PrimeRevenue, the global leader in working capital and B2B payment solutions, published its new eBook, How Supply Chain Financing Brings the Healthcare Supply Chain to Scale.
“Global supply chain shortages have created a domino effect of issues for healthcare manufacturers. With raw material shortages for drugs and medical devices creating a bottleneck effect, about 80% of US hospitals have reported supply shortages forcing them to seek out new suppliers”
Written for pharmaceutical and medical product manufacturers, the guide provides an analysis of the challenges currently facing healthcare suppliers—and outlines the ways in which supply chain finance addresses those challenges by optimizing working capital and reducing supply chain risk.
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“Global supply chain shortages have created a domino effect of issues for healthcare manufacturers. With raw material shortages for drugs and medical devices creating a bottleneck effect, about 80% of US hospitals have reported supply shortages forcing them to seek out new suppliers,” said PJ Bain, CEO, PrimeRevenue. “For manufacturers and suppliers of all sizes, supply chain financing can offer a viable, effective path for funding their next business initiative.”
Among the benefits of supply chain financing:
- Earlier access to payments
- Multi-funder structure
- Improved cash flow
- Positive supplier relationships
- Increased financial agility
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The eBook presents the case study of Boston Scientific, which, since implementing its supply chain finance program, has gained nearly $100 million in working capital. This has helped the company expand its product portfolio through numerous acquisitions, including the acquisition of Apama Medical, a developer of atrial fibrillation technologies, for over $300 million in cash (including $175 million upfront).
Further, in the last 12 months, healthcare suppliers got paid 77 days early on the PrimeRevenue platform, trading on day 17, on average. These suppliers took payment on more than 80% of available invoices.
In August, PrimeRevenue also released its AP Efficiency Calculator, a tool designed to help companies fully understand their annual savings potential from implementing an AP automation solution.
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