PRACTICE PLUS GROUP HOSPITALS LIMITED
Company number: 03462881
Reporting period:
1 October 2020 to
31 March 2021
This report was filed on 28 April 2021
and approved by David Stickland
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 31%
- in 31 to 60 days: 62%
- in 61 days or more: 7%
Invoices due but not paid within agreed terms: 63%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
45 days
Standard payment terms
45 days from date of invoice Practice Plus Group’s maximum standard payment terms are 45 days from date of invoice and many suppliers are on payment terms of 30 days or less. Payments to self-employed GPs and Healthcare Professionals standard payment terms are within 14 days of the end of the period. Practice Plus Group operates a weekly payment run each Friday. Our payment run captures all approved invoices due for payment up to the Friday of that payment week. We are proud to support numerous smaller suppliers and sole traders to whom we commonly offer payment terms of between 0 and 14 days.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
At Practice Plus Group we aim to resolve all queries and disputes regarding invoices and payments as quickly as possible. Disputes are directly managed by the invoice approvers with the support of a dedicated accounts payable team. The team can be contacted by email or phone Monday to Friday. The enquiries email inbox is monitored daily and is subject to a 48 hour SLA. The accounts payable team also carry out regular chasing of unapproved or disputed invoices to assist with both paying invoices in accordance with agreed terms and resolution of disputes.
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 Prompt 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