Healthcare virtual credit cards provide an easy and immediate solution to simplify payments and turn a traditional cost center into an additional revenue stream. The solution brings supplier payments on a single automated platform.
The CommerceHealthcare® AP Card enables health systems, hospitals and physician practices to leverage automated, electronic payments and earn revenue through a virtual credit card. This flexible payment management program works with your existing accounting system while also creating a new revenue stream and reducing operating costs. By converting paper-based payments, like checks, to virtual card payments, healthcare providers gain operational efficiencies, detailed reporting, and reduced expenses.
Work with all ERP systems (including Oracle® E-Business, Infor®, Peoplesoft®, SAP®, etc.).
Improve cash flow.
Reduce costs by eliminating paper checks and escheatment.
Minimize fraud risks.
Generate monthly revenue share.
Analytics on payment types and comparison to national benchmarks.
Extensive supplier network built over the last 15 years.
For most providers, the goal to achieve robust automation in payments to suppliers and patients remains elusive. Further progress depends heavily on adopting a strategic approach to AP payments. The five components of a strategic view delineated in this article help guide this effort.
Automating many of the processes in healthcare finance and revenue cycle management (RCM) remains a high priority within the imperative to drive cost savings, enhance efficiency and generally do more with less. This article proposes seven questions to help guide finance and IT leaders in choosing payments solutions that deliver the desired automation benefits.
