The payments technology firm Priority Technology Holdings has launched a partnership with Procurement Partners, which provides procure-to-pay (P2P) solutions for post-acute care and senior living communities.
The collaboration, announced Thursday (Jan. 13), will see the integration of the Priority Commercial Payments Xchange (CPX) into Procurement Partner’s eProcurement platform. The companies say this integration will streamline accounts payable (AP) solutions for more than 100 healthcare organizations and more 200 integrated vendors servicing close to 2,000 U.S. healthcare facilities.
“A partnership was formed with Priority to strengthen our P2P solutions, and CPX will provide our healthcare partners greater efficiencies by transforming time-intensive AP processes into streamlined strategic working capital management,” said Deb Woods, chief operating officer of Procurement Partners.
“Together, our technology will help our current and future clients achieve a time savings of up to 40% and reduction in annual spend of approximately 10% while gaining greater control, better visibility into cash flow, and stronger supplier relationships,” she said.
The companies say CPX provides automated solutions for virtual cards, ACH and checks, as well as critical reconciliation data, regardless of which payment method suppliers accept. It also eliminates inefficient manual processes while speeding up payments and managing suppliers’ transactional costs.
“Procurement Partners’ integration with CPX exemplifies their dedication to bringing the best solutions to their healthcare partners,” said Stephen Tackett, EVP and head of the B2B division of Priority Technology Holdings.
“Our seamlessly combined technology will provide P2P customers with a fully transparent interface, deep reporting and real-time insights into payment status and supplier acceptance while increasing bottom-line revenue,” he said.
This partnership arrives just days after Priority announced it was working with the Brink’s Company on a project that combines both businesses’ services, joining Priority’s debit and credit card processing with BLUbeem, Brink’s new digital cash payment solution.
See more: Brink’s, Priority Partner on Digital Cash Solution
