Suppliers Share the Unintended Consequences of COVID-19

• Denise Evans, Executive Director, Healthcare Payments Sales and Strategy

The clinical, operational and financial impacts of the COVID-19 pandemic on healthcare organizations have been well documented and publicized. As virus cases surged, hospitals were forced to cancel or delay elective procedures, stifling their most lucrative revenue stream.

COVID-19 Underscores Need for Healthcare Payment Process Reform

• Matt Houston, Vice President

The COVID-19 pandemic has changed the financial landscape of the U.S. healthcare system. Hospitals continue to face increased supply and labor expense, decreased revenue from postponed elective procedures, and an increasing number of uninsured patients due to unemployment. The American Hospital Association estimated hospitals were losing $1 million per day in the early days of the pandemic. In addition, most providers have seen a loss of non-operating revenue from their investment portfolios as global financial markets waver due to the economic uncertainty.

ePayables: The Right Prescription for Chronic Payment Pain Points

• Darci Guerrein, Vice President of Payment Operations

Although the majority of payment processes in healthcare remain paper intensive, there’s a growing commitment across the industry to bring increased levels of automation to healthcare payables processes.

That’s because automation can effectively address two of the primary ‘pain points’ faced by suppliers and providers: spiraling payment acceptance costs and lack of visibility across all trading partners.

Collaborative ePayable Technology: Positive Shift in Provider and Supplier Relationships

Suppliers want to improve receivables performance, while providers need to manage payment flow and access all available discounts and rebates. Is there a way for both sides to win?

In life, and in business, enduring relationships require a commitment to transparency and trust.

When it comes to buyers and sellers, the bond can be delicate, especially in matters of cash and working capital performance—or payment. In fact, there is no bigger priority for healthcare suppliers over the next year than improving receivables performance, according to a recent survey of 100 financial leaders at major healthcare suppliers by Institutional Investor Custom Research Lab. It is also the hardest area to influence.

Easy to Do Business with Invoice Automation

Most healthcare industry challenges are not one sided. The challenges are felt by both providers and suppliers, paper invoicing being a good example. There are the tangible costs in postage, ink, time to receive mail, to open mail, remove exceptions and route for approval. Then there is the invoice mystery - did the customer receive the invoice and is it ready for payment?

GHX Acquisition of Hap-X Delivers Payment Automation with Choice

• Bruce Johnson, Executive Chairman

Since GHX was founded 16 years ago, we have always looked for ways to leverage provider and supplier connectivity and collaboration to take waste out of the healthcare supply chain. I’m pleased/happy to announce GHX’s acquisition of Hap-X, a healthcare focused payment network that shares that sensibility. Like GHX, Hap-X serves both providers and suppliers. They use the Hap-X platform to take costs out of the payment process and provide better visibility around payment reconciliation, while still allowing customers to decide with their trading partners what is the best payment mode based on specific business transactions. I like to think of it as “Automation with choice.” That’s also a concept that GHX has strived to provide since our founding in 2000.