Hospital Increases E-payables Portion of its Total Supply Spend by $10 million in First Six Weeks
Portland, Ore, January 23, 2013
Inworks® Servicing, LLC, a Portland-based financial services company specializing in revenue-generating AP strategies for hospitals and healthcare systems, today announced that its AP automation and e-payables optimization platform has helped East Alabama Medical Center increase supplier participation in their electronic payments system, maximizing efficiency and reducing expenses for the hospital.
Within six weeks of adopting the Inworks AP automation platform, EAMC experienced significant expansion of its invoice rebate program, including an increase in expenditures represented by participating suppliers to 30 percent of Supply Spend, and the addition of seven major national suppliers, each representing more than $1 million in annual expenditures at EAMC.
With total annual expenditures of $115 million, EAMC had been using a virtual credit card payment system for two years with better than average success in building supplier participation, but its lack of alternative payment options ultimately limited the number of suppliers willing to enroll in the EAMC e-payment program. The Inworks healthcare finance specialists designed a strategic plan based on the hospital's specific needs, implemented Inworks' automated payment system, and managed supplier contact and onboarding on the hospital's behalf — all without placing any demands on EAMC administrative time or resources.
"Inworks has special skills and technology to secure and retain even our largest suppliers," said Megan Thompson, EAMC Accounting Manager. "Bottom line, the people at Inworks understand and care about our needs and performance, and work hard to earn our business every week — everything you would want in a partner."
The Inworks AP automation and e-payables optimization platform helps healthcare systems maximize working capital through a web-based, automated payment system that streamlines the AP process and reduces administrative costs. The Inworks private network of secure payments benefits healthcare systems and their suppliers by providing a selection of secure payment options, in addition to other unique services.
Inworks Servicing, LLC
About East Alabama Medical Center
East Alabama Medical Center is a nonprofit institution, continuously accredited by the Joint Commission since 1959 and ranked among the nation's top 10 percent of healthcare organizations for patient satisfaction. EAMC opened the state's first free-standing inpatient hospice facility in 2000, and has since added a diabetes treatment center, wound treatment center, prenatal clinic, and an assisted and retirement living facility. EAMC is one of only 19 hospitals nationwide to be listed among the Top 100 Heart Hospitals in the U.S. for three consecutive years.
About Inworks Servicing, LLC
Inworks Servicing, LLC is a company of CollegeNET, Inc., a developer of web-based administrative and accounting technology for colleges, universities and healthcare systems. 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's web-based payment solutions provide a highly secure and reliable vehicle for electronic transactions and allow 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.