The average time to pay for invoices by SPEED MEDICAL EXAMINATION SERVICES LIMITED has been increasing over the past 3 periods, from 91 days in Dec 2017 to 133 days in Nov 2020.
The volatility in the percentage of invoices paid within 30 days has been relatively stable, with a slight decrease from 27% in Dec 2017 to 10% in Nov 2020. However, the volatility in the percentage of invoices paid later than 60 days has been increasing, with a significant jump from 65% in Dec 2017 to 78% in Nov 2020.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jun 2020 - 30 Nov 2020 | 10 Mar 2021 | 133 | 10% | 12% | 78% | 27% |
| 01 Dec 2019 - 31 May 2020 | 16 Jul 2020 | 120 | 12% | 8% | 80% | 22% |
| 01 Jun 2019 - 30 Nov 2019 | 16 Jul 2020 | 131 | 6% | 5% | 89% | 47% |
| 01 Dec 2018 - 31 May 2019 | 17 Jul 2020 | 134 | 4% | 4% | 91% | 31% |
| 01 Jun 2018 - 30 Nov 2018 | 16 Jul 2020 | 119 | 7% | 5% | 88% | 27% |
| 01 Dec 2017 - 31 May 2018 | 16 Jul 2020 | 91 | 27% | 8% | 65% | 16% |
| 01 Jun 2017 - 30 Nov 2017 | 16 Jul 2020 | 109 | 26% | 5% | 69% | 31% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment terms vary between suppliers. However, the most common payment terms are 90 calendar days from the end of the month in which the invoice is received.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
360
Each dispute would be dealt with individually and by our Expert Liaison Department.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Speed Medical Examination Services Limited trades as Speed Medical, an independent provider of medical assessments, medico legal reports and treatment services. It works with the legal and insurance sectors, SMEs, corporates, and healthcare and occupational health organisations, drawing on a nationwide panel of medical experts. Services include medical and legal assessments, occupational health reports, physiotherapy and MSK services, mental health assessments and treatment, diagnostics and surgical procedures, and medico legal reports covering road traffic accidents, clinical negligence and liability claims. The company has operated for over 25 years from its Chorley base and describes itself as the UK's leading independent provider in this field, serving clients needing expert medical evidence and treatment coordination for insurance claims, legal cases and workplace health needs.
Generated from the company's website and Companies House records. Sources: speedmedical.com · speedmedical.com