Like most public and private sector organisations the NHS has a challenge: how to do more with less. The difference is that when it comes to the health service, resources are stretched to the limit, and major process changes are tough to implement or have already been tried. This is where Optal can help. By using our innovative platform for supplier payments, NHS finance chiefs can earn much needed extra revenue on each transaction.
The NHS has a well-documented challenge: finding the resources it needs to meet unprecedented demand for its services within the constraints of its funding. One area few under pressure finance leaders in the public sector have had time to consider, is supplier payments. The NHS has a large and complex web of supply chain relationships including drug-makers, laundry services, IT consultants, medical device manufacturers and more.
Unfortunately, current payment processes involving BACS, cheques and other legacy methods are inefficient, time consuming and carry operational risk. They also add extra cost via bank charges, admin overheads and potential fraud. Wouldn’t it be great to find an alternative which turned a traditional cost centre into a revenue stream?
Driving new revenue streams
Optal’s Virtual Account Number (VAN) solution relies on 16-digit, automatically generated, single-use Mastercard numbers to pay suppliers. They offer customers the opportunity to earn on every payment transaction — which could result in a significant revenue boost for many NHS Trusts.
Payment is fast and accurate, and reconciliation is automatic and immediate. That means you not only save money on bank charges, but can also reduce admin overheads and eliminate manual errors. Transactions can be enhanced with enriched data to improve auditability and reduce the risk of fraud.
This is not about forcing stretched NHS staff to become even more efficient. Nor is it demanding a large-scale rip-and-replace of legacy IT systems. It’s a simple optimisation of current payment processes to drive increased revenue and cost savings.
Optal VANs are already bringing easy sources of benefit to businesses in countless industries. Now it’s time to introduce them to NHS organisations, with pilots planned for the coming months.