IU Health accelerates payments to Indiana suppliers to help ensure delivery of care
May 15, 2020
INDIANAPOLIS – To help Indiana suppliers during the partial economic shutdown, Indiana University Health has launched an employer initiative to accelerate payments for purchased products and services. The initiative aims to boost cash flow for the many Indiana-based businesses that supply needed goods and services to healthcare providers and other Central Indiana companies during the global COVID-19 pandemic.
“IU Health relies on its many vendors to support patient care and operations and knows some suppliers are financially struggling during this pandemic. As an anchor business, IU Health is able to fast-forward payments to its in-state vendors and help strengthen their financial viability during this critical time, helping to assure they continue to be here for our patients and serve our vital healthcare industry,” said Jenni Alvey, senior vice president and chief financial officer of IU Health.
IU Health will expedite the processing of over $5 million a week in billings into the accounts of its in-state vendors. The dozens of Indiana vendors who will see expedited payments from IU Health include many small businesses and women- and minority-owned enterprises. The accelerated payments will continue through at least July 4, consistent with Gov. Holcomb’s timeline to safely reopen Indiana’s economy.
In the early stages of the pandemic, IU Health also made the decision to allow patients to defer payments for medical procedures as a way of helping individuals and families facing financial pressures.
Other member companies of the Central Indiana Corporate Partnership (CICP) have joined IU Health in committing to accelerate payments to their Indiana-based vendors during the pandemic. Other CICP member companies making the commitment include Cook Group, Emmis Communications, Langham Logistics, Lumavate, Monarch Beverage and OneAmerica.
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