Global Healthcare Exchange, LLC (GHX), today announced it has rebranded Hap-X, the e-payables company it acquired in June 2016, to GHX ePay and integrated the solution into its electronic invoice and payment processing (EIPP) solutions suite. The end-to-end provider procure-to-pay and supplier order-to-cash solutions help improve the invoice and payment process across the entire healthcare trading community network, resulting in measurable cost savings. GHX ePay is the last critical step in optimizing payments processing for healthcare providers and their suppliers.
The pressure on healthcare financial executives to curb costs has never been greater, as is the need for increased process automation to reduce unnecessary cost, inefficiency and waste. Yet, the healthcare invoicing and payment process continues to be highly manual. According to industry research from RPMG Research Corporation, it can cost as much as $31 per transaction for hospital providers to manually process and pay invoices by check.
GHX ePay addresses this highly manual payment process. The payment exchange helps providers and suppliers to select the best value payment type per trading partner through a payment platform that includes aligning payment, remittance and reconciliation information. This helps create operational efficiencies for both providers and suppliers. In addition to GHX ePay, other GHX EIPP solutions include OnDemand AP and eInvoicing, together delivering a complete end-to-end invoicing and payment portfolio.
"The GHX EIPP solutions usher in a new era in automated healthcare payments," said Matt Houston, general manager, financial services products, GHX. "These solutions, including GHX ePay, create tangible financial value and operational efficiency for hospitals and suppliers through the more than 85 percent of U.S. hospitals that are able to connect, interact and transact business with thousands of suppliers in a way that optimizes each payment for greatest benefit."
Financial, supply chain and IT decision-makers can use GHX ePay to improve payment costs and efficiency with a faster, more predictable payment schedule — resulting in improved revenue cycle and customer relationships. The GHX e-payables solution maximizes earned discounts for providers and helps to reduce DSO for suppliers. Both parties benefit from the ability to reduce costs, efficiently improve the reconciliation process and streamline the payment process and improve cash management. Unlike other solutions, GHX ePay is a collaborative technology that leverages a single payment interface to link providers and suppliers to streamline business processes and support cost saving objectives.
"GHX solutions improve healthcare economic performance and outcomes by reducing manual work and exceptions across the procure-to-pay cycle through automation and industry-leading data quality," said Houston. "The advanced payment technology increases efficiency of provider and supplier financial departments while lowering costs. Plus, GHX has healthcare’s largest pre-integrated supplier payment network. This is an opportunity to remove unnecessary cost out of healthcare."
Global Healthcare Exchange, LLC (GHX) drives costs out of healthcare with cloud-based supply chain management technology and services in order to help enable better patient care and savings by maximizing automation, efficiency, and accuracy of business processes. GHX offers healthcare providers and suppliers an open and neutral electronic trading exchange that delivers procurement and accounts payable automation, contract and inventory management, vendor credentialing and management, business intelligence, payment management and other supply chain-related tools and services. For more information, visit www.ghx.com and The Healthcare Hub.