Change Healthcare is partnering with ECHO Health, Inc. (ECHO Health), a leading innovator in electronic payment solutions, to offer more electronic payment options to our health care providers. You can select the payment method that best suits your accounts receivable workflow.
Authors:Blake Sorrell, Director, Healthcare Banking, and Jordan Miller, Director, Commercial Account Management
Despite the fact that healthcare providers operate in an industry with historically tight margins, only 16% use automated accounts payable processes. Most providers rely on manual healthcare payments like checks, despite the high costs involved, and organizations can expect to spend $38 on average to manually process a paper check and invoice. In addition, vendors wait on average 34 days to receive payment, putting providers at risk of supply chain interruptions that could place patient and employee safety at risk.