The epidemic is causing several industries to reevaluate their business-to-business (B2B) payment processes in an effort to promote more efficient and collaborative partnerships with their suppliers. Healthcare is an industry that may need smooth vendor relationships more than any other since it depends on a reliable source of high-quality medical products to guarantee that patients receive the life-saving care they need.
However, when it comes to the digitalization of payments, the healthcare industry lags behind, especially when it comes to the procurement of medical supplies. Checks or other paper-based methods still account for up to 85% of payments, and many employees still do jobs like accounts payable and invoicing by hand. These drawn-out procedures can impede the procurement process when supply chains are interrupted and hospitals are forced to go abroad for the supplies they need.
The unique challenges that the healthcare supply procurement industry must overcome, as well as the reasons why hospital systems are lagging behind their rivals in other industries in the digitalization of their billing and payment processes The Tracker also details how automating these processes, might improve relationships with suppliers and boost financial outcomes on both sides of the procurement equation.
Concerning the B2B Healthcare Payments Sector
A recent poll found that certain businesses’ prolonged payment delays are to blame for the economic downturn in China, where growth is predicted to decline this year by more than half compared to 2021. The outbreak hampered supply chains, and resulting regulations have all contributed to a rise in commodity prices in China, which is being fueled by a broader economic downturn.
According to a recent investigation, rises in both B2B payments and the same-day payment restriction may be to blame for a considerable increase in payments on the ACH Network.
