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, …
Optimize Your Pharmacy’s Third-Party Reconciliation
Delays in third-party payments lead to delays in reconciliation and posting of payments to your pharmacy’s chart of accounts. There are several points in the accounting process where third-party payers, bookkeeping and your third-party reconciliation approach can be assessed and optimized for …
Reimbursement Trends and Tools Available to Independent Pharmacies
In this webinar, special guest Jesse C. Dresser, Esq. from Frier Levitt law firm discusses trends in PBM and payer reimbursement rates for independent pharmacies, including the potential impact of a recent Supreme Court decision in favor of independent pharmacies. Fortunately, legal …
Do These Two Things Before Selling a Pharmacy
If you’re looking to sell your pharmacy, there are two steps to consider before listing the pharmacy for sale. In this video, Ollin Sykes, CPA discusses the importance of having your accounting system in order to ensure accurate financial information. The second …
Inventory Management: Keep Your Cash in the Bank, Not the Shelf
Learn about the important factors of inventory management for independent pharmacies. There are many aspects to managing your inventory that can improve your cash flow and bottom line. Notable topics in this recorded webinar include perpetual inventory systems, inventory technology and best …
IRS Midyear Provisions Offer Changes and Flexibility
To assist with the nation’s response to the 2019 Novel Coronavirus outbreak, the IRS announced last week with Notice 2020-29 its intention to provide increased flexibility for midyear elections related to employer-sponsored health coverage, health Flexible Spending Arrangements, and dependent care assistance …
Managing Your Pharmacy’s EIDL Program Funds
If your pharmacy was approved for an Economic Injury Disaster Loan (EIDL) through the Small Business Administration, what’s next? As funds are dispersed, pharmacies must carefully manage and document use of these funds to remain in compliance with the loan terms. Eligible …
How to Buy a Pharmacy Business Series: Dispensing Logs
Before buying pharmacy assets or signing a lease, review the data from script management systems and dispensing logs. Ideally, a three or four-year history of that information can tell you many things about acquisition costs, new scripts to total fills and margins …
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 …
Improve Cash Flow with Inventory Management Best Practices
Ollin Sykes, Sykes & Company, P.A. Scotty Sykes, Sykes & Company, P.A. Jared Barton, Inventory iQ Inventory is one of the largest expenses a pharmacy has. Efficiently managing your inventory is critical for pharmacy profits and growth. In this webinar, we addressed …