Since GHX was founded 16 years ago, we have always looked for ways to leverage provider and supplier connectivity and collaboration to take waste out of the healthcare supply chain. I’m pleased/happy to announce GHX’s acquisition of Hap-X, a healthcare focused payment network that shares that sensibility. Like GHX, Hap-X serves both providers and suppliers. They use the Hap-X platform to take costs out of the payment process and provide better visibility around payment reconciliation, while still allowing customers to decide with their trading partners what is the best payment mode based on specific business transactions. I like to think of it as “Automation with choice.” That’s also a concept that GHX has strived to provide since our founding in 2000.
When GHX first began enabling providers and suppliers to do business together electronically, we quickly learned that to deliver value, we needed to provide an exchange that was flexible enough to meet the needs of customers of all shapes and sizes and with varying degrees of technological sophistication. One of the biggest challenges in healthcare overall is, one size does not fit all. That’s true for clinicians caring for patients, for supply chain leaders procuring products and services to support patient care, and for financial leaders who must manage expenses and cash flow in a challenging business environment.
Separately, GHX and Hap-X have worked to help automate supply chain and payment processes, each providing a single exchange to which customers can connect once and do business with multiple trading partners, while still giving trading partner pairs the choice of deciding how they want to do business with one another. Now, by combining forces, GHX and Hap-X are taking that level of automation to the next level, without sacrificing any of the choice involved.
GHX and Hap-X also share a commitment to improved efficiencies and visibility in the healthcare procure to pay (or order to cash, depending on your perspective) cycle. We just started at different places in the process where we saw opportunities to reduce costs associated with work that does not deliver value to our respective customers or to the patients they serve. As the largest business process network in healthcare, GHX excels at automating procurement, content management, price alignment, and invoice workflow.
Hap-X, meanwhile, has built a significant customer base, with more than 500 facilities using its exchange and associated services, many of which are also GHX customers. Those combined customers now have a more resourceful partner to drive process efficiencies and lowering costs. We look forward to helping introduce Hap-X to the rest of the GHX community, while offering a more compelling business case to those organizations that have not yet taken advantage of either of our networks.
Needless to say, I am excited about the combined supply chain and payment exchange powered by GHX and Hap-X and the value it brings to the largest connected community of providers and suppliers. For years, healthcare has sought the perfect, touchless order, and both GHX and Hap-X have helped automate much of the procurement and payment process. But this is about more than just making an old process more efficient. This is about changing how healthcare does business to be more effective.
We invite our customers – and their trading partners – to use our collective capabilities to redefine their business relationships. Our connected community represents the majority of hospitals in the U.S., as well as many others in Canada and Western Europe, and the suppliers from which they buy the majority of their products. We’ve got the technology to support both automation and access to critical data. More importantly, we have the community. Let’s go make healthcare better, together.