The Healthcare and Social Assistance industry is the largest employing industry in Australia with over 1.8 million employees. The sector is a vital industry providing a broad range of essential services as well as staff, medical equipment, PPE and laundry facilities across the country. New Zealand’s total healthcare expenditure is among the highest in the world (per capita) with $11.1 billion announced in 2022 to restructure the healthcare system.
With both markets opening up more contracts to independent providers in the public sector, long term, lucrative partnerships present a big opportunity for more SME businesses in the healthcare sector than ever before. Supplying to the healthcare sector can be complex with significant restrictions and safety measures to adhere to, however the benefits of winning a healthcare contract can be transformative to the supplier.
How could invoice finance help support my business?
Let’s say your business has won a contract to provide new medical imaging equipment to 5 private hospitals. Your current capacity is at its limit, but you need to upscale your manufacturing facility, and invest in more staff to meet the terms of the contract. By using invoice finance, your business gains access to the funds from your own invoices as soon as they are issued, delivering working capital and cash flow surety as your business grows.