Inworks® a Portland, Oregon-based financial services company specializing in revenue-generating AP strategies for hospitals and healthcare systems, today announced that it has helped its healthcare clients increase supplier participation in their electronic payment systems to an average of 35 percent of total supply spend. The current industry average for supplier participation in other e-pay programs is 10 to 15 percent.
Inworks provides a unique payment services program designed exclusively for healthcare. Its Intelligent Pay electronic payment platform is the only integrated multiple payment method platform for hospitals.
The Inworks Intelligent Pay platform facilitates high supplier participation by offering the industry's broadest range of customized e-pay methods, allowing the company to meet each supplier's specific payment requirements. These payment methods include buyer-initiated payments, virtual card payments, and the Inworks Connect® private network, which provides a complete range of services for secure electronic payment and remittance, in addition to early pay options.
In addition to providing a broad choice of payment methods, Inworks also helps increase supplier participation by managing supplier communication and onboarding for its healthcare clients. The company's extensive healthcare supplier network gives clients immediate access to new e-payment-ready suppliers, while its electronic Supplier Enrollment Center offers new suppliers an easy and convenient sign-up process.
"We set out, not to be the biggest AP services provider, but to make the greatest impact for healthcare finance," said Don Carlson, CEO of Inworks. "At a time when the financial challenges for healthcare providers are becoming more and more complex, we're very encouraged to see our program is achieving such strong results. Improving efficiency and cash by offering more payment options is a winning combination all around – it helps free up resources for hospitals to provide the best possible healthcare, and it fosters strong relationships between hospitals and their suppliers."
The Intelligent Pay platform is part of the Inworks Strategic AP® program, providing AP automation and e-payables optimization to help healthcare systems maximize working capital, streamline the AP process and reduce administrative costs, while enabling them to generate additional revenue from rebates on paid invoices – all at no cost to the hospital. The company also provides independent, up-front funding for payables, allowing the hospital to maintain an on-time or early payment relationship with their suppliers and collect invoice rebate income.
Inworks combines more than 30 years of e-commerce technology with specialized healthcare finance expertise. The company works directly with healthcare suppliers and their customers to establish the most efficient e-payment solutions, including the largest choice of electronic payment methods and independent payables funding. Inworks streamlines and automates the entire invoice payment process, while ensuring suppliers consistent on-time or early payments.
For more information about Inworks, please visit inworks.com.