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For those looking for an interesting profession in the medical services field, becoming a pharmacy technician or ‘PT’ can be a great option for the right person.It is a detail-oriented job in a growing industry, so there are many opportunities available all the time and estimations are that job availabilities will continue to increase over the next few years.Before deciding that becoming a PT is the job for you though, it is important to have a good understanding of the pharmacy technician job description in order to decide if this is the type of work desired.With a good knowledge of what this profession requires in regard to jobs performed, interested students should be able to enroll in school or training in confidence that this is what they want to do afterward.Pharmacy Technician Job DescriptionAlthough there are numerous setting where PTs can work such as hospitals, retail pharmacies, outpatient and inpatient centers and more – all of which will have some specific duties – their main job is to provide assistance to the registered pharmacy on duty. Most of the time this includes tasks such as:- Receiving prescriptions to be filled, either from retail customers or from hospital staff, for their departments;
- Counting, packaging and labeling prescriptions;
- Dispensing medications to customers in retail environments;
- Dispensing medications to patients and/or nursing staff in hospital environment;
- Accept payment for prescriptions;
- Overseeing medication inventory;
- Keeping medication inventory records;
- Ordering and stocking medications;These duties usually make up the bulk of what a pharmacy technician does, although in retail PTs usually handle other retail duties as well, such as general stocking and straightening, customer assistance throughout the store, and even discussing with customers the use of their medications.In specialty settings like compounding pharmacies, duties would likely include assisting in mixing medication formulas like ointments, syrups and other medicines that are sometimes specially prepared, then shipped to retail locations, or to patients themselves.Working at a compounding pharmacy especially requires the hand of a skilled technician who is very detailed, since this involves understanding medication dosages and mixing prescription strengths.Then, there are also positions at companies that manufacture medicines where job duties include things like quality control and packing and shipping medicines to hospitals, retail stores and other pharmacies that sell medications.Differences in Pharmacy Technician RolesAlthough many times a “pharmacy technician” job will get lumped under that one title, there are actually different classes of PT. There are positions where the technician works very closely with the licensed pharmacist and can do more detailed and technical jobs like compounding and delivery of medications to hospital patients or staffs, and then there are positions where the technician mostly sells already-prepared prescriptions to customers, and other more routine tasks.In some places such as the US, these positions are not always recognized as being different, but based on schooling and certification, they can be very different. A schooled PT holds the title of Certified Pharmacy Technician (CPhT) and usually qualifies to apply for more technical jobs in the field.Those without their CPhT many times will only be considered for the less-qualified, retail positions. In the UK and some other countries, there are specific job titles that mark the differentiation:PTs are those who have fulfilled the higher schooling and job experience requirements while Pharmacy Dispensers are those who are qualified for mostly selling medications to patients in a more retail setting. Technicians are able to give medication advice to customers as well while Dispensers are not.Salary Differences Depending on Pharmacy Technician Job DescriptionBased on the differences in pharmacy technician roles, there are generally differences in salary as well.The less skilled positions – while they can still command a respectable salary that is considered at least average by most healthcare professions on this level – earn between 25 and 50 percent less than the skilled, certified pharmacy technicians, with salaries that can reach as high as the upper $50,000 per year or more.This is something that potential pharmacy technicians should definitely consider when trying to decide on which schooling to take.With this look at what a current pharmacy technician job description entails, it is hopefully easy to see that while the bulk of job duties any pharmacy technician should expect to perform are similar, there are some definite differences.Based on job experience, schooling and position held, some pharmacy technicians will perform more exact tasks, so their need to take their position very seriously is paramount.Also, depending on the job, amount of time spent working with the public directly will vary. Understanding all of this can be a good aid in deciding which type of schooling to enroll in, and what type of professional position is favored.

There are several potential financing options available to cash-strapped businesses that need a healthy dose of working capital. A bank loan or line of credit is often the first option that owners think of – and for businesses that qualify, this may be the best option.

In today’s uncertain business, economic and regulatory environment, qualifying for a bank loan can be difficult – especially for start-up companies and those that have experienced any type of financial difficulty. Sometimes, owners of businesses that don’t qualify for a bank loan decide that seeking venture capital or bringing on equity investors are other viable options.

But are they really? While there are some potential benefits to bringing venture capital and so-called “angel” investors into your business, there are drawbacks as well. Unfortunately, owners sometimes don’t think about these drawbacks until the ink has dried on a contract with a venture capitalist or angel investor – and it’s too late to back out of the deal.

Different Types of Financing

One problem with bringing in equity investors to help provide a working capital boost is that working capital and equity are really two different types of financing.

Working capital – or the money that is used to pay business expenses incurred during the time lag until cash from sales (or accounts receivable) is collected – is short-term in nature, so it should be financed via a short-term financing tool. Equity, however, should generally be used to finance rapid growth, business expansion, acquisitions or the purchase of long-term assets, which are defined as assets that are repaid over more than one 12-month business cycle.

But the biggest drawback to bringing equity investors into your business is a potential loss of control. When you sell equity (or shares) in your business to venture capitalists or angels, you are giving up a percentage of ownership in your business, and you may be doing so at an inopportune time. With this dilution of ownership most often comes a loss of control over some or all of the most important business decisions that must be made.

Sometimes, owners are enticed to sell equity by the fact that there is little (if any) out-of-pocket expense. Unlike debt financing, you don’t usually pay interest with equity financing. The equity investor gains its return via the ownership stake gained in your business. But the long-term “cost” of selling equity is always much higher than the short-term cost of debt, in terms of both actual cash cost as well as soft costs like the loss of control and stewardship of your company and the potential future value of the ownership shares that are sold.

Alternative Financing Solutions

But what if your business needs working capital and you don’t qualify for a bank loan or line of credit? Alternative financing solutions are often appropriate for injecting working capital into businesses in this situation. Three of the most common types of alternative financing used by such businesses are:

1. Full-Service Factoring – Businesses sell outstanding accounts receivable on an ongoing basis to a commercial finance (or factoring) company at a discount. The factoring company then manages the receivable until it is paid. Factoring is a well-established and accepted method of temporary alternative finance that is especially well-suited for rapidly growing companies and those with customer concentrations.

2. Accounts Receivable (A/R) Financing – A/R financing is an ideal solution for companies that are not yet bankable but have a stable financial condition and a more diverse customer base. Here, the business provides details on all accounts receivable and pledges those assets as collateral. The proceeds of those receivables are sent to a lockbox while the finance company calculates a borrowing base to determine the amount the company can borrow. When the borrower needs money, it makes an advance request and the finance company advances money using a percentage of the accounts receivable.

3. Asset-Based Lending (ABL) – This is a credit facility secured by all of a company’s assets, which may include A/R, equipment and inventory. Unlike with factoring, the business continues to manage and collect its own receivables and submits collateral reports on an ongoing basis to the finance company, which will review and periodically audit the reports.

In addition to providing working capital and enabling owners to maintain business control, alternative financing may provide other benefits as well:

It’s easy to determine the exact cost of financing and obtain an increase.
Professional collateral management can be included depending on the facility type and the lender.
Real-time, online interactive reporting is often available.
It may provide the business with access to more capital.
It’s flexible – financing ebbs and flows with the business’ needs.
It’s important to note that there are some circumstances in which equity is a viable and attractive financing solution. This is especially true in cases of business expansion and acquisition and new product launches – these are capital needs that are not generally well suited to debt financing. However, equity is not usually the appropriate financing solution to solve a working capital problem or help plug a cash-flow gap.

A Precious Commodity

Remember that business equity is a precious commodity that should only be considered under the right circumstances and at the right time. When equity financing is sought, ideally this should be done at a time when the company has good growth prospects and a significant cash need for this growth. Ideally, majority ownership (and thus, absolute control) should remain with the company founder(s).

Alternative financing solutions like factoring, A/R financing and ABL can provide the working capital boost many cash-strapped businesses that don’t qualify for bank financing need – without diluting ownership and possibly giving up business control at an inopportune time for the owner. If and when these companies become bankable later, it’s often an easy transition to a traditional bank line of credit. Your banker may be able to refer you to a commercial finance company that can offer the right type of alternative financing solution for your particular situation.

Taking the time to understand all the different financing options available to your business, and the pros and cons of each, is the best way to make sure you choose the best option for your business. The use of alternative financing can help your company grow without diluting your ownership. After all, it’s your business – shouldn’t you keep as much of it as possible?