We recently published a report that discussed digital payables and the many forms of delivery for achieving more efficiencies in the cash conversion cycle processes. The research is entitled Digital Corporate Payables: A Complicated and Changing Landscape, and a major point made is that the procure-to-pay continuum can be fully digitized with a range of technology now available through banks and fintechs. Companies of all sizes can create a more flexible and secure supply chain through adoption of such digital capabilities. In a recent development, one provider of supply chain management solutions in the healthcare vertical decided that an outright acquisition made the most sense for them in creating a better experience in the payments portion of this series of processes. The Global Healthcare Exchange acquired H-Card, also known as Hap-X, a provider of automated payables capabilities, to offer healthcare payments.
This is another example of the continuing efforts to simplify corporate processes, in this case within the healthcare industry, which was mandated to become more digital once the PPACA became law. It offers insight into the key benefits of automating these processes, regardless of industry vertical, and also creating a better set of choices for corporate clients, something banks continue to work on through product offers and collaboration with fintechs.
GHX says it expects that Hap-X will help GHX’s thousands of client hospitals and hundreds of suppliers more efficiently manage payments. “With this acquisition we are creating a payment exchange available in healthcare’s largest business process network and offering payment method choices so that the trading partners can decide what is most effective,” says Bruce Johnson, CEO and president of GHX.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
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