Priority Technology Holdings, Inc. (NASDAQ: PRTH) has launched Ambient, a new platform for Individual Coverage Health Reimbursement Arrangement plan payments and administration, the company announced.
The new solution aims to streamline the administration of ICHRAs, which are employer-funded health benefits that allow companies to reimburse employees tax-free for individual health insurance premiums and qualified medical expenses.
"ICHRAs are experiencing rapid growth in the U.S., driven by their flexibility, potential cost savings, and ability to expand health coverage options," said Jim Mrowka, chief operating officer of Priority's Ambient business unit. "Of particular note, ICHRAs allow many small- and medium-size businesses to offer health benefits to their employees for the first time."
According to the HRA Council, 83% of new ICHRA adopters previously offered no health insurance to their employees.
The move represents another step in Priority's strategy to expand its unified commerce solutions beyond traditional payment processing. Priority CEO Thomas Priore highlighted how the new offering aligns with the company's mission to help businesses grow.
"Helping businesses grow and prosper is in our DNA," Priore said. "ICHRAs are primarily a health benefit, but their structure and flexibility create positive ripple effects for the whole business, from financial management to employee satisfaction."
The platform offers tools to manage election and substantiation processes, generate customized plan documents, and streamline payment administration, potentially reducing administrative burdens while providing a valued employee benefit.
More information about the Ambient platform is available at ambienttpa.com.
The original press release can be found on BusinessWire.
Priority is the payments and banking solution that enables businesses to collect, store, lend, and send funds through a unified commerce engine. Co-founded by Thomas Priore, who serves as chairman and CEO, the company has grown to become the fifth-largest nonbank payments processor in the United States. The platform combines payables, merchant services, and banking and treasury solutions so leaders can streamline financial operations efficiently, and innovative industry experts can help businesses navigate and build momentum on the path to growth. With the Priority Commerce Engine, leaders can accelerate cash flow, optimize working capital, reduce unnecessary costs, and unlock new revenue opportunities. For more information, visit prioritycommerce.com.