NHS Business Services Authority (NHSBSA) and partner Taulia have won the ‘Best Fintech Implementation Project Management’ category at the well recognised Bobsguide Partnership Awards.
Medicine plays a crucial role and pharmacists work at the frontline of health care to provide vital prescriptions to people in need. So it’s important that pharmacies are paid in a consistent and reliable way. Any disruption to this would affect pharmacies as well as patients.
NHSBSA introduced the Pharmacy Early Payment Scheme (PEPS) in 2018, working with software vendor Taulia and funding provider Greensill Capital. The programme has helped pharmacies get money reimbursed more quickly for prescriptions dispensed.
Some communities only have one pharmacy within reach, so improving their cash flow at a low cost has been crucial in helping people, including those who are disadvantaged and vulnerable.
Martin Kelsall, Director of Primary Care Services at NHSBSA commented about PEPS: “A highly competitive cost of borrowing has been made available to all pharmacists at a fixed rate. Now, participating pharmacists have access to cash far earlier than before, improving their trading options with suppliers and wholesalers. Partnering with Taulia enables the NHSBSA to offer a scheme that is easy to switch to, simple to manage and dependable.
“NHSBSA processes 1.1 billion prescriptions a year. By lending their extensive supply chain finance knowledge, Taulia and Greensill Capital have been able to add real strategic value to NHSBSA’s offering.”
“We’re delighted that this outstanding project has been recognized with a Bobsguide Partnership Award,” said Michael Rieskamp, Head of European Sales at Taulia. “The new scheme benefits not only participating contractors, but also the UK public.”
The Pharmacy Early Payment Scheme has accelerated over £1 billion worth of early payments to pharmacy contractors since it went live on 9th July 2018. To learn more about PEPS and its benefits visit https://customers.taulia.com/nhs-bsa.