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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
Connect with Pharmacy Edge:
Website: www.pharmacyedge.com
LinkedIn: Pharmacy Edge
Facebook: Pharmacy Edge | Twin Falls ID | Facebook
Connect with our Host:
LinkedIn: Matt Hodgson | LinkedIn
Connect with Mike McGillivray and Care Lending Group:
LinkedIn: @MikeMcGillivray
Email: mike.mcgillivray@carelendinggroup.com
Phone: 403.710.4810
Web Site: www.carelendinggroup.com
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