You probably all know a pharmacy that enjoys the significant benefits that flow from the creation or expansion of an adjoining medical practice. Despite appearances it is unlikely these “success stories” have happened by accident. To create value in this way is not difficult (and is preferable to buying it from someone else!) but it
The key to financial management is ‘timeliness’ and ‘accuracy (detail)’. Historically, financial reporting has been given little importance in pharmacy because of the following reasons: Regulation of ownership and location rules has protected income; Pharmacy is a cash business with the largest payer being the Government; Access to money from banks has been effortless; Meeting
By now you will have started receiving your PBS reimbursement minus the on-line fee. Most of you will not have felt the decrease because the opportunity of substituting generics in the dispensary continues to support the net profit. However, with the outcome of price disclosure set to affect the net profit of pharmacy in the
How was your Christmas 2009 trade? For many clients I have spoken to it has been flat and some are down about 5% to 10% on same month last year. The main reasons of course are the recent consecutive interest rate rises and no Federal Government funding this year for the general public compared to last December. Nevertheless
With the top marginal rate of individual tax starting at $180,000 of income you have to ask whether structuring your pharmacy into a company or trust (depending on which State the pharmacy operates in) it still worth it?
Ever set off to travel somewhere and did not know where you were going? Have an idea of where you are heading but no clue on how to get there – unless you look at the map. We are currently operating in unprecedented economic times and so the journey of the next twelve months is