£50,000 equipment funding for a pharmacyPublished on 10th January 2020 2020-01-10T12:00:00+00:00
Bringing in a robot
Even the most seasoned or careful individual can and will make a mistake sooner or later. But when that person is a pharmacist the results of that mistake can be catastrophic. The wrong medication or an error in dosage can cause adverse effects or even kill a patient. Automating the process of selecting and measuring out medication greatly reduces the chances of that type of error.
Pharmacy automation is not new — large pharmacies have had some automation since the 1970s. But artificial intelligence and machine learning, combined with the lower cost of automated systems, have put automation within reach for even smaller pharmacies.
With sizes available ranging from that of a large fridge to that of a small truck and prices varying from £50,000 up to £500,000, pharmacists can have the system they need to automate their business - providing they can call on the funding required.
We were recently approached by a pharmacist looking to streamline the operations in his busy London pharmacy. With over 10,000 prescriptions being filled each week, he saw that automating the dispensary could have a big impact on his profitability.
“Automated dispensing offers an opportunity to change how the pharmacy works. With it, I was certain that we could work more efficiently, fill more scripts and, at the end of the day, enjoy greater profits. And there is always the concern that if I didn’t do it, someone else would, and they would have a business advantage because of it.”
The pharmacist talked the idea over with a specialist consultant and was keen to go ahead - but he wanted to spread the cost.
The dealer was able to offer a Hire Purchase plan, but the pharmacist was concerned that the finance plan offered was more costly than necessary.
Wanting to spread the cost of essential equipment or simply concerned that you may not have the most cost-effective funding source to grow your pharmacy? Find out how we can help pharmacists like you, or apply for funding today
Hire Purchase and Leasing
Asset Funding solutions can often provide the most cost-effective ways to help provide equipment you need and can help buy outright or lease all types of equipment, from hand tools to vehicles.
With Hire Purchase, you effectively hire your dental equipment until you’ve paid enough to purchase it. You’ll normally pay a deposit plus fixed monthly repayments. When you’ve made all the repayments, your business will own the equipment outright. This can be ideal for durable items that you will want for the long term.
Leasing gives your practice more flexibility, making it easy to regularly update equipment to ensure you always work with cutting-edge technology. In some leasing arrangements, you have the option to own the asset at the end of the term, upgrade it, or simply give it back. You can also decide whether you want maintenance and insurance to be included and whether you need the item for its whole working life or a shorter, agreed period.
There are many lenders providing Asset Finance. Our expertise can help secure the most competitive rates - frequently undercutting those offered by equipment dealers.
Getting a better deal with Rangewell
The pharmacist approached us at Rangewell.
“I wanted to buy the system outright rather than lease it. I was concerned that leasing would mean open-ended costs, and my accountant suggested that a purchase might have some advantages for the business.”
We can provide all types of business funding, and we know the solutions that are most appropriate for the pharmacy profession - and the lenders who may be best positioned to provide it.
We found a specialist lender working in the medical equipment sector which could provide the £50,000 funding at a preferential rate of 5.25% above base rate over 4 years.
The funding Rangewell arranged:
£50,000 at 5.25% above base rate 0.75%* over 4 years
Monthly £962.95 (annually £16,536)
Total cost for loan £7,776.95
At Rangewell, we can help pharmacists find better answers to all their funding needs. Whether your business is looking for a loan, Asset Finance, Commercial Mortgage, or any other kind of finance - our expert teams find the most appropriate funding solutions while our network of lender contacts and our unique online tool let us find the most cost-effective rates.
Our service is independent, fast and absolutely free. If you're looking for better ways to run your pharmacy, find out what solutions are available, or apply today.
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