OPTUM HEALTH SOLUTIONS (UK) LIMITED
Company number: 08630286
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
30 July 2019
Approved by:
Neil Anderson
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 27%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
45 days
Standard payment terms
Standard payment terms are negotiated as 40 days from invoice date between the supplier, the business owner and Procurement. Changes to the terms are negotiated by the business owners of the relationship and / or Procurement in partnership with the supplier. Procurement communicates approved payment terms changes to Accounts Payable to be updated in the Accounts Payable system. Disputes related to payment timing are addressed directly with the businesses owner and Accounts Payable.
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
40 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
If the business identifies a discrepancy between the amount due and the goods or services delivered, the business relationship owner or Accounts Payable will contact the supplier directly to discuss the discrepancy and either agree to pay the invoice as billed or, receive a corrected invoice or, if the invoice was paid, the supplier may be asked to issue a credit memo or a payment refund. Contracts contain contact information for disputes. In addition, suppliers may contact the Accounts Payable department.
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.
No
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