Non Traditional Services Used to Improve Pharmacy Margins
Non traditional services can help you improve your independent pharmacy’s margins. In this video, Scotty Sykes talks about which services make a difference for pharmacies. He discusses medication adherence for patients, compounding, travel vaccinations, specialty over-the-counter medications and more. He also provides …
How to Use Pioneer Reports to Improve Your Cash Flow
Many pharmacies lack fundamental accounting. Without proactive pharmacy cash flow management, it is difficult to achieve the growth you want. In this webinar, Scotty Sykes and Sarah Phillips of Sykes & Company, P.A. discuss how the use of Pioneer Reports can help …
Pharmacy Tax Planning for Year-End
Tax planning is a year-long process for independent pharmacies and even more so with the recent tax reform. In this video, Scotty Sykes of Sykes & Company, P.A. shares which pharmacy KPIs are important to monitor throughout the year as they relate …
Common Pharmacy Accounting Mistakes and How to Fix Them
While some accounting mistakes independent pharmacies make can seem fairly minor, others can have a big impact on financial statements. Pharmacy accounting issues can be time consuming and costly to fix. In this video, Megan Perry, CPA, and Kathy Blanchard of Sykes …
Using Script Audit Logs When Analyzing Pharmacy Cash Flow and Profitability
Comparing your script audit logs to your financial statements can help you understand the financial position of your pharmacy. If your pharmacy is in growth mode, your new scripts will be around 50% or more of your total scripts. In this video, …
Bookkeeping vs. Accounting vs. Sykes Accounting
Often the terms bookkeeping and accounting get interchanged and confused with each other. In this video, Scotty Sykes of Sykes & Company, P.A. explains the difference between bookkeeping and accounting. He dives into how their firm approaches accounting for their pharmacy clients. …
IRS Says Provider Relief Fund Payments Are Taxable
Between the CARES Act and the PPP Health Care Enhancement Act, which both passed earlier this year, $175 billion was allocated to the Provider Relief Fund. This funding was used to reimburse providers, including pharmacies, for lost revenue or expenses as a result …
URGENT: ESI Recoupment Letters and Pharmacy Response
New UPDATE: Following our posting of this blog post, ESI mailed letters (dated 6/25/20) to pharmacies that announced the temporary suspension of recoupment actions, as ordered by the Defense Health Agency (DHA). These letters were likely received by affected pharmacies as of …