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Web Invoicing To See Solid Growth Through 2010
20.10.2005 (epaynews) Web-based electronic invoicing solutions will deliver more than 6 billion invoices over the next five years, at a 31 per cent compound annual growth rate, a new PayStream Advisors report predicts. EIPP (electronic invoice presentment and payment) solutions are believed to be reaching a prime time as corporations seek automated tools to improve their efficiency, regulatory and compliance issues. Applications with purchasing card (p-card), approval workflow functions and sustainable return on investment metrics are simultaneously encouraging corporate interest in EIPP solutions.
Within the healthcare sector, electronic invoicing functions are being added to patient enrollment software to provide added value, enable healthcare insurers to cut costs and streamline patient billing processes. Insurers save up to USD 9.50 for every invoice that is electronically generated, given the elimination of manual, error-prone processes, resolution of disputes via automated reconciliation and collection of payments online. For insurers with multiple lines of businesses, web-based invoicing is particularly suited to providing enterprise-wide, consolidated invoicing services.