Procurement Partners, which works on procure-to-pay (P2P) services for healthcare providers, has received an investment from Serent Capital, according to a press release.
Serent Capital typically focuses on technology and tech-enabled services companies, and Procurement Partners utilizes an eProcurement platform in order to give customers an automated, end-to-end solution for the full purchase cycle from product selection to vendor payment. Through 100 percent invoice integration, the service boasts improvements to savings, and offers a compliance audit feature that can help vendors cut spending.
Rusty Zosel, CEO of Procurement Partners, said the company was “delighted” for the new relationship with Serent, saying that the firm “shares our values, has deep healthcare and technology experience, and supports Procurement Partners with the tools and resources to accelerate our growth while still allowing us to deliver best-in-class service to our buyer customers and vendor partners,” according to the release.
“With Serent’s partnership, we look forward to delivering efficient procurement automation solutions and cost savings to even more customers,” he said.
“Rusty and the Procurement Partners team have built a solution that is well-loved and delivers tremendous value to its customers,” stated Kevin Frick, co-founder and partner at Serent Capital, according to the release. He continued, “We’re excited to bring our healthcare experience and resources, including our Growth and Human Capital Teams, to help them scale their reach and grow their team.”
Procurement Partners is Serent Capital’s ninth investment in the health care world, with some previous ones including Axiom Medical, Cardon Outreach and Employer Healthcare Direct.
Procurement Partners also recently worked with CHAMPS Group Purchasing to let CHAMPS members access things such as ordering controls with more compliance with contracts, electronic order approval workflows and higher levels of transparency, which can result in savings of 10 percent or more, PYMNTS writes.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More