Pharma FinTech Company Turns Auditing To Cash Management Tool

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The solutions for the pharmacy sector offered by Supply Chain Finance are self-explanatory, but the company is rolling out a new solution for its corporate users in need of financial management solutions.

The firm said Thursday (Jan. 26) that it is launching Invoice-Link, an app that allows pharmacies to manage invoices submitted by partnering couriers online. The solution imports those invoices, validates the delivery charges on the document and can use that information to generate reports to manage deliveries.

According to the company, Invoice-Link can reduce delivery costs by 30 percent. The paper invoices traditionally offered by couriers, on the other hand, can lead to charge errors up to 30 percent of the time.

“Courier invoices are difficult to audit, and Invoice-Link was created to simplify auditing and to convert non-standard charge data into an asset that pharmacies can use to manage delivery activity,” the firm explained in its announcement.

The tool, developed by Supply Chain Finance President Tom Chappelear, uses Google Maps to calculate mileage and courier timestamps, while the platform uses that information to calculate delivery charges. That information, the company also noted, is separate from the information traditionally held in other financial management systems at pharmacies. It’s a solution that takes an auditing tool and makes use of the data it assesses.

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