This story was first published in digitalhealth.net
NHS Wales implements new early payment programme
NHS Wales is embarking on an innovative early payment programme for its suppliers.
The programme will create an additional income stream for the health boards and trusts across Wales to reinvest in essential services and help it achieve greater efficiencies through a more effective purchasing process.
The organisations, which provide care to three million patients and employs over 72,000 staff, is working with Oxygen Finance to improve its purchase to pay (P2P) solution, as part of a wider efficiency drive.
Through the implementation of new payment technology, the programme will offer suppliers early settlement of their invoices in exchange for a discount directly proportional to how quickly the payment is made.
NHS Wales has an annual spend of more than £4 billion on goods and services and the programme is protected to deliver savings of around £9 million over the contract period, alongside further benefits down the supply chain.
As part of the programme, Oxygen Finance will be delivering a package of support to include expert process and change consultancy, a team to bring suppliers onboard and secure technology, integrated with the health authorities’ existing ERP system, so that transactions can be processed without intervention.
Russell Ward, head of Accounts Payable and eEnablement at NHS Wales Shared Services Partnership, said: “We see this as a win-win scenario. The programme will not only open up a welcome new income stream, but crucially allows us to develop better relationships with suppliers and vastly improved efficiency across our procurement systems.”
Ben Jackson, chief executive of Oxygen Finance, said: “Our approach to early payment has proved to be hugely successful for our local authority clients and it is an exciting prospect to take this into the healthcare arena.
“We work collaboratively, embedding ourselves in our client’s organisation, working closely with their finance and procurement teams as well as suppliers, to ensure maximum return.”
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