Supplier participation is the key to a successful electronic payment (ePayables) program. Unfortunately, many banks and payment solution providers severely underperform in supplier onboarding, which consequently leaves the burden of supplier onboarding on the hospital. Yet selling suppliers on the benefits of ePayables is not one of the core competencies of hospitals. Consequently, hospitals are left with ePayables programs that, on average, address only 10%-15% of their supply spend.
To ensure that the hospital realizes the benefits of ePayables, it is important to partner with a third party payment solutions provider that takes responsibility for contacting, educating, and enrolling suppliers the hospital’s ePayables program. By partnering with such a payment solutions provider, the hospital:
- Maximizes rebate revenue by increasing supplier volume
- Improves AP process efficiencies
- Reduces payment processing costs by increasing electronic payments.
Don’t settle for an undeforming ePayables program. Contact Inworks to partner with the payment solution provider with 3x the payment industry average in supplier participation. And remember—increased supplier participation equals more rebate revenue