Why Virtual Cards Are the Future of Healthcare Payments

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.

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