The COVID-19 crisis reinforces the interdependent relationship between providers and suppliers. Now more than ever, the pandemic requires healthcare organizations and suppliers to find new ways to keep working better together. Treatment for COVID-19 has created incredible demand for certain types of medical equipment and supplies. But, the halt to non-emergency procedures has resulted in a sharp decline in demand for many other suppliers.
These challenges have increased hospitals’ costs while decimating revenues and disrupting supply chains. However, we are seeing a bright spot as both providers and suppliers are doubling down on win/win innovation across the procurement to payment continuum. They are partnering to mutually maximize efficiency and cash flow.
We see evidence of this partnership within our Supplier Activation service. Our clients are experiencing a 16% uptick in healthcare supplier acceptance of card programs and 50% increase in the number of suppliers enrolled for all methods of electronic payments.
The path for hospitals returning to pre-pandemic revenue is uncertain. As patient services are restored, hospitals and clinics who invest in improving supplier payments now, will be well positioned to gain through efficiency, improved cash position and rebates on spending. With thousands of suppliers across the U.S. using our platform, we are removing friction and barriers in the healthcare payments process. That’s certain to pay off in the long run.
We can help you identify ways to digitize your AP process, integrate payables and accelerate cash flow with no change to your current ERP or accounting system. Watch this short video to learn more about how our integrated payables platform works and contact us for a complimentary AP spend analysis.