Award win for Taulia and NHS
NHS Business Services Authority (NHSBSA) and Taulia (www.taulia.com) and have been recognized with a prestigious Bobsguide Partnership Award for the Best Fintech Implementation Project Management.
Paying pharmacy contractors on time is key to avoiding supply chain disruption and ensuring the British public has access to fully stocked pharmacies. Last year, NHSBSA launched a new Pharmacy Earlier Payment Scheme (PEPS) with Taulia and funding provider Greensill Capital.
The scheme, which was launched in just eight weeks, helps pharmacies accelerate funds owed to pharmacy contractors while avoiding the need for time-consuming KYC processes. Over 1,500 contractors have now transitioned to the new program, which has accelerated over £1 billion of early payments in the last year.
“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,” says Martin Kelsall, Director of Primary Care Services at NHSBSA.
“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.”
Taulia has further supported the program by arranging workshops and building a website to educate pharmacy contractors about the scheme (https://customers.taulia.com/nhs-bsa). Contractors participating in the scheme have been able to improve their cash flow, reduce their cost of borrowing and invest in growth in an uncertain market.
“We are 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.”