Global Healthcare Exchange, or GHX, is rolling out an eInvoicing solution for healthcare suppliers to remain compliant across Europe.
An announcement Monday (July 31) said GHX is launching GHX eInvoicing, enabling healthcare suppliers to send compliant invoices to their corporate clients, healthcare providers and governments. The solution supports the sending of invoices across the European Union and integrates with GHX’s existing Exchange Services platform.
“Moving away from paper invoices and manual invoicing processes will be an advantage for healthcare suppliers across Europe. However, navigating through the complexity of the European marketplace and complying with the various regulations of the EU member states can be a significant challenge,” said GHS Europe President Dr. Nedzad Fajicin a statement. “The new GHX eInvoicing solution with its eInvoicing portal will deliver better visibility into the entire order-to-cash cycle, reduce manual processing and help suppliers deliver a better customer experience.”
GHX pointed to the VAT Directive 2006/112/ED and the Electronic Invoice Directive 2010/45/EU regulations, specifically, to which its eInvoicing solutions can help suppliers adhere.
Directive 2014/55/EU is also on its way, with businesses required to adhere to the regulation by November 2018. That rule requires all hospital invoices to have “authenticity of origin, content integrity and eligibility” by having eInvoicing technology or business controls in place. GHX said its electronic invoicing solution also complies with this rule as well.
The platform supports the conversion of eInvoices into the appropriate format to comply with country-specific rules, sends those invoices to the appropriate customer and public administration access point, and cash management capabilities for businesses to access current and past invoices, tracking of those bills, and integration into other GHX solutions for order-to-cash capabilities.
The company's eInvoicing solution has rolled out just weeks after GHX released research that found healthcare companies are facing increased pressure to improve cash and working capital performance. The order-to-cash cycle and accounts receivable management are the most critical component of that, GHX concluded, but it found that many healthcare suppliers are struggling from a lack of automated systems.