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, …
The Business Value of Selling CBD in Your Pharmacy
Selling CBD products can be very beneficial for independent pharmacies and the communities they serve. It’s an evolving market and there are things that a pharmacist needs to consider before adding CBD products to their pharmacy inventory. In this video, Ollin Sykes, …
Mistakes and Cures for Pharmacy
Estimated Tax Payments
Estimated tax payments are required by pharmacies on a quarterly basis. Underpayment of this expense can result in penalties and interests. However, overpayment isn’t ideal either. In this video, Scotty Sykes, CPA, CFP® of Sykes & Company, P.A. shares a few ways …
Managing Pharmacy Overhead and Expenses
Pharmacy inventory, payroll and DIR fees are the three biggest expenses that community pharmacies typically incur. In this video, Megan Perry, CPA and Kathy Blanchard of Sykes & Company, P.A. share a few ways you can manage overhead and expenses in your …
Brands vs. Generics: Manage Your Pharmacy Product Mix
Generic drug sales should make up roughly 85% to 90% of pharmacy scripts, but we find that too many expensive brands and specialty drugs are prescribed. High dollar volume brand sales can seriously impact margins in the long run. Scotty Sykes, CPA, …
Pharmacy Tax Planning for Year-End
Tax planning is a year-long process for independent pharmacies and even more so with the recent tax reform. In this video, Scotty Sykes of Sykes & Company, P.A. shares which pharmacy KPIs are important to monitor throughout the year as they relate …
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 system helps …
Tax Insights Update: Expensing and Net Operating Loss Calculations
In this video, Ollin Sykes gives an update on the TCJA regarding how pharmacists should plan ahead to properly expense and calculate net operating losses in light of tax law changes through 2025, including 199A with the 20% passthrough deduction and the …
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, …
