Pharmacy Start-Up Costs: Biggest Mistakes in Year One
Start-up pharmacists must pay full attention to getting patients and customers in the door and building relationships with prescribers. Keeping cash flow positive is job one, especially in the first six months of your start-up. The start-up pharmacist can achieve this by …
Pharmacy Start-Up Costs: Operations
Start-up pharmacists have a lot on their plate to run a successful operation, but some daily duties and responsibilities are critical. From setting up a perpetual inventory system to confirming bank deposits and monitoring refunds at the register, details matter when managing …
Pharmacy Start-Up Costs: Financing
There are significant financing requirements to start a pharmacy business. Ollin Sykes, CPA and Bonnie Bond, CPA of Sykes & Company, P.A. discuss the minimum investment needed and why a pharmacy niche bank is important to the success of your pharmacy. Pharmacy …
Pharmacy Start-Up Costs: Entity Selection and Timing
There are several steps to opening a start-up pharmacy, the first one being entity selection. The entity must be chosen before the owner can obtain a federal ID number. For most start-up pharmacies, the go-to entity is an LLC with an S …
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, …
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, …