AvidXchange adds software for health care B2B payments
In seeking to eliminate manual back-office payment processes for long-term health care and social service providers, AvidXchange says it is launching new software to steer providers to digital accounting and B2B e-payments — and eliminate paper checks.
AvidInvoice is designed to increase accounts payable efficiencies digitally through shorter invoice life cycles, streamlined workflows and the ability to manage several different care facilities on the same system.
AvidPay completes the accounts payable process with e-payment options, providing access to a network of more than 500,000 suppliers, including vendors that most health care and social services organizations already do business with.
"Seventy-five percent 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," Michael Praeger, CEO and co-founder of AvidXchange, said in a press release Monday.
AvidExchange's single platform for accounts payable and payments automation has the support of the largest suppliers in the middle market, Praeger added, and is designed to "help facilities get back to focusing on care and services rather than printing checks or chasing down payments."
The AvidPay network offers multiple payment options, including virtual cards or AvidPay Direct, which is an ACH product enabling faster payments paired with important remittance data.
AvidXchange, which is based in Charlotte, N.C., says its products give care facilities more visibility and control over financial data, which helps meet HIPAA and other regulatory compliance.
Founded in 2000 for midmarket businesses, AvidXchange says it processed 9.5 million payments last year across its network for 5,500 customers in North America.