Cloud Based Accounting for Pharmacies
The most successful independent pharmacies are taking full advantage of accounting innovation. Scotty Sykes of Sykes & Company, P.A. shared with America’s Pharmacist how today’s accounting systems can help pharmacies address the challenges they are facing, such as cash flow issues, tax and regulatory …
Master the Margin: Improving Profitability and Customer Service Levels Through AI
Advanced pharmacy technologies can now maximize the benefits of your inventory investment and improve your independent pharmacy inventory management. Reducing your inventory on the shelf and still providing optimal service to patients can be a win-win for cash flow. In this Master …
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 …
Avoiding Burnout as a Pharmacy Owner
Burnout occurs when an independent pharmacy owner is trying to take on all the back-office functions in a pharmacy, including payroll and accounting. Delegating these tasks can help alleviate signs of burnout and provide the owner with more time to serve patients, …
Pharmacy Trends Update
With the urgent need for additional pharmacy services during the pandemic, successful independent pharmacies are realizing the potential value of going beyond scripts and adding new patient services and products. This diversification of revenue can support your pharmacy’s bottom line IF you …
CBD for Increased Patient Outcomes and Pharmacy Profits
Cannabis, CBD, THC, Hemp – these terms are all becoming commonplace in the healthcare industry, but what do they mean for independent pharmacy? It’s simple – Independent pharmacists are primed to OWN the CBD market! This is an opportunity to tap into …
Pharmacy Start-Up Costs: Entity Selection and Timing
There are several steps to opening a start-up pharmacy, the first one being entity selection. The entity must be chosen before the owner can obtain a federal ID number. For most start-up pharmacies, the go-to entity is an LLC with an S …
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 …
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, …