Non-automated invoices also take nearly four times longer to process than electronic versions. For example, the average cost associated with processing a paper check totals more than $7 per transaction, compared to $4 for electronic payments. These processes can almost double transaction and processing fees, which add costs to healthcare. Today, Premier data shows that as many as 70 percent of all invoices are paper-based, and nearly 85 percent of healthcare purchasing is still done manually via paper checks. Going forward, IDS will be integrated within Premier under the brand name of Remitra™.Īccording to Premier’s data, complex processes and fragmented back-office technology platforms used in healthcare have impeded the adoption of automated purchasing and payment solutions. IDS’s solutions include those for electronic invoicing and tracking, as well as digital payments, where the business currently processes 365,000+ transactions per month.
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IDS offers digitization technologies that convert paper and PDF invoices to an electronic format to automate, streamline and simplify accounts payable processes in healthcare. The acquisition was funded with borrowings under Premier’s existing credit facility. (NASDAQ: PINC), a leading healthcare improvement company, today acquired substantially all the assets and certain liabilities of Invoice Delivery Services, LP (IDS), a leading provider of procure-to-pay solutions in healthcare for $80 million.
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