Hospital Credits Inworks’ AP Automation and Financing for Their Achievement
Portland, Ore, November 4, 2013
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 St. Joseph’s/Candler Hospital increase supplier participation in its electronic payment system to over 30 percent of total supply spend. Whereas the current industry average for supplier participation in other e-pay programs is 10 to 15 percent, all of Inworks’ healthcare clients have exceeded or are nearing the 30 percent participation level.
The Inworks Intelligent Pay electronic payment platform facilitates high participation by offering suppliers 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 ACH, credit card, 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.
"The Inworks Intelligent Pay platform has performed very well. Since we started working with Inworks, we’ve actually seen our e-pay supply spend grow from $6 million annually to more than $40 million. Their system has made our AP much more efficient and cost effective." — Tim Beckett, Controller, St. Joseph’s/Candler Hospital
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 electronic Supplier Enrollment Center offers new suppliers an easy and convenient sign-up process.
"We are not a one-size-fits-all service,” said Don Carlson, CEO of Inworks. “We recognize that focusing on meeting the needs of our suppliers as well as our hospital clients benefits everyone. It’s a win-win solution. No one else in the industry can offer the breadth of service and expertise we provide."
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.
About St. Joseph's/Candler
St. Joseph’s/Candler comprises two anchor institutions, St. Joseph's Hospital and Candler Hospital. The hospitals were affiliated in April of 1997, consolidating duplicate services where appropriate and combining nearly 350 years of dedicated healthcare service under one umbrella. St. Joseph's Hospital, located on Savannah's south side, was founded in 1875 by the Sisters of Mercy. In addition to general acute care services, St. Joseph's is known for its breakthrough technology, highly specialized treatments and advanced medical procedures in cardiovascular services, neurological/neurosurgical services, orthopedics, and oncology, among others. Candler Hospital, located in Savannah's Midtown, is Georgia's first hospital (1804) and the second oldest continuously operating hospital in the United States. The hospital is known for the finest in primary care, outpatient services and other specialty services including oncology, digestive diseases, and pulmonology.
About Inworks Servicing, LLC
Inworks is a division of CollegeNET, Inc., developer of Web-based, SaaS administrative and accounting technology for academic healthcare institutions, hospitals, colleges and universities. Based in Portland, Oregon, Inworks is headed by successful healthcare, banking and business professionals, and is founded on more than 35 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.