Accounts Payable savings. Delivered.
Statements and Duplicates reviews reveal additional savings and provide reassurance to Trust
£211,217 saved last year
Assurance provided for Trust processes
Most recent review found 25x more savings than the previous annual average
The Challenge
Since 2018, South West Yorkshire Partnership NHS Foundation Trust has partnered with Liaison Financial to deliver Accounts Payable (AP) Reviews.
These reviews play a crucial role in addressing the ongoing financial challenges faced by the NHS.
While both the Trust and Liaison Financial were confident in the robustness of the Finance team’s processes, our experts recommended an additional review to uncover further savings. Given that the service is contingent-based and requires minimal internal resources, the Trust was happy to move forward with the recommendation.
The Solution
Our AP Reviews delivered comprehensive coverage for the Trust. The Duplicates Review examined payments within the Trust’s finance system, while the Statements Review focused on the accounting records held by suppliers.
The number of overpayments identified in our recent review remained consistent with previous years, but the value of these claims was notably higher.
This finding reassured the Trust that their processes were consistently thorough, yet it also highlighted the significant benefits of continuing to conduct further reviews for additional assurance.
Our team committed significant clinical and administrative resource to the reviews and DST process, ensuring that individuals and representatives were involved, engaged and listened to.
The Outcomes
- Savings of £206,550 from the recent Statements review; 25x more than the previous average saving of £8,000 per year.
- Our Duplicates review found savings of £4,667, providing the Trust with assurance that their processes remain strong, therefore strengthening our ongoing partnership.
- This review serves as an excellent example of how valuable the AP review service is, even when the client’s processes are efficient year after year.
Talk to our Experts
Find out more about how Liaison Financial can support your NHS organisation.
Business:
South West Yorkshire Partnership NHS Foundation Trust
Challenge
Continued reviews to address the ongoing NHS financial challenge
Solutions
Additional accounts Payable (AP) reviews