RSM Australia

Pharmacy

RSM offers pharmacy experts across australia

RSM has a team of pharmacy advisers across Australia who understands your industry.

Contact a pharmacy business expert

With over 20 years of experience in the pharmacy industry, the team has been helping pharmacy owners with their business issues and working to create successful pharmacies, including assistance with buying a pharmacy, implementing business management technology and providing accounting and tax services and advice.

With directors and principals in each state who are focussed on pharmacy, we are able to bring this experience to you, no matter where you are.

KEY CONTACT

Peter Saccasan
National Director, Pharmacy Services

T: +61 2 8226 4500
[email protected]




How can we help you?


RSM'S PHARMACY SERVICES ARE DESIGNED TO HELP YOUNG PHARMACISTS AND EXPERIENCED OWNERS WITH THEIR ACCOUNTING, TAX AND BUSINESS NEEDS.

Because we understand pharmacy, we can quickly identify the issues and provide the right solution for you.

We believe there are real benefits to having access to pharmacy-focused advice and in fact list five of them in our pharmacy services brochure that you can download from this page.  Whether you are buying your first pharmacy or are a seasoned owner who is looking for ‘fresh eyes’ on the business, RSM can tailor their services for you. If you would like someone to call you to discuss your business needs, send us your details through the enquiry button on this page and we will make contact. 


Daniel Morrow presents on
"Smarter pharmacy management in tough times"

5 WAYS YOU CAN BENEFIT FROM OUR EXPERIENCE

By having an accounting and business advisor who understands your industry, pharmacy owners can benefit by:

1.jpgGaining from our experience in dealing with a range of pharmacies – different models, locations, size.
2.jpgGaining from our understanding of the industry benchmarks and how your business can improve.
3.jpgHaving access to pharmacy solutions which we are able to develop because we deal with many owners and their businesses.
4.jpgKnowing that we will understand the issues you are facing and suggest the right strategy for you.
5.jpgKnowing that we can tackle the issues appropriately and, if necessary, bring in other industry specialists to address the particular area of concern you may have.



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RSM offers Safe Harbour strategies

Strong Alliances the key for allied health today

17 August 2020
On face value, you may assume that the health industry is one of the few to financially benefit from the current global pandemic. Whilst this is true in some cases, the realities are a significant portion of income comes from planned procedures in this industry.

JobKeeper – Service entities, schemes and more complex rules

5 May 2020
The legislative instrument setting out the modified rules for service entities, among other things, was registered by Treasury late in the evening on Friday 1 May 2020.

Pharmacy Businesses - COVID-19 Support

27 April 2020
This information pack is directed specifically at pharmacy owners and their businesses. COVID-19 support and economic stimulus packages are discussed and specific information is included around:

"Just where has all the profit gone?"

19 March 2020
Without doubt, the most common question an accountant is asked: “why does my profit not equal the cash in my bank account?”.

Know what's going on in your pharmacy

18 February 2020
‘Keeping your finger on the pulse’ —A fairly broad and widely used idiom in the business world, but what does it mean exactly for today’s pharmacy owners?

Surviving due diligence for a Pharmacy Business

1 January 2020
Buying a pharmacy should be treated like any other big investment or commitment you make in life.

The ‘P’ in Pharmacy – It’s about Professionalism, not Price

9 September 2019
The ‘P’ in Pharmacy – It’s about Professionalism, not Price

Budgeting and forecasting for your pharmacy business

30 July 2019
Having cash in your pharmacy business gives you the ability or confidence to make important decisions and provides you with a sense of security when you go to sleep at night.

4 Tax Tips for Pharmacy Business Owners.

2 July 2019
As the income tax year draws to a close yet again, many pharmacy

Case study: UFS Dispensaries

18 June 2018
“We have an excellent working relationship with RSM, in particular with the audit team. It is an open and frank relationship and it is definitely a high trust relationship.

Don't follow 'the pack'

11 August 2016
Have you ever heard of the mysterious 'they'? If you are a parent of teenaged children 'they' are close family friends. You know how it goes, 'they' always get the most privileges, have the best parents ever, go to the movies every weekend and of course, 'they' have an unlimited phone plan. Yep, 'they' are living proof that I, as a parent, know nothing. 

Health innovation must continue for pharmacy

20 June 2016
The April price cuts continue the downward spiral on medicine prices and the gross profit return to pharmacy. Since PBS reforms began, the known goal is that dispensary contribution can only be arrested by volume. As the GP$ per prescription falls, pharmacy owners need more scripts to provide the same GP$ which are used to pay the overhead and provide a pr

What price are you really paying for that pharmacy?

19 May 2016
Last month I wrote about the art of negotiation in a pharmacy purchase. If you get the timing right with asking the right questions you can generally argue the price down in a sensible way. This month I want to look at the impact of paying above valuation for a pharmacy and what that means for your investment. Current pharmacy market

Are you in good shape? How about your business?

2 May 2016
At a tender age of 50+ (now that I have been here for a few years, ‘50’ is the new ‘40’ okay!), I have recently bounded off for the ‘executive health check’.  After 2 ½ hours of testing, sampling, hitting the tread mill etc., I (and my wife) am pleased to report that all is well. All the vital signs are in good shape and no alarm bells are ringing. 

Timing really is everything

7 April 2016
Back in January this year I wrote about the keen price being paid for pharmacy businesses. A few months down the track and I have to say that the market continues to be strong. In that last article I stressed the importance of getting the debt and equity mix right and ensuring that cashflow was sufficient to enable all commitments to be met.

Exclusive interview with Retail Pharmacy magazine

30 March 2016
National Director of pharmacy services at RSM and long-time pharmacy business adviser, Peter Saccasan, speaks to Retail Pharmacy about cashflow, telling owners the real story about their pharmacy business performance.

Your pharmacy cashflow: a great story, or are you dreaming?

18 March 2016
‘The king is dead! Long live the king!’, as they say when the monarchy passes on. In the case of pharmacy, the old king (turnover or sales or the PBS cheque) has long passed its use-by date as a key indicator of the business. It’s what you get out of the sale and what you do with it that counts. You can start with GP$, manage your costs and keep an eye on stock. Fr

Jack of all trades, master of…?

18 March 2016
For many years the pharmacy industry has been doing battle with primarily the grocers who have been eyeing off the foot traffic that travels in and out of pharmacy and trying to divert that into their stores.

That dollar discount – the power of 3!

5 February 2016
EVEYRONE knows what the dollar discount is about.  So let’s just talk about some issues. Firstly – it can apply to ALL scripts.  The big focus has been on concessional patients but the discount can apply to general scripts as well. 

Practical business planning, it's easy as now, where, how

15 January 2016
Building a business plan is not difficult. Yes, it does take a little time, and yes, it is a useful process. The process can be brought down to just three clear steps: where are you NOW? WHERE are you headed? HOW will you get there?

How hot is too hot?

9 December 2015
The market for pharmacy businesses is very strong at the moment with what appears to be the unleashing of unmet demand in the run-up to the close of 5CPA and the commencement of 6CPA. I am seeing seriously high prices being paid for many businesses. How is the price determined?

Make the RIGHT connection or go broke trying

5 November 2015
Most pharmacy owners use key performance indicators to some extent in monitoring their pharmacy. Invariably all of the KPIs will focus on trading, on the profit issues. Very few will focus on the balance sheet and, if they do, it will only be on stock. To ensure you are in a sound financial position, you need to bring the balance sheet more into the picture and con

Are you on the professional services starting line?

31 October 2015
One of the key announcements relating to the 6th Community Pharmacy Agreement (6CPA) was the continuing importance placed on community pharmacy programs . There has been an increase from the 5CPA commitment of approximately $600m up to an amount of $1.26b.

Cash remains the key to success

12 October 2015
‘Things change but everything remains the same’, as they say. Despite the confidence that has come back to the market after 6CPA, owners still need to focus on business growth through gaining script growth, driving retail sales, implementing professional services and managing expenses. For those owners who may have borrowed significantly in recent times there are t

Planning DOES pay off!

11 September 2015
There are some truly focused pharmacy owners out there. Over the past month I have had the pleasure of interacting with three pharmacies who were winners in the Guild Pharmacy of the Year. The common theme that rose to the surface in our discussions was that each one of them was systematic in their approach to transferring their passion into their business. The bus

Partnerships - the three G’s!

31 August 2015
That’s right - getting in, getting along and getting out. Going into business with colleagues has a certain appeal to it, sharing the load in many respects. You can share the financial burden, the business stress, management duties - even have alternate holidays so that the business runs smoothly. Many good points to admire I am sure, but when times get tough, who

The profit pain is over – or is it?

11 August 2015
6CPA has arrived and owners appear to have seamlessly moved into and absorbed the new way of being. In my last article I outlined the changes to remuneration, including the implementation of the new AHI fee. Relatively speaking, 6CPA has helped in slowing the impact of accelerated price disclosure and the train wreck that was appearing under 5CPA. The PGA has negot

RX evolution confirmed by 6CPA

10 August 2015
Dispensary profit will continue to be impacted and, without volume growth, the dollars may not be sustainable. The imperative remains for pharmacy owners to develop the whole of their business and not just dispense scripts.

Next year’s plan ready to go?

16 April 2015
No doubt those who attended APP 2015 came away with many ideas to implement in the pharmacy. Since that time there has been much dampening of enthusiasm with potential horror stories coming out around the imminent 6th Agreement and the 2015 federal budget.

A changing business model – start thinking

4 March 2015
It has now been almost 3 years since Lipitor came off patent and the real effects of PBS reforms started to make a dent in pharmacy profits. In that time we have witnessed shrinking profits and rising costs, and whilst generic substitution opportunities have increased along with the substitution fee, these have lagged behind the profit impact of reforms.

Low interest rates are good, right?

3 March 2015
The Reserve Bank has just announced a drop in interest rates to a record low of 2.25 percent, which should translate to continuing lending rates of five percent or less for most pharmacy owners. No doubt this was the cause for joy among owners with a reasonable level of borrowings, which seems to be the norm around the industry.

Going into partnership – at what cost?

23 December 2014
Over the past 12 months I have had some interesting discussions with vendors of pharmacies about the potential impact of PBS reform on their profitability and ultimately the value of their pharmacy business. Most were in denial and insistent that there should be no adjustment and that the purchaser could be assured (but not in writing) that the returns would be the

Just what is ‘pharmacy practice?'

12 November 2014
There has been much discussion passing on the airwaves over the past month on the possible introduction of variable pharmacy remuneration. Another view is that dispensary is core business and that there should be some basic remuneration on current lines without going overboard to jump at the ‘new fad’ of variable pharmacy payments.

Open and shut case? Deregulation NOT an option. Or is it?

21 October 2014
The big news of the past month has no doubt been the Competition Review draft recommendations around pharmacy. This has set the hounds running with strong views being circulated on both sides of the case around deregulation. Do we have to be the same?

Big data for better decisions

31 August 2014
At the Australian College of Pharmacy conference just held in Hobart, presenters teased out the concept of ‘big data’ (or BD) and what this might mean to pharmacy. Owners are already competing against BD proponents such as Woolworths and Coles. No doubt, the franchise owners also apply their own BD science to drive purchasing and logistics, with large scale loyalty

Driving to the target

11 August 2014
Reduced margins on dispensary income dollars are now a reality with PBS reforms taking bite. ScriptMap reports, which I know my readers get regularly, are becoming reality as the reductions hit dispensary GP$. Owners should be setting out practical steps to planning to overcome the reductions to their GP$ and net profit.

Opportunity keeps knocking

9 July 2014
Amidst the seat-shifting that is being done around PBS reforms, there is still the glimmer of light that appears when someone is more focused on the opportunity in pharmacy rather than pending armageddon. I have had some great conversations recently with some people who continue to be positive about the industry and what they believe can be implemented in community

Targeting the new bottom line

6 June 2014
In last month’s article, I focused on the imperative to move the pharmacist into the front line of customer engagement.

Pharmacist first - moving from fulfilment to adviser

4 May 2014
When a client calls my office, I guess that seven times out of ten they are seeking to speak either to me or one of my senior managers. Perhaps they generally want to talk through an issue which may or may not be important, so they can call me on my direct line or mobile because I have supplied that to them just for this occasion. At the same time, I have introduce

A simple process to implementing change

31 March 2014
At APP, I presented on the topic of building a sustainable pharmacy business. A sustainable business is one which produces the necessary profits and cashflow to enable a business to grow and meet its commitments now and into the future. Over the past few months I have been writing about the need to change the pharmacy business model in order to overcome the profit

"Hello, I'm here!" - maximising the customer visit

2 March 2014
In my last two articles I have written of the change imperative that is ever more present in retail pharmacy. With the price changes of PBS reform taking profits out of the bottom line of pharmacy, action is needed to replace it. The replacement revenue is needed quickly but you can manufacture an income stream overnight.

Professional health solutions - the time is now

20 January 2014
It looks like a price cut, smells like one, sounds like one - just maybe it is one. The December 2013 price changes have arrived and with it the beginning of the slide in prescription profits that have been forecast, well, for years now. Pharmacy owners have been told ad nausea that this would happen and now it’s here. The loss of GP$ per script will continue over