Community pharmacies can sign up for early access to their monthly advance payment for the provision of NHS pharmaceutical services.
From 1 July 2020 the Pharmacy Earlier Payment Scheme (PEPS) is being updated to provide even earlier access to funds.
Under the new scheme, you can receive an estimated early payment, based on your submission history, before we receive your submission document. This means you can access funds up to 60 days earlier. There will be one payment date at the beginning of the dispensing month.
PEPS is a privately financed and voluntary arrangement with Taulia, facilitated by us.
Under the previous scheme, payment was based on the date that your submission documents were received by us.
The key difference is that the funds are no longer an advance payment based on your month’s submission. We will calculate an estimated early payment based on your individual dispensing history instead. Eligibility criteria applies. Visit the Taulia website for more information.
Submitting your batches
You must continue to send your batches to us in good time to facilitate the scheme.
Your actual monthly submission will be offset against the estimated early payment you receive.
You will forfeit your membership of the scheme if you fail to submit your batches in line with the normal timetable, as set out in the Drug Tariff.
If the earlier payment date falls on a weekend or bank holiday, payment will be made on the next available working day.
The key benefit of the revised PEPS is that you will have access to funds at the beginning of the dispensing month.
If your dispensing history changes month to month, this will be reflected in the estimated early payment value. This is because of the way the calculation is arrived at - we use your dispensing history over the past 12 months to provide an average estimated payment. This is paid to you at the beginning of the dispensing month then reconciled against your actual payment when it is due.
In the majority of cases, if you continue to make regular and consistent submissions, this estimated early payment will be an accurate reflection of your actual average payment due.
Exiting the scheme
You can exit the scheme free of cost by giving Taulia 30 days' notice in writing by emailing email@example.com.
After exiting the scheme, you will no longer be able to receive early payments. The NHSBSA will resume making your payments directly in accordance with the standard processing timetable. You will be advised on when payments will be made after opting out of PEPS.
Contractors should make sure they have sufficient capital to fund the period between leaving the scheme and normal payments resuming.
If your company enters administration or receivership you will automatically be opted out of the scheme and the NHSBSA will resume making your payments.
Visit the Taulia website for more information, key dates and an interest calculator to show you the cost of borrowing for your pharmacy.