CHARLOTTE, N.C. – AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, is launching AvidPay and AvidInvoice for the long-term healthcare and social services industry. By eliminating manual, back-office processes through the automation of their accounts payable and payments, healthcare and social services organizations can reduce operational costs and focus resources on more impactful initiatives for patients and residents. With AvidXchange, care facilities also gain greater visibility and control over financial data, helping them meet increasing regulatory and HIPAA compliance requirements with in-depth reporting capabilities and an easily referenceable audit trail.
“75 percent of payments are still made with paper checks in the healthcare and social services industry, which means care facilities have a huge opportunity to save costs and increase efficiency by shifting to e-payments,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “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.”
AvidXchange solutions integrate seamlessly with the healthcare industry’s most widely used accounting systems, delivering a unified user experience where critical information is automatically populated in AvidInvoice and AvidPay. AvidInvoice increases AP efficiency by shortening invoice lifecycle times and streamlining workflows, while also delivering multi-location functionality to easily manage several different facilities on the same system.
AvidPay completes the AP process with e-payments, providing access to the AvidPay Network of more than 500,000 suppliers. This includes the vendors that most healthcare and social services organizations are already doing business with, so customers can begin paying their most important suppliers immediately through the network. The AvidPay Network also allows organizations to offer multiple payment options including virtual card and AvidPay Direct, an ACH+ product that enables faster payments paired with rich remittance data.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processed 9.5 million payments last year across its network of more than 500,000 suppliers, transforming the way 5,500 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,300 employees in seven office locations. For more information, visit www.AvidXchange.com.