MERIDIAN HEALTHCARE LIMITED
Company number: 01952719
Reporting period:
1 October 2017 to 31 March 2018
Report filed on:
30 April 2018
Approved by:
David Smith
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 35%
- in 31 to 60 days: 64%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 1%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
HC-One (including Meridian Healthcare) have an approach to work with their suppliers and not penalise them. The business has an initial request of 60 days EOM with any new contract. However, this is reduced to 30 days EOM where deemed necessary for SMEs and to ensure the whole market can trade with HC-One (including Meridian Healthcare). Although the business conducts contracts in various areas the payment term approach is set as standard. Smaller businesses with unique products or where identified as vital to HC-One (including Meridian Healthcare) are offered more favourable terms to alleviate cash flow issues. Currently with HC-One (including Meridian Healthcare) the majority (90%+) of the supply chain are trading on 30 days EOM or less. 60 Days EOM is the maximum payment period HC-One (including Meridian Healthcare) would expect from the supply chain. No contracts are operated beyond these terms. End of Month is adopted due to the large supply base operated by HC-One (including Meridian Healthcare). To undertake date of invoice payment terms would cause significant issues within the accounts payable departments. Any supplier trading under Purchase Order only will be done so on 30 days EOM as stated within the Terms and Conditions. No contractual terms have been amended in the last 12 months. HC-One (including Meridian Healthcare) take an approach to be fair from day 1 and do not look to negotiated once supply terms are agreed and implemented. If a supplier got into financial difficulty due to the terms agreed they would be encouraged to speak to their category manager who would assess the situation alongside them. For any issues relating to payments a supplier has the ability to contact our central accounts payable team for an update on invoice statuses. If an invoice is in query or under review the supplier would be advised of this and given an overview of the issue at hand. If they wish to have further discussion on the issue they will be guided to the department that has raised the query to clarify. Our most common reasons for invoices in query are price variations to contracted rates, delivery status and site receipting. All of HC-One (including Meridian Healthcare)’s standard terms and conditions, who suppliers supplying under PO only, are available at https://www.hc-one.co.uk/HC1_LIVE/media/Misc-Media/HC-One-Purchase-Order-TCs.pdf
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
For any issues relating to payments a supplier has the ability to contact our central accounts payable team for an update on invoice statuses. If an invoice is in query or under review the supplier would be advised of this and given an overview of the issue at hand. If they wish to have further discussion on the issue they will be guided to the department that has raised the query to clarify. Our most common reasons for invoices in query are price variations to contracted rates, delivery status and site receipting.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No