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, …
Section 199A Qualified Business Income Guidance
Early this year, the IRS finalized guidance on Section 199A, which impacts independent and community pharmacies. There are still considerations if your pharmacy revenues are above a certain threshold. In this video, Scotty Sykes shares more information about the Section 199A qualified …
The Hidden Fee That Affects Accurate Revenue
Direct and Indirect Remuneration (DIR) fees are only recently being recognized by script management systems and it’s critical that pharmacy owners engage with a pharmacy specific accountant. In this video, Ollin Sykes of Sykes & Company, P.A. discusses why it’s important to …
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. …
Managing Labor Costs in an Independent Pharmacy
Next to cost of goods, labor costs are usually the second largest expense for an independent pharmacy. Labor costs should be no more than 10.5% of a pharmacy’s revenue and can cut into margins quite significantly if not measured and controlled. In …
The Hidden Problem with Inventory Accounting
Many independent pharmacy owners do not keep a perpetual inventory and are just guessing at their inventory. In this video, Ollin Sykes of Sykes & Company, P.A. explains how to keep up with inventory. A good script management and inventory helps control …
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 …
Trends in Pharmacy Services That Are Changing the Industry
Ollin Sykes, CPA of Sykes & Company, P.A. introduces how successful pharmacies are leveraging technology and expanding their service focus to go beyond just filling scripts to proactively supporting the wellbeing of customers. Learn about clinical services and data mining to anticipate …
Three Things Your Inventory is Telling You About Profits
Inventory issues in an independent retail pharmacy is crucial to what the income statement and profit and loss statement are going to show, as well as to cash flow. In this video, Ollin Sykes of Sykes & Company, P.A. explains why a …
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 …
