Dear Member,
A new scheme has been launched allowing pharmacy contractors to sign up for early access to their NHS BSA monthly advance payment.
The Pharmacy Earlier Payment Scheme (PEPS) gives pharmacy contractors access to payment significantly earlier (2 months) than contractual the payment terms. Basically, you can get paid an estimate for November’s dispensing on the 1st November rather than the 1st January. This gives you around 60 days of extra cash flow.
The scheme is available to all pharmacy contractors in England and over 1,800 pharmacy contractors have already signed up.
The benefits of signing up to PEPS include:
- Access payment for the provision of NHS pharmaceutical services up to 60 days in advance.
- Low cost finance at less than 1% APR.
- The lowest cost commercial finance available to members in comparison to overdrafts and other short-term credit facilities.
- An alternative to more expensive forms of short-term financing.
- A straightforward on boarding process.
Whilst this scheme gives you access to extra funds for a small cost, members should take time to understand the schemes rules.
PharmaPlus’s recommendation is this can be a very useful scheme to help with cash flow issues or help raise money for development of the pharmacy. However, members should take care not to use this money to pay off debts particularly if your business fundamentally is not making ends meet as you will just accrue bigger problems for the future. You should also take advise from you
accountant or other financial professional if needed.
PEPS is a privately financed and voluntary arrangement with Taulia, facilitated by the NHSBSA. Taulia is a financial technology business that provides supply chain finance. The company helps buyers and suppliers accelerate payments, improve supply chain health, and unlock trapped cash.
For more information including the on-boarding process and terms and conditions visit www.nhsbsa.nhs.uk/peps or contact via the following email nhsbsa.pepscontractorpayments@nhs.net
You will be sent an application form and the terms from the NHSBSA / Taulia.
Also, extra information is provided at https://customers.taulia.com/nhs-bsa/
If you would like to discuss this further / have questions or hear about experiences of other members using PEPs, please contact the office via email on info@pharmaplusltd.co.uk
Regards,
PharmaPlus
