PRACTICE PLUS GROUP HOSPITALS LIMITED

Company number: 03462881

Reporting period:
1 April 2024 to 30 September 2024

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 October 2024

and approved by Colman Moher

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

within 30 days: 52%
in 31 to 60 days: 41%
in 61 days or more: 7%

Invoices due but not paid within agreed terms: 52%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

Answer not provided

Standard payment terms

30 days from date of invoice Practice Plus Group’s maximum standard payment terms are 30 days from date of invoice. 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 Tuesday of the subsequent 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?

Standard payment terms have been reduced during the period from 45 to 30 days to align us with standard terms requested by new suppliers and to bring us into line with general payment terms for a majority of businesses.

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

30 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.

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?