Learn about how UPS's supply chain management services can help your business.
The healthcare industry finds itself facing many challenges, from the imposition of new regulatory requirements to the logistics of getting new products halfway around the world in peak condition. Demands on the industry grow daily, pulling talented people away from what they do best, and pushing them into managing supply chains, providing customer service and doing a hundred other things.
While many chemists, bioengineers and geneticists might make excellent accountants and supply chain executives, those professions likely were not what these life scientists signed up for when they chose their careers.
For the greatest business success – and personal fulfillment – healthcare science business owners are increasingly making efforts to get back to their core competencies.
One way is with UPS Order to Cash®, a comprehensive end-to-end support solution. It manages day-to-day operations, ranging from order entry and customer service to billing and collecting accounts receivable. Coupled with warehousing and distribution, that means clients can get peak supply chain performance, trim overhead and improve cash flow.
Jen Trone and Kim Kohler from UPS share these key benefits of UPS Order to Cash:
- Significant labor savings for front- and back-office tasks. "You can leverage our multiclient environment and pay only for what you use," Trone says.
- Extensive industry knowledge. "We have our ears to the ground and stay on top of the latest regulation changes," Trone says. "Our years of experience in the industry mean we know what wholesalers are going to ask for before they do, and we can be proactive in terms of a client's future needs."
- Flexibility. UPS Order to Cash clients can scale up or down, depending on demand or special needs, such as a product launch or recall, Kohler says. That's particularly appealing to small or mid-size companies because you don't have to staff to the maximum or build out your own distribution system.
- Improved cash flow. Important financial metrics such as days sales outstanding, accounts receivable aging, and write-off percentages often improve for clients that opt for UPS Order to Cash. "There's a direct impact on the bottom line," Kohler says. "A big piece of our work is making sure clients get paid and keep their write-off percentage very low." Collected funds go to a lockbox in the client's name for tighter security and faster cash application.
We help healthcare companies maintain a laser-like focus on their core competency.
A single technology platform and team-based approach reduce the risk created when using multiple service providers for these critical functions, while giving you greater overall control of the process.
Chargebacks are an area where UPS's holistic approach particularly pays off, Kohler says. In a lot of organizations, contracts, claims and dispute resolution are managed by separate groups with different reporting structures and agendas. "We are much more effective because we have one team rather than three separate groups," Kohler says.
A broad range of healthcare companies, including pharmaceutical companies, medical device manufacturers, and suppliers of generic pet medicines, have already made the strategic decision to outsource some or all of their order to cash functions to UPS. Would it make sense for your business? Learn more.