Pharmacists
Get the right prescription for your pharmacy’s success.
No pharmacist is immune to the pressures of today’s business climate. While you’re educating yourself about new pharmaceuticals and putting in long hours to meet your customers’ needs, the intricate details of running a successful business — like tax regulations and adopting new technologies — can feel like they’re pulling you in every direction.
At MNP, we recognize the unique challenges that come with every stage of your pharmacy journey. Whether you're starting up or buying your first pharmacy, expanding to multiple locations, or preparing to transition out of practice, we offer tailored strategies and insights to help you make informed decisions and achieve your goals.
What's your challenge?
Navigating tax complexities
The labyrinth of tax regulations can feel like a never-ending puzzle. Managing these complexities while running your pharmacy can be stressful, leaving you concerned about compliance and missed opportunities.
Growing your pharmacy
Expanding your pharmacy operations is both thrilling and demanding. Balancing the drive for growth with maintaining day-to-day operations requires careful planning and strategic decision-making.
Planning for retirement and succession
You’ve built a successful operation and now it’s time to consider what’s next. Ensuring a smooth transition requires meticulous planning to preserve your legacy and financial future.
Managing finances and cash flow
Keeping your company’s finances in check is vital for its success. Juggling expenses, investments, and unexpected costs while ensuring a healthy cash flow can be a constant challenge.
Adopting new technology
The constant evolution of technology in health care presents a challenge, requiring a keen understanding to navigate this changing landscape and keep your business relevant with the latest innovations.
How we can help
Tax solutions and advisory
Our tax team simplifies complex regulations, helps you manage liabilities effectively, and ensures compliance to minimize risk. More importantly, we work with you to align your tax strategy with your pharmacy’s goals, uncovering opportunities for short- and long-term growth.
Value creation
Our team helps develop core business strategies that are essential to increasing your organization’s value and bottom line. We identify the key inputs and actions that fuel growth while enhancing profitability.
Family office services
Our comprehensive family office services help you confidently plan for the future of your pharmacy operations and family, with a clear financial roadmap that supports your goals and ensures a smooth business transition.
Financial management and cloud accounting
We’ll help you grow with smart financial modelling and cash flow planning. With ease, our cloud-based accounting solution, you gain real-time insights that boost accuracy and efficiency — so you can focus less on paperwork and more on what you do best.
Digital advisory
Stay ahead with our digital advisory services, which includes integrating new technologies into your practice, cyber security, and IT services. We provide support for adopting innovative solutions, ensuring that technology enhances your operations.
Frequently asked questions
Improving cash flow involves:
- Optimizing inventory management
- Negotiating better terms with suppliers
- Streamlining billing and collections processes
- Regularly reviewing expenses to identify areas for cost reduction
Additionally, consider offering services like medication therapy management or immunizations to increase revenue streams.
Key financial reports for a pharmacy include the income statement, balance sheet, cash flow statement, and inventory turnover report. These reports provide insights into profitability, financial health, cash flow, and inventory management.
Consider the costs of new equipment, additional staff, increased operational expenses, and potential revenue from the expansion. Create a detailed financial projection and ensure you have adequate funding through savings, loans, or investors. Assess the market demand and potential competition in the new location.
Implement an inventory management system to track stock levels, sales, and reorder points. Regularly review inventory to identify slow-moving or expired items and adjust ordering practices accordingly. Negotiate with suppliers for better terms and consider bulk purchasing discounts for frequently used items.
Key metrics include:
- Inventory turnover ratio
- Days sales of inventory (DSI)
- Stockout rate
- Carrying cost of inventory
Monitoring these metrics can help you maintain optimal inventory levels, reduce waste, and improve cash flow.
Contact our Professionals Team
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