Dear Colleague,
As we look at ways to support practices, a key focus is improving cash flows and in particular expediting payments wherever possible. Recognising that Primary Eyecare Services serves as a not-for-profit, and therefore has limited cash reserves itself, we wanted to share a few updates which we believe will benefit all concerned:
Recovery of Funds
A key driver for early payments is ensuring that commissioners pay in a timely manner. To drive this, we have improved our own internal invoicing process meaning that commissioners now receive invoices up to 5 days quicker than last year. In addition, from January we have implemented a more rigorous and automated credit control system which will ensure all outstanding invoices are chased at bi-weekly intervals, with escalation routes established at various points through this process. We believe that through this we will see more prompt payments from commissioners.
Payments to Practices
Like our internal outward invoice processes, we have improved our systems for making payments to practices. This means that any payments received by us are promptly paid to practices within 3 days, which we aim to reduce to one day in the coming months.
To allow quicker payments, we will be reducing the detail provided in your payment references from February. To support this, we will issue automatic electronic remittances each time a payment is made to you. Currently, your remittances will be issued to the nominated finance email, however if this is incorrect, please contact us through hello@referral.support where we will make the necessary changes for you.
Commitment from Primary Eyecare Services to Practices
We recognise the importance of cash to all businesses and whilst we continue to strive to ensure regular and prompt payments, we are in turn reliant on payments being received promptly. However, we believe that the processes in place will ensure payments are received quicker than before and as such where we do have any payments becoming 3 months overdue, Primary Eyecare Services will make payment to practices prior to commissioners paying us.
As you can imagine, this will place additional burden on Primary Eyecare Services own cash reserves, and whilst this cannot always be guaranteed, we believe this is an ambition we can deliver.
I hope this commitment and change in process provides some assurances to you of our continual efforts for improvement and support to practices, which we hope only continues and further improves over the course of the year.
Please submit any queries concerning the above through Help Scout and they will be subsequently passed on to the finance team.
Kind regards,
Sam Carr
Finance Director - Primary Eyecare Services |
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