Boost Payment Solutions, Inc., is partnering with Global Healthcare Exchange (GHX) to help healthcare organizations pay suppliers with commercial cards, Boost announced today (Nov. 17), in a press release emailed to PYMNTS.
The collaboration will optimize payment processes for GHX’s clients, making it easier and more efficient for healthcare institutions to pay using commercial card programs and navigate complex settlement requirements.
“Boost’s commercial card solutions will help our customers reduce friction in paying suppliers, further driving out cost and inefficiency from payment processes,” said Rob Alcock, general manager of ePay at GHX, in the press release.
GHX is a trading partner network that connects companies that sell, buy and use healthcare products used in patient care delivery.
“We're excited to collaborate with GHX and to offer their portfolio of healthcare providers Boost’s suite of technology-enabled products and proven supplier enablement strategies designed to maximize commercial card use and acceptance,” said Dean M. Leavitt, founder and CEO of Boost Payment Solutions, in the release.
Boost Intercept, Boost’s straight-through processing platform, automates manual payments and reconciliation processes, making it easier for organizations of all sizes to use and accept commercial cards.
Commercial cards have become an effective cash management solution, especially during the pandemic’s disruptive effects on how organizations choose to pay and hold cash. “Utilizing cards and shifting away from checks, wire and ACH provides a new credit instrument,” Leavitt said in a recent interview with PYMNTS.
“This collaboration is especially timely as many healthcare organizations are struggling with financial solvency. It’s more important than ever that we aid our customers in better managing working capital and stabilizing cash-on-hand,” said Alcock in the release.
The disruption is especially prevalent in healthcare institutions, struggling to keep up as COVID-19 cases surge and more profitable elective procedures are delayed. The American Hospital Association recently predicted that the pandemic will cost U.S. hospitals $323 billion by the end of 2020.