In the pre-COVID world, stockpiling was considered inefficient due to carrying costs. As the intensity of the pandemic spread and grew unreservedly, it became important for healthcare procurement teams to keep the costs of PPE supplies at a minimum. Ephemerally, estimating demand and supply chain disruptions may seem like the only challenges. A deeper dive into the issue reveals multiple awaiting challenges, including PPE frauds.
With the demand for PPE kits and other medical equipment rising unprecedently, many sophisticated frauds are surfacing. A sense of urgency about diminishing supplies prevails. Therefore, it has become necessary to fasten procurement decisions and quicken payments in order to reduce red tape. But that does not eliminate the risk of frauds.
There are certain safeguarding solutions one can explore to avoid becoming a victim of such frauds. In addition to adhering to good supply chain practices based on terms and conditions, one can also try using an escrow account for safekeeping. Escrows are a highly viable option as these accounts hold funds and deliverables securely in a trust until the transaction is complete. This means that you can assess the deliverables before the final payout. Sellers are protected from unexpected chargebacks. Due diligence by transacting parties, facilitating payments in tranches and protection from insolvency are some additional benefits.
The pandemic has exposed the brittleness of our global supply chains and trading systems. In these trying times, care and precaution are necessary at each professional and personal avenue. Although personal solutions for ensuring negation of frauds are present and accessible, there is a dire need to make transaction processes more transparent.
