AvidXchange, already a leading provider of accounts payable (AP) and payment automation solutions, is launching AvidPay and AvidInvoice for the long-term healthcare and social services industry.
By automating back-office processes, AvidXchange claims it can help care facilities gain greater visibility and control over financial data and meet increasing regulatory and HIPAA compliance requirements with in-depth reporting capabilities and an easily referenceable audit trail.
“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,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “We offer a single platform for AP and payments automation backed by the largest network of suppliers for the middle market, helping facilities get back to focusing on care and services rather than printing checks or chasing down payments.”
AvidXchange solutions integrate seamlessly with the healthcare industry’s most widely used accounting systems and auto-populate critical information. AvidPay completes the AP process with e-payments, providing access to the AvidPay Network of more than 500,000 suppliers including many vendors long-term care customers may already be using.