Priority and Procurement Partners Announce Strategic Partnership
CPX integration brings best-in-class payment solutions to healthcare providers
ALPHARETTA, Ga., Jan. 13, 2022– Priority Technology Holdings, Inc. (NASDAQ: PRTH) (“Priority”), a leading payments technology company helping customers collect, store, and send money, has announced a strategic partnership with Procurement Partners, a provider of procure-to-pay (P2P) solutions for post-acute care and senior living communities.
Under the partnership, the integration of Priority Commercial Payments Xchange (CPX) into Procurement Partner’s eProcurement platform will streamline accounts payable solutions for over 100 healthcare organizations and over 200 integrated vendors who provide equipment to nearly 2,000 healthcare facilities across the United States.
“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.”
CPX offers automated solutions for virtual card, ACH with terms and check through single payment instruction file along with critical reconciliation data regardless of payment method accepted by suppliers. “Procurement Partners integration with CPX exemplifies their dedication to bringing the best solutions to their healthcare partners,” said Stephen Tackett, Executive Vice President 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.”
Engineered to help buyers and suppliers find the intersection of value, CPX powered by Priority eliminates inefficient manual processes while accelerating payments and managing transaction costs for suppliers.