Case Study:
Medicap Pharmacy

Company Profile

The highest compliment you can pay pharmacist Jeff Theige is to recommend someone to his business, Medicap Pharmacy. He has built his practice on respecting his patients, getting to know them well, and proactively meeting their needs. He expects that same kind of service from his bank, and he’s found it. In fact, he attributes much of his business success to his relationship with Alerus Financial.

“My business has grown dramatically over the past 10 years,” reflects Jeff. “I never have to wonder what to do next. They’re always a step ahead of me.” And just like Jeff advises patients on potential drug interactions and side effects, “if Alerus sees a particular negative pattern in my business, they’ll contact me to suggest a change,” he says. 

Situation

A few months ago, Medicap Pharmacy franchise owners had the opportunity to buy out their parent company. The caveat was that they had to move fast—both in making a decision and in putting together a financial package. As he had done numerous times before, Jeff’s banker, Mark Rios, brought in a team to help evaluate the opportunity and put together a financing package.

This wasn’t the first time Jeff experienced a group effort. “Mark often gathers a couple of associates, and collectively we discuss ideas. It’s very educational for me. And I know their suggestions revolve around what’s good for my business, not just what makes them money.

“The overwhelming consensus was to move forward with the purchase, but executing wasn’t an easy task,” he says. “Mark and the team worked long hours and demonstrated innovation in order to quickly put together the financing package. I’m grateful they did. This move has really made my business more stable and secure.”

“Some of my fellow franchise owners missed out on the opportunity simply because their banks weren’t swift enough. I would have, too, if I didn’t have an institution the caliber of Alerus. From day one, they were behind me,” Jeff says.

Solution

Due to the nature of health care, Jeff’s day-to-day environment is one of uncertainty. In his dual role as business owner and medical professional, his business gets more and more complex. Changing reimbursements, shrinking margins—everything affects his operation. “Alerus has some products that really improve our cash flow,” he says. “For example, Remote Deposit helps keep us in the store and away from the bank and gives us immediate access to funds.”

While convenient, Jeff does miss visiting Alerus on a regular basis. “The atmosphere there is unbelievable, not just for me but for my employees as well,” he says. “I feel like I’m walking into a small-town bank in terms of the warm welcome. You just don’t see that with most business-to-business banks. At Alerus, they are never, ever stuffy bankers.

“I’m confident in recommending Alerus to friends and business associates. There’s no question they’ll have a great experience,” he says. And that’s the highest compliment Jeff can pay.  

 

 

 

Medicap Pharmacy www.medicap.com

Grand Forks, ND

Business Type

Professional Services    

Services Used

Commercial Banking
Business Checking
Business Savings Products
Business Line of Credit
Remote Deposit
Loans
Personal Banking

Quick Links

meet our team
ask us a question

View our full case study library
Alerus Logo
© Alerus Financial All Rights Reserved
alerus.com | Contact Us