This ongoing reliance on paper-based health payments, he said, leads to missed or late claim payments at a time when healthcare providers are struggling with working capital issues, causing longer wait times for payments that are compounded by other inflationary effects. “They’re limited by severe cost restraints, and they just don’t have the required amount of staff to handle the volume.” They simply can’t keep up with the volume,” Masko said, noting that many healthcare systems are still recovering from the pandemic. “Healthcare AR departments are overwhelmed by the deluge of check payments. While there are numerous reasons for making this switch, Stephen Masko, vice president of business development at Boost Payment Solutions, told PYMNTS that the transition can’t happen fast enough to relieve pressure on the accounts receivable (AR) teams that are swimming in paper. As the focus on improving commercial payment flows in healthcare intensifies, virtual cards are increasingly being tasked with taking up the slack while being pitted against the sector’s predominant payment method: paper checks.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |