Electronic Payment Platform Offers Hospital and Suppliers the Most Payment Options
Portland, Ore, October 1, 2013
Inworks® a Portland-based financial services company specializing in revenue-generating AP strategies for hospitals and healthcare systems, today announced that it has contracted with Athens-Limestone Hospital in Athens, Alabama, to administer the Inworks Strategic AP® program. The Strategic AP program maximizes efficiency and reduces expenses for the hospital while enabling the hospital to generate additional revenue from rebates on paid invoices — all at no cost to the hospital.
The Inworks healthcare finance specialists designed a strategic plan based on the hospital's specific needs, implemented the Inworks automated payment system, and managed supplier contact and onboarding on the hospital's behalf, without placing any demands on the hospital’s administrative time or resources. Thanks to Inworks’ Intelligent Pay platform, which offers a broader choice of electronic payment methods than any bank or conventional credit card program, the company can offer more attractive options to suppliers, thus ensuring maximum supplier participation in the hospitals e-payment system.
The Inworks Strategic AP program also provides the hospital upfront funding for payables, enabling on-time or early payment of invoices, which increases days cash on hand and generates invoice rebate revenue for the hospital.
"Bringing in revenue through our AP department is a major benefit to Athens–Limestone," said Leigh Stinnett, Controller for Athens–Limestone. "We chose Inworks because they have a strong reputation here in the Southeast, and because their e-payment platform will help us boost our bottom line."
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. In addition to managing the payment process, Inworks provides a complete range of secure payment methods, which benefits healthcare systems as well as their suppliers. 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 Servicing, LLC
About Athens-Limestone Hospital
Athens-Limestone Hospital is a locally owned, non-profit hospital located in Athens, Alabama. Focusing on serving the health needs of the Tennessee Valley Region, ALH is the first hospital in North Alabama to be a Studer Group Partner.
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.