LocumsMart users now have the ability to configure payment accounts within the LocumsMart platform. These automated clearinghouse, or ACH, payments provide benefits to all parties in the temporary staffing market by lowering labor costs, speeding up payment processes, and expanding the range of data users can analyze via KPI reports.
In the locum tenens world, cash flow is key. Because this system allows a hospital to remit payment much faster and eliminate the need to wait a few days while the check is in the mail, a vendor can dramatically reduce its AR days outstanding. Vendors often use various financing mechanisms to bridge the gap between paying their Providers and receiving payment from the Facilities where they are working, so shrinking that gap allows Vendors to save money on interest rates and fees.
Our system also makes it easy for Vendors to encourage this speediness in the form of discounts. A Vendor and HCO can work out a tiered system to lower rates in exchange for faster payment. For example, a Vendor could offer an incentive of 0.5% off the agreed upon rates in the Confirmation Agreement if the HCO remits payment within 30 days, a full 1% if it remits payment in 25 days, and so on.
This can all be done automatically, and because the entirety of the payment system is handled electronically within the same system, users spend less time on paperwork. LocumsMart offers these features to all of our users for free, because the ACH payment system provides efficiency and savings at both ends of the equation.
As a LocumsMart user, you can set up this functionality yourself. Simply find the Billing tab under the Administrative section of LocumsMart. As a Healthcare Organization, you can add your billing information. As a Vendor, you can configure the bank account information where you wish to receive payments. LocumsMart support is always available to help you if you have any questions about the process.