March 2, 2021 – Premier Inc. (Charlotte, NC) has acquired substantially all the assets and certain liabilities of Invoice Delivery Services, LP (IDS) for $80 million.
Going forward, IDS will be integrated within Premier under the brand name of Remitra.
The acquisition was funded with borrowings under Premier’s existing credit facility.
IDS is a provider of procure-to-pay solutions in healthcare. IDS offers digitization technologies that convert paper and PDF invoices to an electronic format to automate, streamline and simplify accounts payable processes in healthcare. IDS’s solutions include those for electronic invoicing and tracking, as well as digital payments, where the business currently processes 365,000+ transactions per month.
Premier has been a reseller of IDS’s technologies for more than three years. The company’s capabilities integrate with every major commercially available enterprise resource planning (ERP) technology on the market – including Premier’s. As a result, Premier will be able to offer these capabilities to any health system, regardless of ERP or GPO affiliation.
Also starting immediately, Premier will collaborate with a core group of its largest members (AdventHealth, Adventist Health, Banner Health, Baptist Health, CommonSpirit Health, Texas Health Resources, and others) to enhance the capabilities of Remitra and ensure the offering provides the greatest possible value to providers.
“Remitra will help unlock significant value for health systems by reducing their expenses and enabling them to capture additional prompt pay discounts,” said Michael J. Alkire, President and incoming CEO of Premier. “At the same time, suppliers will also benefit, as manual processes can delay payments by 120 to180 days. Using this technology will cut this time to the bare minimum, making cash flows more predictable and consistent, while lowering administrative costs.”