Groundbreaking Intelligent Pay service includes payables funding and dynamic discounting to maximize cash flow and increase revenue
Portland, Ore, March 4, 2013
Inworks® Servicing, LLC, a Portland-based financial services company specializing in cost-reduction and revenue-building strategies for healthcare systems, today announced its Intelligent Pay platform for AP automation and payment optimization. Backed by a 35-year history of innovative technologies for e-commerce and Web-based financial services, the new e-pay platform offers healthcare systems and their suppliers the broadest choice of secure, cost-saving and efficiency-boosting payment methods. The breadth of payment methods not only allows healthcare institutions to select a system that best suits their needs, it also offers their suppliers more appealing payment options and encourages them to participate in the hospital’s e-payment program.
The Inworks Intelligent Pay platform includes DirectPay, the most comprehensive buyer-initiated payment method. DirectPay is a card-based automated payment method with a guaranteed lowest interchange rate and batch payment feature. It provides a 100 percent secure and effortless alternative to traditional credit card payment methods.
The company also offers TransactPay, a seller-initiated payment method and the most comprehensive single-use payment system available for healthcare AP. TransactPay simplifies the payment process for the hospital and its suppliers, reduces paper use, increases security and accelerates supplier cash flow.
In addition to DirectPay and TransactPay, the Intelligent Pay platform also includes Inworks Connect, a program that provides upfront payables funding and payment optimization through the Inworks private network. Inworks Connect not only boosts efficiency and saves costs, it also helps hospitals increase revenue through discounts on invoice payments. And, because Inworks Connect is a private network, not a credit card, funds go directly and immediately to the supplier’s bank, ensuring the fastest, most reliable and most secure method of payment.
"We're excited to be the first to offer healthcare a complete range of e-payment options, which is the surest way to help institutions maximize their days cash on hand and realize added revenue from invoice rebates," said Inworks president and CEO Don Carlson. "Intelligent Pay benefits suppliers, too, because it guarantees them on-time, hassle-free payments and saves administrative costs. It's a win-win solution."
The Intelligent Pay platform is the e-payment technology of Inworks’ comprehensive Strategic AP® program. Strategic AP includes AP payment and invoice automation, and an AP funding arrangement through which Inworks pays supplier invoices up front on behalf of the hospital, allowing the hospital to repay invoice amounts on extended terms. This service helps hospitals maximize their working capital and increase revenue through rebates on paid invoices.
Inworks Servicing, LLC
About Inworks Servicing, LLC
Inworks Servicing, LLC is a division of CollegeNET, Inc., developer of Cloud-based administrative and accounting technology for academic healthcare institutions, hospitals, colleges and universities. Based in Portland, Oregon, Inworks Servicing is headed by successful healthcare, banking and business professionals, and is founded on more than 30 years of electronic transactions expertise. The company provides a highly secure and reliable vehicle for electronic transactions and allows hospitals and healthcare systems to maximize their working capital while building stronger relationships with their suppliers.
For more information about Inworks Servicing, LLC, please visit inworks.com.