Page 15 - P4304.1-V100_PS Magazine - August 24 PRINT

Keeping a check on your discounts

Who is accountable for ensuring this is done?

By Caroline Pond

I’m going to have a bit of a rant
here; I apologise in advance, but I
need to get a point over and it is an
important point, so please read on.

It is not good enough to assume someone in
the practice is dotting all the I’s and crossing
the T’s when it comes to managing your
dispensary finances. It really isn’t. So, can you
tell me who is carrying out all the checks in your
practice to make sure you are making the most
of the financial opportunity available to you?
It seems to me that we all think someone else
is ‘keeping an eye’ and is doing all the financial
admin but oh my gosh, that just isn’t the case
in so many practices and the consequences are
often near financial disaster.

Your dispensary is a business, and it should
be run as a business with someone at the helm
who has a clear understanding of how you
are faring at any point in time. Let me use an
example of the type of attention to detail I am
referring to here. You might want to use it as
a test for your team to see if anyone is really
managing the business as it should be.

Branded Medicines
profitability.

You should all understand by now that a
branded prescription item will incur a loss
unless you manage to achieve a discount
to counter clawback. Clawback is the
discount that is deducted from your drug
payment each month and for the vast
majority of you it will equate to 11.18%.

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