The CommerceHealthcare® AP Card converts paper-based supplier payments to virtual card payments
How do you help healthcare organizations navigate the biggest challenges in healthcare?
CommerceHealthcare® assists health systems, hospitals and practices in several ways, one being in their recovery from economic disruptions, such as the pandemic, to achieve long-term financial health. The bank also helps healthcare organizations innovate to meet urgent mandates to improve the patient financial experience and enhance market position in the face of rising consumerism and heightened competition.
One of our Peer-Reviewed payment solutions that help address those challenges on the payables side is our CommerceHealthcare® AP Card, which converts paper-based supplier payments to virtual card payments. By using the card, providers can reduce expenses, earn additional revenue, streamline disbursement workflows and create much needed efficiencies that free up staff to focus on other activities.
What advice would you offer to healthcare leaders when choosing among vendors?
Healthcare organizations seek a relationship with a financial partner that is collaborative, not just transactional. The right financial institution meets customers at their point of need. That first involves listening to customers to determine where there are opportunities for improvement that align with their initiatives and challenges. That involves a commitment to platform- and technology-agnostic integration that permits working with an organization’s existing systems and parties. Look for experienced solution providers who complement the technology and workflow solutions with the ability to play a truly advisory role, recommending ways to meet changing demands.
What is some advice you can give providers for a successful implementation of a new product or service?
A good solution provider should manage the enrollment process for you. Their team should be able to identify the vendors most likely to accept virtual card payments. They should also have the experience and knowledge needed to secure acceptance without impacting your supplier relationships. You can aid the process by sharing your suppliers’ payment acceptance criteria, if available.
Equally important is to ensure diligence in collaboration. For example, many virtual card programs underperform because the card vendor fails to maintain strong initial enrollment outreach and persistence in approaching new suppliers as they come on board.
- 2 years on the Short List
- 100% of peer reviewers agree or strongly agree that they would recommend our AP Card solution to colleagues.
- 95% strongly agree or agree that the product delivers good value for the cost.
- 83% strongly agree or agree that our AP Card program has resulted in enhanced productivity.
CommerceHealthcare® develops long-term banking relationships with healthcare providers through automated payment solutions, patient financing, lending, investing and asset management. To deliver the best patient care, health systems, hospitals and physician practices need financial results, not promises. Tailored, ROI-based solutions enable providers to find cost savings, improve cash flow and leverage new opportunities in everyday processes. From remittance processing to patient loan programs, cash flow to self-directed money management strategies, CommerceHealthcare® helps providers improve processes, increase margin and reduce financial risk. CommerceHealthcare® solutions are provided by Commerce Bank. To learn more, call 833.582.3021 or visit commercehealthcare.com.
CommerceHealthcare® solutions are provided by Commerce Bank.
To learn more about HFMA’s Peer Review program, visit hfma.org/peerreview.