Developing a flexible finance solution for state-of-the-art diagnostic equipment

SAF worked with Bruker UK to facilitate the procurement of a Mass Spectrometry System using flexible finance solutions.

Client Brief:

SAF worked with life science research and diagnostic solutions provider, Bruker UK to support them in converting a sales opportunity with Lancashire Hospitals NHS Foundation Trust. 

The hospital had one of Bruker’s state-of-the-art Mass Spectrometry Systems on trial and, due to a lack of available capital for outright purchase, needed a finance solution to allow them to continue to benefit from the equipment. 

Crucially, Lancashire Teaching Hospitals NHS Foundation Trust needed the sale to convert as quickly as possible as their existing had recently pulled out of the market. 

SAF’s Solution:

In response to the quick solution needed by the trust, SAF liaised directly with the finance and procurement teams to understand the intricacies around what was required by the Trust to approve the transaction and place the order with Bruker.

This proactive approach was instrumental in securing a successful outcome for both the supplier and end-user, and we were able to liaise with the Trust within a matter of hours to quickly identify and implement a solution.

Following this initial conversation, our internal sales support team was able to credit-approve the transaction, and raise and issue documentation to the relevant stakeholders within the Trust, all within 24 hours of the initial introduction.

SAF needed to work quickly and accurately to conclude the transaction within the programme deadline of 18 working days. Our significant experience in developing flexible finance solutions in the healthcare sector meant SAF was able to conclude this project within a much shorter timeframe with the supplier being paid in full on the 10th working day.

Outcome:

SAF handled the total funding package which included an in-depth analysis of the requirement and all the necessary legal documentation. This allowed the trust to focus on their day-to-day activities with SAF handling the complexities of developing and implementing the finance solution, liaising with the relevant parties to collate the relevant paperwork to see the project through to completion.

SAF implemented a structured finance agreement that would allow Lancashire Teaching Hospitals NHS Trust to continue to benefit from the Mass Spectrometry Systems device they had been trialling, without finding the capital to pay for it in its entirety.

The outcome was favourable for Bruker UK, which was able to maintain a positive relationship with the customer, providing a proactive and compliant solution through SAF allowing the Trust to continue benefitting from the equipment and promoting a long-term relationship.

Phil Dring, Head of Sales at SAF Solutions, said: 

“We were pleased to work with both Bruker UK and Lancashire Teaching Hospitals NHS Trust to find an alternative procurement route for this state-of-the-art piece of equipment.

“Within healthcare, we often find that budgets can be an obstacle to hospitals accessing market-leading equipment that enhances both patient experience as well as overall productivity.

“This project is particularly rewarding as were able to step in and identify and develop an effective solution within just 24 hours, securing a positive outcome for all involved.”

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If you’re interested in finding out more about SAF’s unique funding options, contact Phil today: pdring@solutionsassetfinance.com