Sound money: How SCC Payment Solutions can unlock Finance, Innovation and Technology (FIT) in healthcare
It seems strange to say that the NHS is under more financial pressure than ever before, despite the fact that funding for it has reached record levels. This is down to a variety of reasons: some of them are knock-on effects of the Covid pandemic, such as ongoing costs and the elective care backlog. However, some are more macroeconomic in nature, such as rising energy costs, inflation and increasing demands to improve staff pay.
Whatever the reason, it’s clear the NHS has to find some financial efficiencies wherever possible.
Trusts in NHS England are estimated to post a total deficit of around £2 billion for 2022-23, while the need to embrace new technology and digital transformation means that spending on new tech is up 50% year-on-year. This blog explores those cost pressures in more detail – and why a new approach to payment solutions can play a major part in resolving them.
Multiple challenges playing their part
It’s important to remember that there is no single reason for the financial pressure that the NHS is facing at present. Instead, there are number of different issues that all have to be addressed simultaneously:
How SCC payment solutions can help
Many of the more obvious ways to find financial efficiencies – getting more work from staff and driving value through procurement, for example – have already been taken to their limits in many cases. This means trusts and other NHS bodies are having to look at alternative ways to free up budget and relieve the pressure, and one way is to explore more flexible payment solutions.
Through these models, healthcare organisations can embrace new technologies, phase out expensive platforms that are old and obsolete, and right-size their software estate for maximum cost efficiency and smoother cashflow. As well as this, they can also be provided with new opportunities to reclaim VAT and avoid PDC charges.
There are three different payment solution models to choose from:
SCC can provide all three of these payment solutions and help healthcare bodies like yours realise much-needed financial efficiencies. If you need to drive digital transformation, address a budget deficit or lighten the workload on your employees, then these solutions can make a real difference in the long-term.