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 …
UPDATE: ESI Issues Recoupment Stay of Deadlines Until Further Notice
On July 1, 2020, pharmacies and industry stakeholders received information from ESI that (i) the Defense Health Agency (DHA) and ESI are reassessing the recoupment action, (ii) money that has already been recouped will not be refunded during the reassessment period, and …
Pharmacy Data Mining
Data mining, or data analytics, is the use of big data in your script management system with proprietary software that allows you as the pharmacist to maximize your gross margins on scripts filled. Ollin Sykes of Sykes & Company, P.A. explains how …
3 Keys to Top-Line Independent Pharmacy Growth
In order to achieve top-line growth at your independent pharmacy, you have to be forward thinking and proactive. In this video, Ollin Sykes, CPA discusses the importance of offering clinical services to increase profit margins, using technology to improve efficiency and outsourcing …
After COVID-19: Growth Opportunities for an Independent Pharmacy
Growth opportunities for independent pharmacies after COVID-19. Ollin Sykes, pharmacy CPA, describes the role of the independent pharmacy as community healthcare provider post COVID-19. Independent pharmacies have new opportunities to interact with patients about prescriptions, vaccinations and various clinical services. Learn more …
Multiple Stores and Real Estate Ownership
Hear directly from successful pharmacy owners in our Master the Margin: Innovator Series. If you are considering growth options or you want guidance on purchasing your building, don’t miss their stories of pharmacy business innovation. In this recorded webinar, you will hear …
Master the Margin: Innovator Series
Hear directly from successful pharmacy owners in our Master the Margin: Innovator Series. If you are planning a start-up pharmacy right now or you want guidance on how to grow, don’t miss these stories of pharmacy business innovation. In this webinar, hear …
Basic KPI for Successful Pharmacies
There are a few important key performance indicators (KPIs) that pharmacies need to be concerned with. Liquidity ratios are one of the most important KPIs for independent pharmacies today. In this video, Ollin Sykes of Sykes & Company, P.A. shares how to …