#15 Proactive Steps for Pharmacy Owners: Navigating Receivership in Healthcare Finance

In this episode of Pharmacy Edge, host Matt Hodgson is joined by healthcare finance expert Mike McGillivray of Care Lending Group to tackle the complex topic of receivership. Mike shares insights into why pharmacies may struggle with loan payments, such as new competition, staffing issues, and demographic changes. They discuss the importance of early tracking of financial performance and maintaining open communication with lenders. The episode clarifies misconceptions about receivership, explaining it as a tool to maximize business value rather than a harsh takeover. Practical advice is offered for pharmacy owners to proactively manage their finances and engage with lenders to avoid ending up in receivership.

00:00 Introduction to Receivership with Mike McGillivray

01:00 Factors Leading to Receivership

02:20 Early Warning Signs and Bookkeeping

04:25 Understanding Receivership

09:46 Steps Before Receivership

17:05 Proactive Steps for Pharmacy Owners

19:32 Conclusion and Final Thoughts

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