The Bottom Line Pharmacy Podcast: Tradeshow Series: Cardinal RBC and ThoughtSpot

Catch up on the latest in independent pharmacy in this episode of The Bottom Line Pharmacy Podcast where we share our recap of the 2024 tradeshow circuit.  

We share our experience at RBC Cardinal and ThoughtSpot. We also talk about the opportunities pharmacies have in areas such as GLP compounding, the buying and selling market, pharmacies starting their own insurance, and more! 

Join the discussion with us. 

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More resources about this topic:  

Schedule an Rx Assessment

Video – GLP Compounding Deep Dive

Video – Pharmacies Launching Their Own Insurance Agencies

Podcast – Master the Margin

Podcast – Navigating GLP and Other Pharmacy Opportunities

If you prefer to read this content, the video transcript is below:

Scotty Sykes, CPA, CFP®: Bonnie Bond, CPA: Well, welcome everybody to another episode of the Sykes Bottom Line Pharmacy podcast. I’m Bonnie Bond, 007, and Scotty Sykes here. We just decided we would jump on and chit chat today, Scotty, a little bit about what we learned at the two trade shows that we recently got back from. They were at the same time. So we had Cardinal, we had a team out at Cardinal, which we kind of joked about was the B team with Ollin on the B team. Scotty and I were on the A Team at Cencora Show in Orlando. Just kidding. Both A Teams, of course. We had a bunch of our folks with us at both booths, and I think we had a really good, I think we had two really great shows. What do you think? 

Scotty Sykes, CPA, CFP®: It was interesting this year because they overlapped Bonnie, you know, we had to split it up and so we had. Hard on the vendors. We had to bring in the backup small booth that we had. So we had this little baby booth, I guess you’d call it. 

Bonnie Bond, CPA: It was hard on the vendors. Even more impressive though is we saw several vendors that, because Cardinal did start a little bit a day early. So I know I saw some vendors that went, and that was in Chicago, so they went to a day there, flew down to Orlando and jumped in. Yeah, we saw that with a couple people, so that was good too. 

Scotty Sykes, CPA, CFP®: And then they caught, yep, several ventures with that. There’s some troopers out there. But, no, they were good shows for both. Both were very busy. 

Bonnie Bond, CPA: Man, we saw a lot of clients. 

Scotty Sykes, CPA, CFP®: Obviously, we see a lot of our great clients there and kind of see what’s new and different out there. guess the three things, Bonnie, that I take away from the trade show season, because we did McKesson earlier in the year, was 503B compounding, Pharmacies that are doing their due diligence are comfortable with it are purchasing from the 503B’s the GLP1’s, the Semaglutides, Trizipitides… I think I said that right.  

Bonnie Bond, CPA: You said that right. 

Scotty Sykes, CPA, CFP®: And selling those for cash to patients And I know there’s been a lot of demand for that obviously and there’s not a whole lot of supply so that is a big area of cash revenue and… 

Bonnie Bond, CPA: Yeah. And you know, what I learned from that listening in on some conversations, that was definitely a hot topic at the show. I mean, I heard a lot of people talking about that and even clients that I wasn’t even aware of yet, clients of ours, you know, they’d come up and we would get talking about it and I would ask them if they had looked into it and they’re like, we started last week. So it is definitely something that that’s hot right now for a different revenue stream, but something that I learned that  I guess I’m not surprised by, but people in the industry were mentioning at the show was that doctors are very positive and on board with this. As long as it’s coming from a certified place, they know what, you know, they know the product they’re getting, it’s a good product. They’re ecstatic about having an option to offer to their patients. So that was, yes. 

Scotty Sykes, CPA, CFP®: Yep. And quality is important. And there’s some vendors out there. know Nicolette Matthey at Atrium24 has a lot of information on this stuff. And some due diligence she’s done in terms of vendors and suppliers, 503B suppliers. you know, these are 503B is FDA regulated facilities. So you have to think it’s highest quality you can get outside of, I guess, the real thing, I don’t know, that’s beyond my accounting expertise. Yeah, the 503B was a hot topic. It is a hot topic. And it’s not going anywhere, Bonnie. I don’t think it’s going anywhere. From what we’re hearing in the industry and from compounders, it’s got two to three years for this to ride is what we’re hearing. Now, whether that’s true or not, I don’t know, but that’s what we’re hearing. 

Bonnie Bond, CPA: Yeah, and it’s definitely an option. That’s what we’re here. Not for a while. Yeah. So it’s great for people that need it and the supplies out for people that need these GLP1’s. And then also it’s a much more affordable option for people as well as for some that have to pay $1 ,000 a month for this. This may work for some people to pay $300 a month. So it’s a win -win on the health side. We definitely want to make sure you’re taking care of the patient. But it was good to hear that doctors are seem to be on board with a lot of this. So definitely something to look at. Filling scripts, like we’ve said a million times, just fill in scripts is not going to be enough right now. So it’s an option you need look into. 

Scotty Sykes, CPA, CFP®: The other thing, Bonnie, was the insurance, being your own insurance agent. A lot of folks doing that, lot of folks doing the classes for that. So part B rolled around. 

Bonnie Bond, CPA: It seemed like everybody that stopped by was, hey, I take my test tomorrow. Got my insurance test tomorrow. So that’s interesting to hear. 

Scotty Sykes, CPA, CFP®: Part D, not part B, enrollment start. Where, you know, that’s essentially where you’re walking the fine line of getting the best plan for the patient, also a good plan, better plan for the pharmacy at the same time. So that is definitely was a hot topic for sure as well. 

Bonnie Bond, CPA: For sure. And one takeaway, I think the biggest takeaway I learned at the show about that particular topic is, you know, just make sure you don’t enroll someone that is dead. Because apparently, we learned that someone had tried that and it did not end well. So that is something that has stuck with me since the show. That we were given that negative, you know, kind of common sense advice. But yeah, I mean, the main thing with anything is patient care first, that’s most important. you definitely want to make sure they have the best plan that benefits them and what they need. But since you’re doing all that work anyway, we’re seeing a lot of clients that have gotten into this even last year the year before to also be able to generate, again, another revenue stream during that time of year when you’re doing so much of that work anyway. 

Scotty Sykes, CPA, CFP®: And also during open enrollment, this is the third thing, one of the third things I took away was the open enrollment and technology and how technology and artificial intelligence is gonna help with that where artificial intelligence will have the conversation with the patient and walk them through 90% of the process and then the pharmacist comes in the last 10% and finishes it out. Artificial intelligence is definitely going to be a player in this open enrollment and there’s a couple vendors out there doing that as well or looking into expanding into that technology. So that’s interesting to me. Anytime we can get technology to do a lot of that work to take off of a pharmacist so they can do more valuable patient care, what have you, I like that idea. 

Bonnie Bond, CPA: Absolutely. Yep. Technology is where it’s at. It’s not going anywhere. So definitely AI is not going anywhere.  other thing which we’ve done, I think, recently a podcast on is long term care Scotty that again was being that was bounced around at the show a lot to 

Scotty Sykes, CPA, CFP®: Well, yeah, that was last year and still this year, hot topic, still pharmacists just now getting into that. You know, that, you gotta do that. I mean, that, that you’re already serving those patients most likely. You want to get to 50 or to 100 patients there and get on that long -term care at home. 

Bonnie Bond, CPA: And then we’ve heard some we’ve heard some, you know, people stop by telling us about they did do it months ago last year and how much it’s benefited them each month revenue wise. So, I mean, they can see it. And I think many of them would also tell you that it was not as tedious as you would think. I know some people hold back from doing it because they know it’s time consuming. I don’t have time to get into it. It’s going to be a lot of work. 

Scotty Sykes, CPA, CFP®: For sure, for sure. 

Bonnie Bond, CPA: But I did hear that multiple times and it really wasn’t that big of a deal. It’s been huge for us. So you definitely got to look into that as another option. 

Scotty Sykes, CPA, CFP®: Well, it’s just division of a pharmacy now. I mean the long -term care side, combo side is now a division of a pharmacy and you have to do it.  money’s there right now and it’s improving margins. 

Bonnie Bond, CPA: Yeah, it’s huge. nothing that we want to probably start name dropping or anything yet, but there were a few other technology driven sort of things at the trade show that I thought were super cool that maybe we can have on the podcast as it comes down the pike a little bit. I’m not sure.  

Scotty Sykes, CPA, CFP®: Is it Pike or Pipe? 

Bonnie Bond, CPA: Every time I say it, I’m like, is that right? And then if you, I think it’s, is it the pipe or is it the pike? If any of our listeners would shoot us an email and let us know, down the pipe. 

Scotty Sykes, CPA, CFP®: Maybe we can ask technology, ask any 

Bonnie Bond, CPA: We should just Google it. But anyway, and I would definitely push anybody. I know it’s busy. I know margins are down and reimbursements are down and people are stretched thin, but you know, coming up, obviously, you know, trade show season for the summer is slowing down, but we definitely have the NCPA trade show in October. If you can make that, I would definitely try to stop in there at least for a day or two just to kind of see what’s new out there on the horizon, especially with technology. All those things change so quickly. And so it would be good to get out there and see. 

Scotty Sykes, CPA, CFP®: Yep, and of course you got the ownership workshop with that program the NCPA program and one other thing Bonnie the well bonus topic we haven’t talked about in a long while… 

Bonnie Bond, CPA: My favorite? Is that where we’re going? Are we going with that one now? 

Scotty Sykes, CPA, CFP®: Yeah, the ERTC the ERTC there there’s been a lot of updates with the ERTC Where the IRS had you know, and we’ve been through it they put the pause in and now they’re looking at every one of them that was being applied for here the last year… 

Bonnie Bond, CPA: Can I just say something? I just want to be the one to say it. Yesterday I received, you know, we get correspondence when we do tax returns. I saw a copy of a notice, ERTC notice that was a denial notice. It’s the first one I’ve actually seen on paper. So, I just want to put it out there that it was denied. And we said it was going to be denied. They are denying. So, I mean, I’m just… 

Scotty Sykes, CPA, CFP®: So they are sending those denial letters. They’re starting to send out letters. They’re looking at them so IRS said there was not a partial shutdown in this case. They shut it 

Bonnie Bond, CPA: And that’s exactly what it had in there. Scotty and I really quickly were like, go, go, go, page, page, page. What does it say? What’s the problem? What was the reason? And it said they didn’t qualify. 

Scotty Sykes, CPA, CFP®: So be careful out there if you did if you’ve done the ERTC they might open it back up where you can return the  money to the IRS and say well, maybe I give you a second chance if you will They already did that once they might do it again and give you a third chance but just be aware. They might.  

Bonnie Bond, CPA: You think so? A third chance. 

Scotty Sykes, CPA, CFP®: They might. They might. So, we’ll see but that’s unfolding. And then lastly, yeah, you got to prove that government shut down and the nominal impact. 

Bonnie Bond, CPA: Just have your paperwork, have everything in order. If you’ve got documentation that you were shut down, be ready. I was actually surprised to already see a denial letter like that. I thought it would take a few more years, but there it was. 

Scotty Sykes, CPA, CFP®: Yeah, they’re checking them now. Those ones that applied late, they’re checking. The other thing, Bonnie, is you got some competition now because we have a new podcast, Master the Margin.  

Bonnie Bond, CPA: I heard. I heard. It’s exciting. 

Scotty Sykes, CPA, CFP®: Yep. So all you listeners out there, we have a new podcast, minus Bonnie. Bonnie’s not the star of that show. So, check that out if you haven’t. That one’s on accounting and tax topics for pharmacy. So that’ll be a good one. We’ll get you as a guest on there, Bonnie, sometime. 

Bonnie Bond, CPA: Yeah, that’s good stuff. Yeah, maybe. I mean, if you’re an accounting nerd or think you could have been an accounting nerd or maybe you’re looking for a career change to accounting, we’re always looking for people that are interested in accounting to work with us. Check into that. Gets a little more in the guts of the numbers. 

Scotty Sykes, CPA, CFP®: Little bit, little bit. We’ve gone over fundamental accounting and we’ve gone over the asset section of the balance sheet. So, a little more in-depth kind of accounting tax stuff for pharmacies. Anyway. 

Bonnie Bond, CPA: Yeah, yeah, that’s awesome. Anything else from the show?  

Scotty Sykes, CPA, CFP®: Any bloopers? Are there any bloopers? 

Bonnie Bond, CPA: There was one specific thing that could have been a blooper if we had gotten it on camera, but we didn’t from the show. But we can’t talk about that.   

Scotty Sykes, CPA, CFP®: Which one was “can’t talk about that one.” 

Bonnie Bond, CPA: The kiss. 

Scotty Sykes, CPA, CFP®: Kiss. Yeah. Yeah, we can’t… 

Bonnie Bond, CPA: That was funny. no, we had a good time. We had a young lady working with us. She’s been working with us for about a year. She joined us and so CPA, Karol. And so that was fun. She got to hang out with Scotty and Megan and I. Hope we didn’t scare her off. We had a good couple of days. Scotty got to play some golf one day and relax. That was nice.  

Scotty Sykes, CPA, CFP®: Think she had a culture shock 

Bonnie Bond, CPA: She’s been in New York. I mean, can’t be a culture shock. That’s not the way I would describe 

Scotty Sykes, CPA, CFP®: Well, then what is it? She comes down to the North Carolina folks and we’re talking crazy mess. 

Bonnie Bond, CPA: We had fun. And Ollin had a great team with him there too. They had an interesting flight we hear landing, but they made it. Everybody’s back home. So we’re good on the trade show arena for a couple months. Scotty, I know you’ve got some stuff coming down the pipe in October. 

Scotty Sykes, CPA, CFP®: We’re doing the NCPA Core program. Coming down the pike pipe, we got the NCPA Core program I’m teaching, the accounting tax side of that. I think that’s gonna go into some real in -depth accounting type discussions and hands -on type work. So, I’m looking forward to that 

Bonnie Bond, CPA: I would just like to say that I googled it and I was correct. It is coming down the pike with a K. 

Scotty Sykes, CPA, CFP®: Interesting. Learn something new every day 

Bonnie Bond, CPA: Coming down the pipe is a modified version of the phrase that carries the same meaning and is gaining popularity. So technically they’re both right, but Pike was original. 

Scotty Sykes, CPA, CFP: That’s the original, but you can use both. 

Bonnie Bond, CPA: Everybody still says, people say, so if you say it wrong, it’s actually still correct. That’s what we’ve learned today, according to my quick Google search. All right. 

Scotty Sykes, CPA, CFP®: Did Powell cut rates? What’s he doing?…That’s a side topic.  

[Laugh break] 

Scotty Sykes, CPA, CFP®: All right. Fed Chair Powell gives September rate cut signal traders were hoping for. So there might be a set rate cut coming September, Bonnie. Alright, we’ve got some great podcasts coming down the pike. Yeah. Lower those rates. 

Bonnie Bond, CPA: Awesome. Let’s hope so.