Many sectors are being forced by the pandemic to reconsider their business-to-business (B2B) payment procedures in order to foster more streamlined and cooperative relationships with their suppliers. Healthcare is a sector that may require seamless vendor connections more than any other, since ensuring that patients receive the life-saving treatment they require depends on a consistent and trustworthy source of high-quality medical supplies.
However, the healthcare sector falls behind in the digitalization of payments, particularly when it comes to the purchase of medical supplies. Up to 85% of payments are still made using checks or other paper-based procedures, and many staff members still use manual labor to complete tasks like accounts payable and invoicing. When supply chains are disrupted and hospitals are forced to search overseas for the materials they require, these lengthier processes can cause friction in the procurement process.
The special difficulties faced by the healthcare supply procurement sector, as well as the reasons hospital systems are lagging behind their competitors in other industries in the digitization of their invoicing and payment procedures. Additionally, The Tracker provides information on how automating these procedures may strengthen ties with suppliers and increase financial results on both sides of the procurement equation.
Related to the B2B Healthcare Payments Sector
According to a recent survey, extended payment delays for some enterprises are to blame for the economic slump in China, where growth is expected to fall this year by over half compared to 2021. Commodity prices have surged in China, driven by a general economic slump and fueled by the epidemic, supply chain disruptions, and ensuing restrictions.
A recent analysis claims that a significant rise in payments on the ACH Network may be attributed to increases in both B2B payments and the same-day payment limit. On March 18, the network increased the daily payout cap to $1 million. With a value of more than $290 billion, those transactions increased by 53% over the previous year thanks in part to this growth.
