AvidXchange has introduced a pair of accounts payable and payment automation solutions to simplify payments in healthcare and social services industry.
The two new offerings are AvidPay and AvidInvoice, which provide healthcare clients with greater control over financial data.
Additionally, the AvidXchange solutions enable the healthcare facilities to comply with regulatory and HIPAA requirements.
Once deployed, the solutions will be able minimise manual back-office processes and help the clients cut down operational costs.
AvidInvoice lowers invoice lifecycle times and streamlines workflows to improve AP efficiency. It also provides multi-location functionality to manage different facilities on the same system.
On the other hand, AvidPay offers clients access to its supplier network of over 500,000 and completes the AP process with e-payments.
Using the AvidPay Network, firms will be able to deliver different payment options such as virtual card and an ACH+ product called AvidPay Direct.
AvidXchange CEO and co-founder Michael Praeger said: “75% of payments are still made with paper checks in the healthcare and social services industry, which means care facilities have a huge opportunity to save costs and increase efficiency by shifting to e-payments.
“We offer a single platform for AP and payments automation backed by the largest network of suppliers for the middle market, helping facilities get back to focusing on care and services rather than printing checks or chasing down payments.”
The new solutions can be integrated with majority of accounting systems used in the healthcare sector.
AvidXchange focuses on automating invoice and payment processes for mid-market businesses. Last year, the firm partnered with ClickPay to accelerate real estate payments.