Accounts payable technology company AvidXchange is targeting the healthcare industry with payments and invoicing offerings.
AvidXchange is broadening access of its AvidPay and AvidInvoice tools to the long-term healthcare and social services markets, the company said in a press release on Monday (Oct. 21).
The solutions are designed to reduce reliance on manual processes to automate accounts payable, payments and reporting, with AvidXchange pointing to heightened financial control and visibility for healthcare and social services firms. The technologies can support the industry's HIPAA compliance and other regulatory requirements with elevated financial reporting and auditing capabilities.
In a statement, Michael Praeger, AvidXchange CEO and co-founder, said that 75 percent of payments in the healthcare and social services space are still made with paper checks, "which means care facilities have a huge opportunity to save costs and increase efficiency by shifting to ePayments."
"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," he added.
The accounts payable and invoicing solutions can integrate with a range of accounting platforms that are most common in the healthcare space, the company stated, adding that many vendors most widely used by buyers in the healthcare and social services industries are part of its network of suppliers that can accept a range of payment formats, including AvidPay Direct, which allows for faster ACH transactions.
In August, AvidXchange announced the acquisition of BankTEL Systems, a company that provides accounting technology to financial institutions. At the time, AvidXchange said the takeover would enable the company to strengthen its position in the banking industry by connecting FIs to invoice-to-pay and accounts payable solutions.
Last month, the company also announced strengthened integration capabilities with NetSuite via the AvidXchange for NetSuite SuiteApp.