Inworks®, a Portland, Oregon-based financial services company specializing in revenue-generating AP strategies for healthcare institutions, commercial industry and higher education, announced that it has contracted with Magnolia Regional Health Center to provide ePayables services through the company's Strategic AP® program.
As a healthcare provider to six counties in northeast Mississippi and three more in southern Tennessee, Magnolia Regional Health Center began finding their previous virtual card program to be ineffective for their growing needs. When the hospital lost a position in AP and wasn't able to replace it, administrators realized they needed more than a virtual card program; they needed to fully automate the disbursement process and virtually eliminate check printing at the hospital.
MRHC chose Inworks Strategic AP based on its streamlined, low-maintenance features, as well as its superior performance record for optimizing rebate earnings and improving days cash on hand.
Superior Supplier Enrollment and Days Cash on Hand
Prior to payment go-live, Inworks had enrolled over three times the annual payment volume of the hospital's previous virtual card program. The switch to Inworks will also improve the efficiency of MRHC's AP process by automating their payments and eliminating check processing, while optimizing earnings. Inworks is projected to improve days cash on hand at MRHC between 6 to 12.
Magnolia Regional Health Center is a 200-bed acute care community hospital that is jointly owned by the City of Corinth and Alcorn County, Mississippi that is fully accredited by The Joint Commission. MRHC has been in existence since 1965 and has grown into the largest employer in Alcorn County.
Inworks Strategic AP is a full-service electronic payables and invoice automation company. It is headed by healthcare, banking, business, and accounting 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.