Invoice financial provider CF2H has launched a new accelerated payment platform designed to protect medical professionals to get paid quicker.
Late payments to medical professionals has been somewhat of a concern in the industry caused by operational inefficiencies from billing providers.
CF2H cited that the real issue stems from the complexity and sheer volume of invoices that are overwhelming billing companies, which often serve as intermediaries between doctors and insurers.
There is also a lack of investment in modern technology within the medical industry, compounded by billing companies unable to switch off their existing processes to overhaul their systems. This inability to modernise while maintaining operations further exacerbates delays, according to CF2H.
The company is now offering a platform that delivers faster same-day payments that automates the billing lifecycle. Invoices will be processed quicker, reducing delays and simplifying the interaction between insurers and billing companies within 24 hours.
Juliet Bentley, CEO of CF2H, said: “Late payments are really an inside job committed by the billing companies that are entrusted to engage with insurers and process invoices quickly.
“Insurers can settle invoices reasonably quickly if the information is accurate and all the paperwork is in order. The real delays stem from overwhelmed billing firms still relying on manual processes or outdated technology that don’t meet the requirements of today’s private healthcare professionals.”
“By providing the opportunity for same-day invoice payments, building our system from the ground up, and collaborating with the best innovators in the country, we’ve invested in the creation of a backend technology that streamlines the billing process, eliminating inefficiencies, and ensuring faster payments.
“This allows medical practitioners to focus on what really matters—caring for their patients.”
