81% of Healthcare and 67% of Insurance Firms Use ePayables

Digital innovation is coming to corners of the economy that need it but haven’t necessarily taken those steps yet. That fact is creating a new sense of urgency around digitizing business processes across the spectrum of industry verticals.

We analyze this in the study “Digital Payments: Expanding the Payments Palette,” a PYMNTS and Corcentric collaboration based on a survey of 250 CFOs from healthcare companies, finance firms, and insurance businesses.

As the study states, “businesses have been investing in digital technology to improve the efficiency of their payments operations and get a better grip on their cash flows and working capital, and they are now doubling down on these systems. For example, 53% of healthcare companies and finance and insurance businesses already support real-time payments, and 81% of healthcare companies and 67% of finance and insurance businesses say they plan to continue investing in this technology.”

That makes a strong case for digital upgrades and ePayables, and more companies in these verticals especially are acting on the information by bringing their payments systems up to speed with new integrations that tend to be quick, painless, and with a payoff when it’s done.

According to the research, 37% of both healthcare companies and finance and insurance businesses support ePayables, with 81% of healthcare companies and 93% of finance and insurance businesses supporting ePayables planning new investments in technologies for this payment method. “In addition, the adoption of ePayables appears to be gaining momentum — 39% of the finance and insurance businesses and 59% of the healthcare companies that have yet to invest in this payment method plan to begin spending on the necessary digital technology to support it.”

We conclude that spending plans observed among the respondents “are another sign that a growing number of businesses recognize the need to support an expanded array of payment options to maintain their existing customer bases and attract new consumers in today’s economy. For example, among the 47% of companies that have until now not invested in real-time payments, 92% of healthcare companies and 86% of finance and insurance businesses are planning to spend on the necessary systems and software.”

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