Business Banking Solutions for Pharmacists and Chemists
In the market to obtain a finance as a pharmacists?
How to get the best business banking solutions as a chemist
Health is a growing industry that Just Business is dedicated to supporting – with highly skilled specialists, tailored products and flexible lending facilities for growth and the increasing demand for research and innovation. Our industry specialists could also help you maximise benefits of Government subsidies and meet strict industry compliance.
Whether you are just starting out, or well established in your field, our specialized solutions for pharmacists can help you meet the unique banking and financing demands of your Pharmacy.
We know you’re busy and often work unusual hours, so a Just Business specialist can meet you at a time and place that suits you.
Whether you are an established owner of multiple locations or soon to acquire your first pharmacy, our healthcare banking specialists can deliver the financial solutions that you require.
Pharmacies are much more than simply another business in the community. Pharmacists work demanding hours and often have complicated business needs. If you run your own pharmacy, you may need to manage customer payments, insurance payments, regular upgrading of your services and equipment, and more.
We have a dedicated banking team that focuses on all types of healthcare facilities, whether they are operating independently or are part of a network. In the end, you’re able to focus on your patients and your pharmacy and worry less about your banking.
We understand you don’t just need banking and financial services. As a healthcare provider, you need real solutions to help you not only manage your money, but also to help support the financial side of your pharmacy. By working closely with healthcare practitioners, listening to our healthcare clients and picking a team of banking professionals with experience in the healthcare industry, we have created a concierge service and specialized financial services specifically for this sector. Because we understand the Healthcare industry, we’re able to provide support at every stage of your business lifecycle. You can count on us to be proactive, responsive and innovative – helping support you to achieve your financial, business and personal goals. We take care of the banking so you can take care of your pharmacy and your patients.
We are like your private banker for life, we take care of your finances so you can focus on what really matters – the people who depend on your care. We respect the value of time and deliver the power of financial resources directly to you, wherever you are – at the office, at the pharmacy, at home, or at our office.
We can help you develop your pharmacy into whatever you want it to be.
Real Estate Financing - Because your Pharmacy is more than just a building
Banking for chemists simply can't look like banking for any other profession. The needs of people who work in pharmacies, hospitals and other healthcare settings are unique. You may need larger lines of credit to pay for expanding your pharmacy or renovating it, or you may need to do the majority of your banking online, from the pharmacy or after hours.
Did you know that special lending rules apply to pharmacists who are buying, building or fitting out their own pharmacy?
Our specialized financing solutions can help you acquire new property or expand existing premises. This is ideal if you need to purchase land, buildings, start new construction or make major renovations.
You may have set up or purchased a pharmacy, or be considering doing so, however have you considered purchasing the pharmacy property as well? Some applicants can even borrow 100% of the purchase price, without requiring additional security.
Purchase your own pharmacy premises and create the experience you’ve always wanted, whilst also investing in your financial future. You may find the payments on the loan could be lower than the rent you would pay to lease the property.
Transactional Solutions for Chemists
Cash flow is the oxygen of business. The more effectively you manage it, the more successful and profitable your pharmacy will be.
We understand the changing dynamics of your industry and we apply that knowledge to the services that can help your pharmacy run more efficiently, control costs and provide a better patient and customer experience. Our health care treasury and payment specialists have the expertise to focus on all types of pharmacies, whether operating independently or as part of a network.
Effectively managing your revenue cycle is the key to operating a successful pharmacy. By getting receivables and payments (including point of sale) to work more quickly, we can help your cash work harder for you.
Receivables Processing for Pharmacies
Converting sales into cash quickly means those funds can be put to work for your practice sooner, strengthening your business. All sales can be debited electronically from your patients. Linking all patient payment channels like EFTPOS, BPAY, direct debit and a secure online solution like HICAPS, that interface quickly with health funds, will improve your patient’s experience, save you time and help reduce staff administration.
Payables Processing for Pharmacies
Sending timely, accurate high value payments to suppliers and creditors is a vital part of a pharmacy. On the expense side, businesses should review terms with suppliers and create a cash flow forecast, factoring in regular monthly payments, any seasonality and growth projections. If you can afford to pay a large sum early or upfront, you should – absolutely – negotiate a discount.
We can find you electronic capabilities which can quickly and securely transfer funds to your payee accounts domestically and internationally. Electronic employee processing options give employees access to their payroll funds immediately while reducing the risk of cheque fraud and additional cheque expenses.
Card Processing for Pharmacies
Improving your cash flow can easily be achieved by offering card payment options. We can help set up point-of-sale solutions to give your patients convenient debit and credit payment options. Just Business can source corporate card services that allow you ease of purchasing and an additional 30-day payment period to keep your money active longer.
Upgrading Equipment and Capital Expenditure Loans for Pharmacies
Pharmacy fit outs is usually the largest non-property expense associated with setting up your own pharmacy.
Investing in good quality fit outs can significantly increase the returns for your business.
Equipment that operates at peak performance is important to your pharmacy success, while old equipment can be costly to service and downtime can affect your cash flow. When you need access to cash to buy and install equipment, furniture, fixtures, computer hardware or software and leaseholds for your business, our range of capital financing options can help make those purchases possible.
Whether it’s leasing or purchasing, we could help finance the latest medical equipment and motor vehicles for your pharmacy – without tying up large amounts of capital. We can even provide pre-approvals for 100% of finance.
Almost any type of medical equipment can be financed:
-Heavy duty scales.
-Mortars and pestles.
-A counting tray for pills and tablets.
-Refrigerators and incubators.
-Seating for customers.
Car Finance for Pharmacists
It can be challenging working in the healthcare industry. You’re often short on time, working strange hours and caring about others more than yourself. So when it comes to sorting out your finances, you need a financial specialist who’s as hard working as you. Just Business offers a range of motor vehicle finance options for personal or business use. With a car loan organised by Just Business, the car is the security so you can access 100% finance without needing a deposit or additional security.
Looking to set up or make improvements to your pharmacy?
When you're considering whether to purchase your premises you should bear in mind that some finance solutions are more tax effective than others.
Likewise, as cash flow can be tight during the early stages of a new pharmacy, you need to be sure you have access to funds and capital to cover basics such as wages, stock and insurance. You should also be prepared for your responsibilities as an employer in areas such as taxation, employment and compliance as you make the transition from being a pharmacist to a pharmacist who's also a small business owner.
Help from a team of trusted advisers such as an accountant, legal adviser and finance specialist can be invaluable.
Our banking solutions for pharmacists help you get your pharmacy started and allow your financial services to grow with your business.
Ready to start setting up or making improvements to your pharmacy? Just Business can help. We can find you the most appropriate progressive draw facility. While you’re refurbishing or in the set up stage, your facility will pay your supplier invoices directly by drawing progressively from your facility, saving you time and administrative burden.
Once the improvements are completed, repayments will commence. This means there is no need for you to use your own money upfront.
Plus, with drawing progressively from your facility, rather than the entire amount at once, you pay less interest. When you are ready to open your pharmacy doors, this facility is converted to a term based form of funding.
Ten things to consider before you set up a practice:
1. Is the pharmacy easy for your patients to find and access?
2. Is the pharmacy part of a franchise that restricts how it operates?
3. Location is a crucial factor in the success of any business that operates in the retail sphere, so consider the pharmacy’s location and how that affects its ability to attract customers. For example, is it located in a busy shopping centre or close to a medical centre? Is there parking nearby or do you need to provide car spaces for patients and staff?
4. If you have local competition what can you offer that's different or better? What does the pharmacy sell apart from medications to ensure that it continues to turn a profit?
5. What supply agreements does the pharmacy have in place? Are they adequate or can you adjust them to suit your needs?
6. How will you advertise your pharmacy? Do you have contacts for referrals?
7. What are your staffing needs? Do you need to hire someone with pharmacy management expertise? How many people does the pharmacy employ? What qualifications and experience do they have? How much are they paid?
8. Will you operate as a company, trust or sole trader?
9. How much consumable stock do you need on hand?
10. Do you have a business plan? What are your goals for the practice and how will you keep track of your progress?
How do I get a loan to fund the Pharmacy Purchase?
Most banks and lenders have a good appetite when it comes to approving a pharmacy loan but they are very cautious when it comes to assessing the business you’re looking to run.
For a community pharmacy in a retail location with little competition, we know lenders that will help with funding a new acquisition to improvements and fit outs of the premises:
-Borrow up to 75% of the business value or going concern.
-Borrow up to 100% of the business value using your residential property as security or by using a guarantor.
-Maximum loan term for business when you own the property: 25 years.
-Maximum loan term when you are leasing: 15 years.
-Low doc loans are available.
-Interest only periods are available up to 5 years
-Interest rate discounts vary from lender to lender and the strength of your application.
-You may be asked to provide a business plan including business forecasting.
-You need around 3 years experience as a pharmacist or in managing a pharmacist.
As an exception to standard policy, some of our lenders will allow you to borrow up to 100% of the value of your residential property to access the equity you need to complete your pharmacy purchase.
Budgeting for Pharmacies
It’s easy to put off creating a budget. When you’re running a busy pharmacy, budgeting can seem like a time-consuming, low-priority chore.
But, just like any other business owner, you have to know how much revenue you need to generate to cover outgoings such as rent, wages and tax. And a budget can also play a positive role in helping you to run your practice more smoothly and productively.
When you’re keeping track of your finances it’s much easier to identify and take advantage of opportunities. You’re also more likely to spot any areas of concern in time to address them before they become major problems. Without a budget you have no benchmarks for measuring your progress – it’s impossible to know for sure whether your pharmacy is becoming more profitable or going backwards.
A budget is a dynamic thing, not something you can just set and forget. Economic uncertainty, changes to legislation and healthcare reform can all have an impact on the finances of a pharmacy, as can more local issues such as a new competitor or adding a member of staff. These kinds of things all need to be factored into the budget as they arise.
Failing to budget for tax can be a danger zone for people with their own pharmacy. It’s certainly the cause of financial difficulty that we see most frequently. When you’re running your own business you have to build tax and other statutory payments such as superannuation and GST into your budget. If you can’t pay the full amount when it falls due you could face serious penalties, and trying to catch up can create a great deal of stress.
Business structure, insurances and asset protection strategies are fundamental to any budget and a qualified accountant can ensure you have the right ones in place. An accountant can help you to develop the budget itself, and to establish an appropriate in-house accounting system.
Home Loans for Pharmacists
Did you know that home loans for pharmacists allow you to borrow up to 100% of the property value and avoid the cost of Lenders Mortgage Insurance (LMI)? Significant interest rate discounts and fee waivers are also available. Some lenders will lend you up to $4.5 million for your home and investment properties while larger loans are available on a case by case basis. Build your property portfolio fast with home loans for pharmacists which can be used to buy a new property or refinance your existing loan to buy more properties.
In recognition of pharmacists dedication and the stability of their profession, many banks have developed a specialised approach when considering lending to pharmacists. Banks usually prefer pharmacists because they tend to earn higher incomes and approach the bank later in life for a business or investment loan. They’re the type of low risk borrower that banks will bend over backwards for!
These special benefits may be available for applications in either the pharmacist's own name, or in the name of related companies or trusts provided direct ownership and/or directorship by the applicant is evident. Eligibility is not dependent upon all borrowers being employed as a pharmacist.
Pharmacies Funding Requirements
Pharmacies are evolving to meet consumer expectations for high quality, competitively priced products, personalised service and tailored health advice.
Staying on top of consumer health and retail trends, changes to the PBS and regulatory environment and finding new sources of revenue is essential for managing a successful business. Our deep understanding of Pharmacies enables us to deliver solutions that are specific to your needs.
Why choose Just Business for your finance solutions?
We offer one dedicated director for you and your family's individual needs and those of your practice for the life of your business. Our directors don't move because they own the business.
We will work with you and your staff, as well as your accountant or attorney if you desire. Just Business will help you access all of the Bank’s services that can specifically benefit you. We will come to your office or to your home to expedite paperwork.
For you and your family
You can enjoy tailored financing for your home and vehicles.
You can access exclusive investment opportunities through our investment specialists.
You can enjoy banking at hours that suit you through your advisor or a choice of channels.
We can include the needs and security of your dependants and the members of your family in our offering.