B2B Payments

Workday Launches Finance, Supply Chain Tool For Health Care

Workday, which develops enterprise applications for businesses to manage financing and other aspects of the workplace, has announced a new venture to boost its offerings to the health care industry.

In an announcement made Thursday (July 9), Workday said it is gearing up to introduce a new application, Workday Inventory, along with more capabilities for its existing Workday Procurement service that is developed specifically for health care supply chain management and procurement needs.

Workday said the new solutions will integrate directly into its financial management tools that allow health care workers to access procurement, human resources and spending management resources all on one system.

The company also said it is working to develop an expanded suite of health care-focused services based on direct feedback from the Workday Healthcare Advisory Council.

Health care providers using Workday already have access to support for organizational restructuring changes, gaps in the workforce and talent and financial analytics. But the new features include resources for industry workers to more closely manage supplier relationships, manage supplier terms and overall drive cost savings thanks to greater visibility in procurement practices.

Health care managers can access supplier contracts and manage inventory levels, manage their procurement and supply chain teams and apply approval and spend controls for corporate purchasing that saves health care suppliers money.

“Health care providers are dealing with a significant amount of complexity,” said Workday Vice President of Industry Strategy and Alliances John Webb. “New regulations, industry consolidation and a shifting patient relationship are changing the way they manage their organizations. With Workday, health care providers will have the people, financial and supply chain insights they need, all in one system built on a flexible foundation from which they can continually adapt and grow in a dynamic industry.”

According to industry players, regulatory changes, especially from the Affordable Care Act, are introducing new challenges to the health care industry. Workday offers these companies an ability to meet new needs while remaining compliant with industry standards and rules.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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