RSM Australia

Industry insights

Case Studies

WA Building Bonus Scheme

22 June 2020
With the release of the HomeBuilder program nationally, the WA State Government has announced its own separate support package for the home building industry with the announcement of its WA Building Bonus Scheme and the extension of its single-tier strata scheme.

Are you eligible for the new HomeBuilder program?

10 June 2020
In an effort to support jobs in the residential construction sector, Scott Morrison has recently announced the introduction of the new HomeBuilder program.

Superannuation Amendments for JobKeeper Payments

4 June 2020
Welcome news has finally arrived for employers with confirmation that the proposed amendments to the superannuation guarantee rule in relation to JobKeeper top-up payments have been registered. This should now provide employers certainty on their superannuation guarantee obligations for the June quarter.

Optometry Businesses: Recovery and growth planning for COVID-19

3 June 2020
As social distancing restrictions are easing, there is an opportunity for optometry practices to look ahead and focus on recovery and growth.

2020 Themes in the Not-For-Profit sector

29 May 2020
  In this challenging climate for not-for-profits, we outline key matters management should be aware of in 2020, including those that might have been forgotten while dealing with the fallout from COVID-19.

Top 5 issues with SMSFs and Family Law

25 May 2020
Superannuation and SMSFs are becoming increasingly complex, especially in a family law situation.

JobKeeper changes for ACNC registered charities

15 May 2020
On 1 May 2020, Treasury released amendments to the JobKeeper rules, which have effect from the start of the JobKeeper scheme.

The impact of COVID-19 on the work of independent experts

14 May 2020
The significant volatility in local and global equity markets over the last few months clearly demonstrates the impact that COVID-19 is having on Australian companies.

WA State Government relief for commercial tenants and landlords

6 May 2020
Financial Relief – WA Commercial Tenants and Landlords

WA State Government relief for the building and construction industry

6 May 2020
Support Package – Building and Construction Industry A $154.5m relief package to support tenants, landlords and the construction industry has been announced, of which the WA Government has set aside $24.5m for the construction workforce.

WA State Government relief for residential tenants and landlords

6 May 2020
Financial Relief – WA Residential Tenants and Landlords

New COVID-19 funding announced for the Aged Care Industry

29 April 2020
The Federal Government has announced new funding for the aged care sector to support staff retention in residential aged care and to assist with the viability of aged care facilities, as the sector continues to support the nation’s elderly during the COVID–19 crisis.

IIA Reports - Internal Audit and Pandemics and Better Practice Guide for Financial Services Principles and Recommendations

24 April 2020
The Institute of Internal Auditors (IIA) has released insightful papers on Internal Audit and Pandemics and Better Practice Guide for Financial Services Principles and Recommendations. The papers are good reference guides to the relevant internal audit practices to operate effectively in changing times.   

Issues with NSW Stamp Duty

21 April 2020
Having surveyed those in the property development industry for many years, the only thing that developers seem to dislike more than paying stamp duty, is paying stamp duty twice on the same property.

Assisting commercial tenants with the impact of COVID-19

21 April 2020
With the recent release of the Mandatory Code of Conduct (the Code) governing commercial leasing arrangements, landlords and their tenants are required to engage in good faith negotiations in respect of rental reductions in the form of waivers and deferrals to help mitigate the financial stress and hardship s

Assisting commercial landlords with the impact of COVID-19

21 April 2020
With the recent release of the Mandatory Code of Conduct (the Code) governing commercial leasing arrangements, landlords and their tenants are required to engage in good-faith negotiations in respect of rental reductions in the form of rent waivers and deferrals to help mitigate the financial stress and hardsh

Rent relief for commercial tenants and detailed information for landlords

9 April 2020
The National Cabinet has recently released its Mandatory Code of Conduct (the Code) for landlords and commercial tenants in response to COVID-19.

Dealing with GST

8 April 2020
For most businesses operating in Australia, GST is fairly straight forward. As many of our clients are quick to remind us, ‘you just add 10%.' 

The “Proportionality Principle” for landlords and commercial tenants

7 April 2020
In an announcement on 7 April 2020, Scott Morrison provided detail concerning the mandatory code of practice for landlords and commercial tenants in response to COVID-19.

Cash flow options for Optometry Practices

3 April 2020
These are unprecedented times for optometry practices across Australia. One thing is certain: the far-reaching economic impact of COVID-19 is having a significant impact on optometry practice cash flow. What options are available to optometrists to help their businesses survive in these difficult times?

Family Law Property Settlements – potential impact of COVID-19

30 March 2020
Valuations for Family Law property settlements. Valuations are prepared as at a specific date based on circumstances and financial information known at that point, so it’s possible that valuations prepared a month ago or more may no longer be relevant - particularly for sectors which have been impacted more severely than others b

Economic impact of COVID-19 on the Aged care and health sectors

16 March 2020
The coronavirus will put immense pressure on the Australian aged care and health sectors. Given older people are most at risk from the virus, Australia’s aged care facilities have urgently put in place controls to avoid the spread of the virus ahead of a potential outbreak.

Economic impact of COVID-19 on Manufacturing in Australia

16 March 2020
The Australian manufacturing sector is expected to have a significant slowdown and is one of the first industries to experience sluggish growth, as supply chains are disrupted through the closure of factories across major manufacturing suppliers such as China, Korea and Japan.

Economic impact of COVID-19 on the Property and Construction sector

16 March 2020
The construction sector is expected to face significant difficulties sourcing construction materials, primarily based in China, and other parts of Asia due to the outbreak of the Coronavirus (COVID-19).

Government boosts support for health providers and communities in response to COVID-19 threat

13 March 2020
The Australian Government has unveiled a comprehensive $2.4 bn health package to protect all Australians, including vulnerable groups such as the elderly, those with chronic conditions and Indigenous communities, from the coronavirus (COVID-19). 

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?

Should your business be investing in 'strategic outsourcing' solutions?

10 February 2020
At RSM Australia, we are interested in trends, macro and micro economic trends, business trends, technology trends and any broader environment or behaviour patterns that are impacting on our client’s businesses, the means by which they solve their problems, become more profitable, and in turn the demands that they have of us.

Climate change risk reporting: organisations must lead the way

20 January 2020
In late December 2019 and into January 2020, you could not access the news without hearing of the horrific bushfires which were terrorising Australia.

Safeguard Mechanism - Baseline Application Key Dates

7 January 2020
In early March 2019, amendments were made to the National Greenhouse and Energy Reporting (Safeguard Mechanism) Rule 2015  which had the effect of:

Debt free, cash free transactions – the devil is in the detail

6 January 2020
Most private M&A transactions are undertaken on a debt free, cash free basis. This means the vendor pays out any debt at completion and keeps any remaining cash in the business (typically by way of a pre-completion dividend).

TPAR - Contractor Reporting Obligations

6 December 2019
Starting 1 July 2019, businesses who provide road freight, IT or security, investigation or surveillance services, and who pay contractors to provide those services on their behalf, will need to lodge a Taxable Payments Annual Report (TPAR).

Funding your property development

17 October 2019
For many developers, the question that inevitably arises is how the property development should be (or could be) funded.

Good Governance Principles for Not-for-profit organisations

22 August 2019
The Australian Institute of Company Directors (AICD) released the Not-for-profit Principles - Second Edition in January 2019 as part of their commitment to the not-for-profit sector and their respective Board of Directors.

Automation and Artificial Intelligence

8 August 2019
Artificial intelligence, Robotic Process Automation (RPA), blockchain, and other emerging data techniques are being used to improve customer experience, increase revenue and decrease cost.

Higher education and Vocational Education and Training (VET)

31 July 2019
RSM UK has recently undertaken an analysis of Risk Registers across Higher Education institutions. 

Land Development Agreements - The net widens

18 July 2019
The Victorian Duties Act 2000 contains provisions that can apply to Land Development Agreements that have been broadened since the recent enactment of the State Taxation Acts Amendments Act 2019 on 18 June 2019.  

How legal structures have a far-reaching impact on your property development

9 July 2019
Determining the best structure for your property development can get complex.

How to strengthen and simplify your allied health practice

29 May 2019
The allied health sector is notable for its variety and complexity but there are rich opportunities too.

Growth, innovation and succession planning in your vet practice

20 May 2019
Whether you care for cats or cattle, you know that the vet industry is changing. Large animal practices are concerned about a looming skills shortage as young vets opt to work with smaller animals. Meanwhile, small animal practices are benefitting from the increased disposable income of pet owners and the popularity of pet insurance.

Positioning your medical practice to thrive in changing times

14 May 2019
Change in the health sector is almost as certain as death and taxes.

Revenue recognition in construction industry

26 November 2018
The adoption date for AASB 15 Revenue from Contracts with Customers is for financial periods beginning on or after 1 January 2018. With 31 December 2018 year end fast approaching, have you ensured your revenue accounting is in accordance with the new standard?

Not-for-profits - is a merger right for you?

26 October 2018
Over the last couple of years, the not-for-profit industry has seen an increase in the number of merger opportunities.  For example, in the disability sector alone, the National Disability Services reported that 38 per cent of organisations are discussing merger options.

The future of general practice: cash flow, growth and innovation

19 October 2018
The future of general practice is truly at a crossroads, with many challenges but also a range of opportunities.

Medical and Healthcare Providers Targeted over Payroll Obligations

21 August 2018
Medical and healthcare providers are currently in the spotlight of the State Revenue Offices (SRO) around Australia regarding their payroll tax obligations.

Case Study - External audit services for property management

24 November 2017
RSM works with a global property manager  to provide external audit services to its property management team.

Case Study - External CFO services to large land development project

24 November 2017
RSM worked with a large property developer on a land development joint venture between Mirvac (listed) and VIP (private) which will develop 7,000 lots in Rockbank over a 15-20 year project lifespan.   It is the No.1 selling land development project in Australia currently.

Case Study - Investigating Accountant for Property Development and Residential Property

24 November 2017
RSM worked as Investigating Accountant reporting on the forecast financial information included with its fundraising disclosure documents in the residential property and property development industries.

Dealing with the “non-financial” spouse in Family Law matters

31 July 2017
With one in three Australian marriages ending in divorce and the median age of divorce being 45 for men and 43 for women¹, divorce is typically occurring during the prime wealth accumulation period of people’s lives.

AEMO report on the South Australian blackout

28 April 2017
On Tuesday 28 March 2017, the Australian Energy Market Operator (AEMO) released its fourth and final report into South Australia's September blackout with the conclusion that overly sensitive settings in some wind farms resulted in the statewide blackout. It also found the intermittent nature of wind was not to blame for the statewide blackout.

Set your child care centre up for success by managing cash flow

8 February 2017
One of the most common questions that an accountant is asked from the child care sector  is, 'So I made $150,000 last year; why don't I have another $150,000 in my bank account?' The answer is negative cash flow... 

Grappling with the growing complexity in Family Law valuations

22 November 2016
An increase in the number of divorcing couples with 20-plus years of marriage, most of whom have acquired significant wealth through various structures, means property settlements could become progressively more difficult to resolve, cautions Nadine Marke Principal Corporate Finance RSM Australia Pty Ltd.

How healthy is your medical practice?

16 November 2016
“There are two certainties – death and taxes. As a medical practitioner you help your patients delay one of these. As accountants, we can help you manage the other. ”

Industry snapshot - Property Development

15 November 2016
A snapshot of the key statistics and current industry performance in the residental housing property development sector.

Our services to the local government sector

10 October 2016
RSM has a long history, both in Australia and overseas, of providing a wide range of value added services to local government.

Expertise in waste and resource management

29 September 2016
RSM has a long history of advising clients in the waste and resource management industries, providing integrated solutions across our service lines in Australia and through our global network.

The balance between supply and demand for residential places

8 July 2016
The release of the ACAR for 2015 and recent research undertaken by RSM for our Aged Care Sustainability Review 2016 provides an opportunity to consider how the supply management regime is working in residential aged care.

RSM aged care community insights - June 2016

20 June 2016
Profit from employing a right sizing strategy

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 are the major challenges facing the aged care sector?

9 June 2016
RSM’s National Head of Aged Care, Bruce Bailey, discusses his thoughts on reported aged care demand likely being understated, as well as funding the required expansion of the industry.

5 key risks companies should monitor in 2016

25 May 2016
Plan now to address employment, inflation, currency, cybersecurity and vendor risks

Industry snapshot - Technical and vocational education

29 April 2016
A snapshot of the key statistics and current industry performance in the technical and vocational education sector.

Increasing choices - but not supply

21 April 2016
The introduction of the Increasing Consumer Choice Bill into Parliament in February provides an interesting study on the impact on demand and supply within the context of a system that ratios service provision.

Industry insight - Vitamin and supplement manufacturing

20 April 2016
A snapshot of the key statistics and current industry performance in the vitamin and supplement manufacturing sector.

Industry insight - Milk powder manufacturing

20 April 2016
A snapshot of the key statistics and current industry performance in the milk powder manufacturing sector.

Aged Care Sustainability Review 2016

18 April 2016
The inaugural edition of the RSM Aged Care Sustainability Review has highlighted a number of issues and trends that directly relate to the viability and sustainability of the residential aged care sector. Key findings from our research include:

Benefitting from the competition under the NDIS

13 April 2016
Competition is unavoidable when doing business within the post-NDIS environment, but this new pressure is not a bad thing, as it gives you the opportunity to improve. The fee-for-service funding model encourages organisations to better their services and transform themselves into the most attractive provider on the market.

Protecting your organisation from NDIS disruption

13 April 2016
Often, the biggest challenge when facing change is just figuring out what to do, and when it is the funding of an entire organisation at stake, your reaction can either make or break your future. The NDIS will be fundamentally transforming the way funding is provided to the sector.

The NDIS Risk Factor

13 April 2016
The National Disability Insurance Scheme (NDIS) makes for risky business, creating in one stroke a range of new traps and dangers which organisations must navigate. Depending on your organisation’s readiness, the risks can endanger functions in every part of the business.

How to afford staying in business under the NDIS

13 April 2016
Income is critical in saving organisations from failure, and maintaining a positive balance sheet is one of the biggest concerns for disability service providers facing the National Disability Insurance Scheme (NDIS).

NDIS: Overcoming the Big 5 Obstacles

13 April 2016
Navigating the National Disability Insurance Scheme (NDIS) may seem like a challenge, but when everything is distilled down to basics, the major areas that need your attention are in fact few. Through our extensive experience in working with transitioning service providers in the ACT, RSM has identified five major obstacles to a successful transition.

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.

RSM aged care services update - March 2016

21 March 2016
If you hold a senior position in an approved provider then you will have already felt the winds of change that we anticipate will blow for many years to come as the sector moves inexorably from a welfare entitlement base to a user pays supported by government safety net. This update contains our thoughts and insights on a number of key areas that are being impacted

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.

Proposed Amendments to Farm Management Deposit Scheme Fall Short

15 March 2016
The Australian Government proposes to introduce legislation into parliament in August 2016 to change Farm Management Deposits (FMD) to: Increase the FMD cap from $400,000 to $800,000 Provide an early access trigger during times of drought

Is it better to be a specialist or a generalist in aged care?

29 February 2016
Recently I presented at the strategic planning session of the board of a mid-tier residential aged care provider. This group also has a minor position in home care and a reasonable footprint in ILU’s.

Background to capital grants for residential aged care providers

12 February 2016
We have analysed the capital grants approved by the government through the 2013, 2014 and 2015 ACARs. The following analysis is provided to assist those providers who are considering making an application for a capital grant in the 2016 ACAR.

Dataset: forecasted supply of bed licences by ACPR from 2016 to 2020

10 February 2016
The data table represents the following across aged care planning regions:

GPs lose out in Medicare changes

14 January 2016
Proposed government changes to Medicare rebates could mean GPs lose out significantly, facing additional working hours and lower profits.  In simple terms the proposed government regulations mean that there will be two key changes to the way GPs bill their patients.

Where to with the Wine Tax?

7 January 2016
Anyone working with the wine tax on a day-to-day basis would agree it is not a simple tax. The basics are straightforward, it is around the edges where it gets difficult. 

Business insights from RSM

16 December 2015
The 2015 year is fast fading and the reality of the challenges and the excitement at the opportunities of 2016 are in front of us all.

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?

RSM launches Ready4 with National Disability Services and the ACT Council of Social Services

12 November 2015
RSM has launched Ready4 alongside  National Disability Services (NDS) and the ACT Council of Social Services (ACTCOSS), creating a central point of contact for organisations transitioning over to the National Disability Insurance Scheme (NDIS) in the ACT. The Ready4 program was commissioned by the ACT Government.

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.

Challenging times in the not-for-profit sector

15 October 2015
Increased costs of compliance, changing government priorities, high administration costs are just some of the challenges which are being faced by the not-for-profit sector.

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

Stamp duty exemption for young farmers

10 September 2015
Young farmers considering purchasing their first piece of farmland should be aware of potential stamp duty savings available. This Victorian Government scheme has now been in place for some time, but has received little publicity. Consequently, very few farmers have accessed the concession.

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

Maximising superannuation when selling the farm

24 August 2015
In my experience a lot of farm owners, when asked what they think of superannuation, will remark ‘my farm is my super fund’.  However what happens when the farm is sold?

Foreign ownership of agricultural land register

18 August 2015
As you have seen in the media over the past six months, the level of foreign ownership in Australian real property, and in particular agricultural land has been a hot topic of debate.

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.

Managing the risk of forged degrees and diplomas

16 July 2015
Recent media has reported that there is considerable risk of forged degrees and diplomas entering Australian employment markets visa sophisticated, off-shore forgery businesses offering them at a premium fee.

Managing capital in aged care: how much difference does it make?

14 July 2015
There is an acknowledged need for significant new capital investment in residential aged care assets. Investment decisions are driven by the expected return on investment. We postulate that the ultimate measure of this is return on equity.

Accountants and auditors - a dying breed?

9 July 2015
CEDA has just released its report 'Australia’s future workforce' which looks at the jobs and skills we need to develop to ensure the national economy continues to grow and diversify.

Aged care: benchmark to whom and what?

6 July 2015
Recently I ran the Sydney half marathon with one of my daughters (she beat me). When the results came out I was less than enthused by both my absolute and relative performance. This is an example of an unpleasant realisation from benchmarking. When I consider benchmarking for approved providers I find the following helpful:

Aged care and the relative metrics of managing revenue as opposed to managing costs

1 July 2015
Some providers subscribe to the view that as most income is set by the government, the best way to manage operating performance in residential aged care is to actively manage operating costs, so for many this means managing the roster.

How to measure the financial performance of an aged care provider

17 June 2015
Consider two hypothetical residential aged care facilities. Save for the following distinctions, all other operational costs and revenues are the same. Facility 1 is a not-for-profit that is heavily reliant on donations to supplement its income and takes in exclusively supported residents.

RSM aged care update - June 2015

9 June 2015
The hot spots as we see them: There is a lot happening in aged care and at RSM our priorities over the coming 6 months will be helping clients in the following areas: Realignment of operations: in response to legislative changes from 1 July 2015 providers are increasingly asking themselves whether they should:

Emissions Reduction Fund auction – what’s next for Australian businesses looking to participate

9 June 2015
New methodologies likely to be approved before the next Emissions Reduction Fund auction will open up opportunities for more businesses and industries to participate, but they must act now, according to RSM.

Factors influencing the financial performance of residential aged care providers

1 June 2015
In June 2014, ACFA engaged RSM (known as 'RSM Bird Cameron' at the time), in association with PricewaterhouseCoopers (PwC), to study the qualitative and quantitative factors influencing and associated with the variable financial performance of different residential aged care providers.

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.

Proposed changes to financial reporting for providers of residential aged care and home care

27 February 2015
Executive summary We understand the proposed change to financial reporting is a starting point on the path to a future state for financial reporting where:

The rise of the zombie company

23 January 2015
In the past, many underperforming companies managed to slip under the radar and escape insolvency. With market conditions changing, these businesses need to change course if they want to avoid going under.

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