Inworks® a Portland, Oregon-based financial services company specializing in revenue-generating AP strategies for hospitals and healthcare systems, today announced it has increased its electronic payment options to provide a selection of "pull" and "push" payment methods, both through the credit card networks. The company’s offerings now include DirectPay, buyer initiated (or push) credit card payments and TransactPay, virtual (or pull) credit card payments, as part of its Intelligent Pay AP optimization platform. With these latest technologies, Inworks provides more payment methods than any other healthcare financial services company, and brings greater efficiency and financial benefits to healthcare institutions as well as their suppliers.
By providing more payment method options, Inworks helps its healthcare clients significantly increase supplier participation in their e-payment systems. Inworks healthcare clients achieve supplier participation rates of 30 percent or greater in their e-payment systems, compared to the industry average of 10 to 15 percent.
Through the DirectPay process, Inworks enables its healthcare clients to pay invoices via automatic deposit directly to their suppliers' financial institutions, while the TransactPay option enables suppliers to charge sales directly to customer account numbers they keep on file. Together with the company's other e-payment options, including the Inworks Connect private financing and payment funding, the Inworks Intelligent Pay platform offers a unique alternative for institutions accustomed to relying solely on commercial credit cards or ACH payments for their AP transactions.
"Our Intelligent Pay platform appeals to suppliers because it allows them to choose the payment method that best suits their needs," said Inworks CEO Don Carlson. "It’s a win-win solution for hospitals and suppliers - suppliers are assured reliable, on-time payments and improved cash flow, while hospitals enjoy increased automation and rebate revenue."
A full-service AP optimization company, Inworks offers its Intelligent Pay platform as a part of its comprehensive Strategic AP® Program. The Strategic AP Program helps healthcare systems maximize working capital through a Web-based, automated payment and remittance system that streamlines the AP process and reduces administrative costs. It includes an AP funding arrangement through which Inworks pays supplier invoices up front and allows the hospital to repay invoice amounts on extended terms. This funding arrangement allows the hospital to maximize it number of days cash on hand and take full advantage of increased working capital. Inworks provides these services at no initial cost to the hospital or healthcare system. Suppliers, in turn, can rely on consistent, on-time payments, which accelerate growth and eliminate collection costs.
Inworks is headed by healthcare, banking and 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.