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Document What is the Pharmacy Early Payment Scheme (PEPS)?

The PEPS, which is administrated by Taulia, is an optional service that enables pharmacy contractors to receive their estimated advance payment for prescriptions they have dispensed earlier.  

Under the scheme contractors are able to receive advance payment for prescriptions dispensed on day 7 or 8 of the month following that in which the items were dispensed, which is a few days after submission of their prescriptions.

Key points to note about the scheme include:
  • It provides enrolled pharmacies with the option of receiving earlier payment of the monthly payment due to them for the provision of NHS pharmaceutical services.
     
  • Receive earlier payment in as quickly as 8 days rather than the usual 30 days.
     
  • The Scheme may help to improve cash balances and reduce borrowing costs.
     
  • Registration is free and there are no charges apart from an interest cost. There is also no charge for exiting the scheme.

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.

Under the previous PEPS 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.

Your actual monthly submission will be offset against the estimated early payment you receive. Its still important that you get your batches to us in good time to facilitate this scheme.

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 calculation. This is because PEPS is an estimated early payment, and the calculation is based on your average payment. It is not an advance on your monthly payment.

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.

More information can be found on Taulia's website. 

This page can also be accessed via our website. Click here to view.
 
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