Growing your Pharmacy through Medical Services
In this webinar, Ollin Sykes and Scotty Sykes discuss with David Roth, CMO, and Jason Ausili, Chief Clinical Officer, of FDS Inc. the update on legislative changes from HHS and what pharmacies are doing to set up and increase growth of their …
Pharmacy Checks and Balances: Preserve Business Value and Quality of Life
By Bonnie Bond, MBA, CPA, and Katie Musorofiti, MSIA, CPA The common image of a community or independent pharmacist is someone in a white lab coat, filling pill bottles and discussing dosage and drug interactions with patients at the counter. Behind the …
Strategies for Pharmacies to Grow Top Line Revenue
As pharmacies grow, owners can look at new options for top line revenue. New revenue streams can improve margins and support your community’s unmet needs and patient requests. However, not every trend in pharmacy services is best for your pharmacy. Megan Perry, …
The Business Value of Selling CBD in Your Pharmacy
Selling CBD products can be very beneficial for independent pharmacies and the communities they serve. It’s an evolving market and there are things that a pharmacist needs to consider before adding CBD products to their pharmacy inventory. In this video, Ollin Sykes, …
Accrual vs. the Cash Method of Accounting: Inventory Reporting Risks
After the Tax Cuts and Jobs Act (TCJA), pharmacies have the option to use the cash or accrual methods of accounting. However, the IRS has not clarified the rules for properly reporting inventory under these methods. There are tax advantages under the …
Brands vs. Generics: Manage Your Pharmacy Product Mix
Generic drug sales should make up roughly 85% to 90% of pharmacy scripts, but we find that too many expensive brands and specialty drugs are prescribed. High dollar volume brand sales can seriously impact margins in the long run. Scotty Sykes, CPA, …
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, …
How to Consistently Improve Your Gross Margins
Achieving a good industry average gross margin can be challenging when managing the expenses the independent pharmacy owner is faced with. In this video, Scotty Sykes of Sykes & Company, P.A. discusses what you can do to consistently improve your gross margins. …
How Can KPIs be a Predictor of Cash Flow?
Do you know which key performance indicators (KPI) are the best predictors of cash flows? In this video, Ollin Sykes of Sykes & Company, P.A. explains how a pharmacy’s biggest KPI is the current ratio which should be in 2.5 to 3.5 …
The Impact of Pharmacy Inventory Management on Gross Margins | Sykes & Company, P.A.
Your pharmacy inventory is critical to your gross margins. Learn how to properly manage your inventory to achieve a good industry average gross margin of 22-23%. In this video, Ollin Sykes of Sykes & Company, P.A. discusses inventory management and its affect …
