We are excited to welcome industry leaders and advisors for our webinar series called Master the Margin, where we will address inventory management, pharmacy accounting, buying a pharmacy, pharmacy growth, selling a pharmacy and will answer all your questions about these areas and more.
On this page you will find the recordings for each webinar and other related resources. Sign up to receive updates when new recordings are added.
Expanding Your Pharmacy Business Market Share
Live Oak Bank and Sykes & Company, P.A. discussed during this webinar the keys to a successful growth strategy when purchasing another location or doing a prescription file buy to roll into your existing location. We share how to identify, qualify and finance these opportunities as well as essential tax and accounting considerations.
Financing Your Pharmacy Business
In this webinar, First Financial Bank discussedcurrent pharmacy business benchmarks and projected growth within the profession in the coming years. A step-by-step process to buying a business was shared, as was successful business strategies for new and current owners. This webinar will also highlighted acquisition do’s and don’ts, shared tips on writing a business plan, and provided real-life examples of determining the value of a business and what the process of financing your dream really looks like.
Protect You and Your Pharmacy: The Growing Threat of Ransomware
Ransomware is growing exponentially and is having devastating impacts on business of all sizes. In this webinar, Chris Sykes discussed IT security threats and basic steps you should implement to protect you, your pharmacy and your patients.
Annual Enrollment Opportunities to Reduce DIR Fees
In this webinar, FDS looked at the different ways Medicare plan comparison can give your bottom line a boost and cut back on clawbacks during an Open Enrollment period.
Increase Cash Flow with COVID Testing
This webinar with Atrium24 covered how COVID testing can add cash revenue with high margins to your pharmacy and serve your patients’ needs. Learn how to get started, how to incorporate into your workflow and what supplies you need to get up and running.
Personal Financial Planning Workshop for the Pharmacy Owner
This Master the Margin webinar with Palladium Advisors overviewed key financial planning topics such as investing, retirement, estate so you can maximize and protect your financial and personal wealth.
Inventory Management – Keep Your Cash in the Bank, Not the Shelf
During this webinar, Inventory iQ discussed all aspects of managing your inventory to maximizing your cash flow and bottom line. Some notable topics included perpetual inventory systems, inventory technology and best practices/workflow.
Working with – Not Against – PBMs
Under the heading of “Possession is 9/10ths of the Law,” it is clear that PBMs have a superior bargaining position than what pharmacies have (i.e., PBMs possess the pharmacy’s money). It makes business sense for the pharmacy to work collaboratively with PBMs, as opposed to having an adversarial relationship. In this webinar law firm Brown & Fortunato discussed how the pharmacy can work with PBMs on a win-win basis. Equally as important, the webinar discussed the steps that the pharmacy can take to “push back” against PBMs without causing the PBMs to terminate the pharmacy’s contract.
Offering “Value-Added” Services to Customers While Avoiding Prohibited Inducements
An important way for a pharmacy to set itself apart from its competitors is to offer services to existing and prospective patients…services that other pharmacies cannot offer. Law firm Brown & Fortunato discusses (i) the federal laws governing value-added services to patients; (ii) those value-added services that are legally acceptable; (iii) those value-added services that may trigger a government enforcement action.
Collaborative Arrangements with Physicians and Other Referral Sources
In this Master the Margin webinar, we discussed the important issue of collaborative arrangements with physicians and other referral sources. With guests Jeffrey S. Baird, Esq., chair of the Health Care Group at law firm Brown & Fortunato, P.C., and Bradley W. Howard, Esq., an attorney with Brown & Fortunato who regularly represents pharmacies and other health care providers learn about this important topic for your pharmacy’s risk management and business success.
Financing During the Pandemic Part 2
With guest Mike Bollinger of Live Oak Bank, we discussed the financing needs during a pandemic while understanding what options are potentially available to small businesses and pharmacies. We discussed the government subsidies for existing business owners as well as for new owners. Learn how to determine what your needs are and how to work with a lender to secure the proper financing.
Financing Your Pharmacy Future
Want to buy or start your own pharmacy? Knowing the ins/outs of financial requirements is guaranteed to make the process easier for everyone involved. Listen to pharmacy lending experts from First Financial Bank as they explain the financial process you need to be successful.
Growth: Three Ways to Supercharge 2021
In this webinar, hear from independent pharmacy owners who understand the challenges you are facing every day. They have been able to successfully grow their business through increasing prescription volume, adding new patients, expanding into new geographic territories and boosting high-margin supplement sales.
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
Improving Profitability and Customer Service Levels Through AI and Effective Inventory Management
In this webinar, Greg Bradshow of P4 Technologies, Ollin Sykes and Scotty Sykes discussed how to use advanced technology to maximize the benefits of your inventory investment. Most pharmacies can reduce their inventory by more than 30% and still have better service levels to their customers, while saving money every month in strategic purchases as well.
Cash Flow: Where Is It and How To Get It
During this webinar, Craig Robinson of RxCherryPick, Ollin Sykes and Scotty Sykes discussed why cash flow is critical to working capital and your business and why holding on to cash flow is getting harder and harder. They also discussed who has your cash flow, how they got it, how to get it back and how to use it once you have it.
The ROI of Adherence Packaging Automation
In this webinar, William Holmes of RxSafe LLC, Tyler Young of Roberta Pharmacies, Ollin Sykes and Bonnie Bond discussed how you can use adherence packaging automation and RapidPackRx in your independent pharmacy to increase revenue and reduce costs, while improving patient health at the same time.
Financing in a Pandemic
In this webinar, Mike Bollinger of Live Oak Bank and Ollin Sykes and Scotty Sykes discussed:
- The minimum viable capital you need to keep your independent pharmacy operational;
- Financing options available should you need them; and
What you need in your toolkit for survival now and going forward
Exemplar Health’s New Small Business Level Funded Solution
During this webinar Ollin Sykes, Scotty Sykes and Tim Hawley of Exemplar Insurance Associates discussed how you can be part of a network of independent pharmacies and health service providers and level the playing field with large retail chains and PBMs. Exemplar Health has stepped up in a big way by launching a small group insurance health product that is winning business nationwide.
Care Plans: From ‘Nuisance’ to Narrative
Ollin Sykes, Scotty Sykes and Joshua Howland of PioneerRx discussed how Care Plans prove a pharmacist’s value in the continuum of care. During the webinar you will hear about Care Plans and how they paint a picture of the health history and outcomes of each of your patients.
Inventory Efficiency During the Pandemic and Beyond
Ollin Sykes, Scotty Sykes and Jared Barton of Inventory iQ addressed how important it is for a pharmacy to manage their inventory.
Growing your Pharmacy through Medical Services
In this webinar, Ollin Sykes and Scotty Sykes discussed 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 medical practices.
COVID-19 and Pharmacies: Steps to Navigate this New Normal
This unique webinar, presented by Sykes & Company, P.A. and Brown & Fortunato, discussed practical steps that pharmacies can take to make it through COVID-19. You will receive some practical steps that your pharmacy can take as you navigate this new normal. Find out what you should do if an employee or patient shows symptoms of the coronavirus and hear what you need to know about the Paycheck Protection Program and Health Care Enhancement Act. These topics and many more were discussed.
Coming out of COVID: How to boost RX Business and Cash Clinical Services
In this webinar Sykes & Company, P.A. and Atrium24, LLC, discussed how you can diversify revenue streams in your pharmacy, influence the health of your patients to make them less reliant on medication and provide a more fulfilling environment for your pharmacy team.
340B: How to Thrive in an Unfamiliar Space
340B is a unique area that can help you diversify revenues, increase your bottom line and enhance cash flow. However, not all 340B contracts are the same and in some instances you may even lose money. In this webinar Sykes & Company, P.A. and Eric Fromhart with Secure340B discussed insights to empower your pharmacy and optimize 340B opportunities.
CBD for Increased Patient Outcomes and Pharmacy Profits
During this webinar you will learn the difference between hemp and cannabis, as well as full-spectrum and isolate products, potential therapeutic benefits of CBD products and more. Plus, you will hear from an independent pharmacy owner and a Sykes & Company, P.A. client who sells $80,000 of CBD a MONTH!
Growth + Adherence + Accuracy + Speed = Increased Profit and Cash Flow
Do you want to improve revenue, accuracy and speed? Do you want to increase profit and cash flow with improved patient adherence? Would you like to do all of this and save money at tax time as well? In this webinar, William Holmes and Brady Chatfield from RxSafe and Ollin Sykes and Bonnie Bond discussed how adherence packaging can grow your pharmacy and save you money on the bottom line.
Buying and Selling Pharmacies: The Right Path to Financial Independence
Owning and operating an independent pharmacy is highly competitive, but it can also be highly profitable with the right legal and accounting advisors. In this webinar, Ollin Sykes, Scotty Sykes and Jeffrey Baird, J.D., chairman of the Health Care Group of Brown & Fortunato, P.C., discussed the legal and financial issues — and hurdles — of buying or selling a pharmacy.
Top Legal Issues Impacting Your Pharmacy
During this webinar Ollin Sykes, Scotty Sykes and Jesse C. Dresser, Esq., of Frier Levitt discussed the top legal issues as they related to the pharmacy industry today and how these issues correlate to the day-to-day accounting and cash flow management of the pharmacy.
Hear from Ollin Sykes, Scotty Sykes and Dave Belinski of Datarithm of how inventory management systems help you not only manage your inventory but also increase profits, control your inventory expense and assist in making the transition to perpetual inventory.
Improve Cash Flow with Inventory Management Best Practices
Inventory is one of the largest expenses a pharmacy has. Efficiently managing your inventory is critical for pharmacy profits and growth. In this webinar, Ollin Sykes, Scotty Sykes and Jared Barton of Inventory iQ addressed how important it is for a retail pharmacy to manage their inventory.
VIEW THE RESOURCES RELATED TO THE WEBINAR SERIES.
We put together a selection of videos on YouTube related to the webinar discussion topics.
Talk to Sykes & Company, P.A. about analyzing your pharmacy’s financial information, and we’ll review it with you for critical tax deductions and business decisions.