Health Corporation (HEA)

Shares / Stock Code

HEA

Stock Exchange / Sharemarket

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Health Corporation (HEA) is the proprietor of the Health Information Pharmacy system and provides franchising services to 25 franchised pharmacies in Australia. Other services include providing finance to pharmacists to acquire pharmacies within its system. The company also derives income through loan establishment fees and on-going interest charges.

Health Corporation History

Since its inception in 2002 HIP has grown from one store in Sydney to around thirty stores across Australia, predominantly in New South Wales, Queensland and Victoria. Sydney pharmacist Ken Lee founded the Health Information Pharmacy model in his Castle Hill pharmacy in 2002. The pharmacy model now used by all HIP stores across the country was first developed by Ken and his wife Julia in close collaboration with Ken’s business coach Greg Albert.

The original reason for Ken contacting Greg was that he faced a lot of the same problems faced by other small and medium sized businesses, as well as a number of problems emerging in the pharmacy industry.

He and his wife were together working 130 hours a week in the pharmacy and Ken’s main concern was to reduce this workload. However they also faced increasing competition from discount pharmacies and an increase in legislative compliance, and together these challenges prompted Ken to look outside pharmacy for a solution.

Greg helped Ken meet these challenges and together they developed a pharmacy model based on:

1. Business systemisation
2. Incentive Management
3. Cost effective marketing
4. Effective branding and positioning
5. Business mentoring

Within the year Ken had been able to implement all of these programs into his pharmacy in Castle Hill and as a consequence was able to reduce his personal workload and focus on working on the business rather than in the business. The result was a much healthier pharmacist and a much healthier pharmacy!