Pharmacies

Condies Health - PharmaciesThere is a strong correlation between the work that we do with our GP clients, and the local pharmacies serving those GPs' patients. In many cases, the pharmacists operate out of premises where the local GPs are the landlords. In some instances, in the case of dispensing practices, the GPs run the pharmacy themselves.

We are experienced in dealing with a wide range of business configurations and our pharmacy clients rely heavily on our Compliance, Advisory, Tech and Wealth services but in addition we also offer the following sector-specific services:

Benchmarking - how do you compare to your peers?

With our pharmacies we have over the years made extensive use of 'benchmarking' in reviewing performance. Benchmarking is the measurement of performance against sector averages, to allow areas of underperformance to be identified, and (hopefully) rectified. To underpin this, we draw meaningful comparisons with other pharmacies in the area as well as known sector averages. When this is combined with a detailed variance analysis comparing the current year with the previous years, it allows trends to be spotted quite easily. We will use graphs to highlight certain aspects of the accounts, and every possible means is employed to make the accounts more understandable. By carefully attending to the areas each year where improvement is possible, very real improvements in overall business performance over a period of time can be realised. This means more money for less work - definitely worth going for.

Profit improvement - because profit is sanity

Where the benchmarking exercise has identified areas where a business is underperforming, we are often asked to take a closer look at one or more specific areas in the business to see if a particular cost can be reduced, or an item of income increased. When doing so, we are able to draw on our wealth of experience in working with businesses in the same sector, and the net effect will be an immediate and lasting improvement in business profitability. One area we are regularly asked to look at is staff costs. In many businesses, the wage bill is the single largest expense, and a saving there will have lasting benefits to business profitability. This will involve a review of team structure, identifying any duplication of roles, and looking at ways in which technology could assist in reducing staff costs.

Should you wish to discuss further the specialist services we offer to pharmacies, please feel free to contact us.

Case studies

Platt & Common Dental Surgery Testimonial

John Denham BDS, partner at Platt & Common Dental Surgery, talks about how Cliff Fleming of Condies Health, specialist dental accountants, has supported the practice via sourcing initial funding, providing Sage accounting software training and fighting the practice's corner when extending the bank facility.

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