycles.  The average discount that suppliers offer for early payment is 2 percent, IOFM’s 2017 P2P Benchmarking Study finds.  Highly automated accounts payable departments capture seven times more early-payment discounts (as a percentage of spend) as their peers, per The Hackett Group’s E-Invoicing Benchmarking Study.  That means that a $1 billion-revenue hospital or health system that previously captured $200,000 annually in discounts may gain $1.4 million in additional discounts through automation—which is a significant increase in net profits.

3. Enhanced cash and spend management: Electronic payment solutions empower CEOs and other health finance leaders to effortlessly drill down into key information, analyze issues, and uncover opportunities for driving growth and profitability.  Decision-makers have real-time access to critical data, including on-time payment percentage, spend by supplier, payment value and volumes, Days Payable Outstanding (DPO), discount capture, cash-back rebate metrics, and team productivity metrics.  Electronic payment solutions also track the status of payments (including initiated payments and rejects), generate detailed transaction and reconciliation reports, and provide a consolidated view of all payout accounts. 

4. Cash-back rebates on corporate spend: Hospital and health system CEOs can really get excited about cash-back rebates on payments made via virtual card (or vCard).  It is not uncommon for organizations to earn cash-back rebates on 30 percent of their spending.  In some cases, the cash-back rebates earned by hospitals or health systems have single handedly made their accounts payable department a profit center.  The money earned through cash-back rebates also can be used to fund innovation in the finance department and beyond. 

5. Extended DPO: Leveraging certain card programs for electronic payments enables hospitals and health systems to extend their DPO, a measure of the time it takes an organization to pay its suppliers, without changing their payment terms.  Since the funding for vCards is provided by the buyer’s bank, and the payback period to the card issuing bank doesn’t kick in until the payment is initiated, buyers can extend their DPO by several weeks.  Extending DPO frees up cash that CEOs and other health finance leaders can use to pay down corporate debt, make capital investments, increase research and development, or support other growth initiatives.

These benefits are sure to capture the attention of CEOs and other health finance leaders looking for ways to improve revenue cycle performance.  Want to learn more about how Paymerang can improve your healthcare organization’s revenue cycle?  Contact sales@paymerang.com today.

5 Ways Electronic Payments Improve the Healthcare Revenue Cycle

If your healthcare organization’s knees are buckling from the pressure of managing shrinking reimbursement rates, skyrocketing costs, and growing cyber security threats, you are not alone. 

Hospital and health system CFOs and revenue cycle leaders are under ever-increasing pressure to develop strategies to improve the financial health of their organizations—and his won’t change in 2020.

Against this backdrop, improving revenue cycle performance is a top priority for healthcare finance leaders, and they are meeting this challenge by optimizing their payments to suppliers.

How electronic payments improve revenue cycle performance

Optimizing payments to suppliers enhances the healthcare revenue cycle in five ways:

1. Higher profit margins: Electronic payment solutions reduce the costs of paying suppliers, contributing to higher profit margins. Electronic payments also streamline payment operations. A single payment file upload initiates payment to all a hospital or health system’s suppliers; instructions are parsed, and payments are automatically remitted in all payment methods. This eliminates the need to log in to multiple banking systems and wipes out the costs of printing and mailing paper checks. What’s more, electronic payments provide real-time payment reconciliation that eliminate the keying of data or the decoding of banking messages. Additionally, advanced solutions deliver detailed payment and reconciliation reports. These reports enable more accurate accrual reporting, greater payment reporting integrity, and better visibility into spending based on the metrics most important to executives.

2. Better cash flow: Best-in-class accounts payable departments – typically, those with a high level of automation – approve and post an invoice within 3.6 days of receipt, per The Hackett Group’s E-Invoicing Benchmarking Study.  Conversely, it takes departments with little or no automation 16.6 days to process a single invoice.  Hospital and health systems are literally leaving money on the table because of slow invoice approval cycles.  The average discount that suppliers offer for early payment is 2 percent, IOFM’s 2017 P2P Benchmarking Study finds.  Highly automated accounts payable departments capture seven times more early-payment discounts (as a percentage of spend) as their peers, per The Hackett Group’s E-Invoicing Benchmarking Study.  That means that a $1 billion-revenue hospital or health system that previously captured $200,000 annually in discounts may gain $1.4 million in additional discounts through automation—which is a significant increase in net profits.

3. Enhanced cash and spend management: Electronic payment solutions empower CEOs and other health finance leaders to effortlessly drill down into key information, analyze issues, and uncover opportunities for driving growth and profitability.  Decision-makers have real-time access to critical data, including: on-time payment percentage, spend by supplier, payment value and volumes, Days Payable Outstanding (DPO), discount capture, cash-back rebate metrics, and team productivity metrics.  Electronic payment solutions also track the status of payments (including initiated payments and rejects), generate detailed transaction and reconciliation reports, and provide a consolidated view of all payout accounts. 

4. Cash-back rebates on corporate spend: Hospital and health system CEOs can really get excited about cash-back rebates on payments made via virtual card (or vCard).  It is not uncommon for organizations to earn cash-back rebates on 30 percent of their spending.  In some cases, the cash-back rebates earned by hospitals or health systems have single handedly made their accounts payable department a profit center.  The money earned through cash-back rebates also can be used to fund innovation in the finance department and beyond. 

5. Extended DPO: Leveraging certain card programs for electronic payments enables hospitals and health systems to extend their DPO, a measure of the time it takes an organization to pay its suppliers, without changing their payment terms.  Since the funding for vCards is provided by the buyer’s bank, and the payback period to the card issuing bank doesn’t kick in until the payment is initiated, buyers can extend their DPO by several weeks.  Extending DPO frees up cash that CEOs and other health finance leaders can use to pay down corporate debt, make capital investments, increase research and development, or support other growth initiatives.

These benefits are sure to capture the attention of CEOs and other health finance leaders looking for ways to improve revenue cycle performance. 

Want to learn more about how Paymerang can improve your healthcare organization’s revenue cycle? Contact sales@paymerang to arrange a no-obligation consultation.