• +65 6775 2555
  • enquiry@nufindata.com
  • Mon - Fri: 9:00 - 18:00

Supply Chain Financing in the Healthcare Industry

Doctor with a stethoscope in the hands and hospital background.

The healthcare industry in Singapore is one of the busiest in the country, both strategically and financially. With the country’s business sectors constantly moving upward, the call for drastic changes in the health industry is preeminent. In this case, small-to-medium enterprises (SME) will benefit from digital solutions such as supply chain financing.

Since SMEs in the healthcare industry require all the financial help they can get, it’s no surprise that supply chain financing is painted into the picture. Hospitals, clinics, and pharmaceuticals need a steady flow of supplies from manufacturers and distributors. To remain in a consistent relationship with suppliers, healthcare enterprises and businesses can largely benefit from the advantages of supply chain financing.

Why is supply chain financing ideal?

 One of the main goals of healthcare businesses to retain a constant flow of supplies from manufacturers or distributors. It keeps enterprises balanced when providing their clients and patients with much-needed merchandise. For circumstances such as this, the need for supply chain financing comes into play.

Supply chain financing strengthens both parties involved in the relationship. The benefits of invoice financing and reverse factoring enables a multitude of opportunities that can strengthen the relationship of the buyer and the seller.

One advantage that’s powerful in the healthcare industry is the benefit of faster payment, which in return, gives faster access to the receivables. This is a must in the healthcare industry since business runs 24/7 with a constant need for supervision over resources and finance.

Another major game-changer for healthcare enterprises in Singapore is the ability to reduce costs and disbursements. With the increasing complexities in the industry, the focus has shifted to budget-saving opportunities, hence, supply chain financing. Opportunities that offer the chance to reduce costs gives more flexibility for SMEs, improving workflow in the process.

The goal of supply chain financing is to bridge the gap that prevents suppliers and buyers from reaching their desired level. Fortunately, for healthcare enterprises and firms, the benefits of invoice financing and reverse factoring are available.

Moving on from traditional methods

It’s an understatement to say that businesses are fortunate enough to move on from traditional methods of financing. In Singapore, SMEs are proven to have a significant boost in growth due to invoice financing. While not all businesses around the world are investing in supply chain financing, industries are beginning to adapt and level their playing field.

Paper-based financing is outdated, especially in the healthcare industry. Healthcare businesses will miss out on the benefits of supply chain financing if they continue to achieve their goals in the traditional way. Nowadays, supply chain financing is the way to go.

Learn more about the benefits of supply chain financing and its methods. Visit Nufin Data for information regarding reverse factoring and invoice financing. With us, you’ll be able to improve workflow and optimise cash flow. Unlock more financing options with Nufin Data.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print
Joseph Seah

Joseph Seah

Contact

Singapore

4 Ayer Rajah Cresent
Singapore 139960

T: +65 6775 2555

Hong Kong

22/F, Remington Centre
23 Hung To Rd Kwun Tong,
Kowloon Hong Kong
T: +852 3699 3111

Malaysia

Q Sentral, Unit 39-02 (East Wing)
2A Jalan Stesen Sentral 5,
Kuala Lumpur Sentral, 50470
T: +60 012 2666679

Shanghai

7/F, Building 1 No. 818 Shenchang Rd Shanghai,
PRC 201100
T: +86 21 3319 2183

Guangzhou

Room 401-405B, Zone 3,
3rd Building Panshan ABP,
Panyu District, Guangzhou City, Guangdong Province, China
T: +86 20 6666 4192

© 2018 Nufin Data Pte Ltd. All rights reserved.