I'm not sure if it would work as effectively as your own placenta maybe another mother can answer that?
This is what I currently know in regards to treating bleeding naturally:
If bleeding occurs prior to birth or prior to birth of the placenta, taking Witch Hazel Bark tincture repeatedly under the tongue can control bleeding until the placenta is birthed. Taking Witch Hazel Bark by itself doesn't help to expel the placenta. Angelicia tincture causes the uterus to clamp down and contract strongly - use this after the baby is born if you are concerned about the placenta not coming out. Angelicia should work within 15 minutes to cause contractions, and if it doesn't, repeat the dosage. Tell the bleeding to stop!
If bleeding occurs after birth of the placenta, try cinnamon tincture in water, breastfeeding and gentle uterus massage. Tell yourself the placenta is out, your baby is safe and its time to stop bleeding now! If it continues, give serious consideration to taking a chomp outta that placenta which is the best thing you can do! You can also try shepherds purse and ladies mantle to stop bleeding but only do this if the bleeding is really excessive as shepherds purse has blood clotting properties - you may find yourself passing painful and large blood clots after taking it! Angelicia tincture works as well.