ATLANTA–(BUSINESS WIRE)–PremiumRevenuethe global leader in B2B working capital and payment solutions, today released its new eBook, How Supply Chain Finance is Bringing the Healthcare Supply Chain to Scale.
Written for manufacturers of pharmaceutical and medical products, the guide provides an analysis of the challenges currently facing healthcare providers and describes the ways in which supply chain finance addresses these challenges by optimizing working capital and reducing supply chain risk.
“Global supply chain shortages have created a domino effect of problems for healthcare manufacturers. With shortages of raw materials for drugs and medical devices creating a bottleneck effect, approximately 80% of U.S. hospitals reported supply shortages causing them to seek new suppliers,” said PJ Bain, CEO of PrimeRevenue. “For manufacturers and suppliers of all sizes, supply chain finance can offer a viable and efficient route to fund their next business initiative.”
Among the benefits of supply chain finance:
- Early Access to Payments
- Multi-donor structure
- Cash flow improvement
- Positive supplier relationships
- Increased financial agility
The eBook features the case study of Boston Scientific, which since implementing its supply chain finance program has earned 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 more than $300 million in cash (including $175 million in ‘advance).
Additionally, over the past 12 months, healthcare providers have been paid 77 days earlier on the PrimeRevenue platform, trading on day 17, on average. These vendors supported over 80% of available invoices.
In August, PrimeRevenue also released its AP Efficiency Calculator, a tool designed to help businesses fully understand their annual savings potential through the implementation of an AP automation solution.
The full e-book, which provides additional analysis on the process and benefits of supply chain finance for the healthcare sector, can be downloaded here.
As a pioneer in global B2B payments, the PrimeRevenue platform connects the entire supply chain by improving working capital and automating digital payments. Thousands of businesses around the world leverage a streamlined platform to increase payment visibility, improve control, and improve cash flow. PrimeRevenue is headquartered in Atlanta, with offices in London, Prague, Hong Kong and Melbourne. Learn more at www.primerevenue.com and join us on Twitter @primevenue and LinkedIn https://www.linkedin.com/company/primerevenue.
Alex Kofsky / [email protected]