There are four essential measurements of success in a pharmacy business, Financial Success, Customer Success, Productivity Success, and Employee Success The goal of running a
“Only an employee that is trained, appreciated, treated fairly, clear in their expectations, and is confident in their management can deliver the customer service that
IRx is pleased to announce the immediate release of the new Key Info dashboard page. This new dashboard includes: Low and High Profit Scripts for the previous
We hear it be called many things, the bad apple, the complainer, we call it the pot stirrer. This is a person on your team
I don’t know about you but when I was in school no one ever showed me how to review a P&L, Balance Sheet and Cash
Every day we hear that I picked and have not moved away from my accountant/bookkeeper because they are local or I went to school with
PBM pressure and changes are a daily news report both in the industry news and the general news. But we cannot control the PBMs. Yes
I just finished reading Shark Tales by Barbara Corcoran, and one of her quotes really struck me as it applies directly to independent pharmacy. She
Cost of goods is one of, if not the most important, pieces of data to get right on your community pharmacy financials. Yet everyday we
If you own a pharmacy, you are a small business owner. The number one problem with small businesses is that the owners are a one
Each month IRx is taking the opportunity to introduce a member of our IRx Consulting family. Our goal is to share with you the people
Maintaining pharmacy inventory accuracy can often be a daunting task. An average pharmacy has well over 2000 items in their inventory and there are many
Although many think flu vaccination programs begin in late summer, the key to a successful program is year long planning. This year it is more
Today we are pleased to share this timely white paper titled “STRUCTURING COVID-19 PROTOCOLS FOR PHARMACIES” from one of our partners – the law firm
You have an accountant, a bookkeeper and didn’t go to school for accounting that is why you don’t do it. But you are a small
There is no doubt a pharmacy manager is asked to wear many hats, clinician, health advisor, businessperson, and leader to name a few. We are
 Mark Nelson Joins Independent Rx Consulting as Partner and Vice President of Business Development Independent Rx Consulting Expands Executive Team with Key New Hire
CARES ACT UPDATE Paycheck Protection Program Forgiveness Rules Disclaimer – The following information is based on current information available and is preliminary in nature pending
Many of you may have received deposits this past week from the Department of Health & Human Services and if you have not you may
IRx Accounting has posted a number of recent blog article regarding the CARES Act. This important piece of legislation provides relief and assistance in various
EIDL Program (Economic Injury Disaster Loan) · The SBA has a program that potentially is providing up to 30 year loan amortization at a 3.75%
Following is the information on the PPP as it is availabe on April 2, 2020. We will update this as important changes occur. Additional information
Summary The government will pay principal and interest for 6 months on existing SBA 7(a) loans (loans made prior to the enactment of the Act)
Small Business Tax Provisions Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship This provision would provide a refundable payroll tax credit
I am sure you have heard the saying if you’re not growing you’re dying. Then why is it that the majority of independent pharmacies are
Being a pharmacy owner is very stressful. So much causes stress, PBM reimbursement pressure, phone ringing, employee issues, customer complaints, break ins and more. But
Joe has worked at the pharmacy for several years. He is the best at data entry by far, and is a good moral person, yet
One of the most common questions we receive is, what is a buying group, also know as a group purchasing organizations (GPO). This makes sense
The dreaded DIR Fee. Every pharmacy owner dislikes them but every pharmacy owner also knows they drastically impact their cash and profitability. Since DIR fees
Hire people smarter than you. Get advisers that know something different. Hire people with different skill sets. We have all heard this advice. These are
Getting a proper Profit & Loss statement and Balance sheet every month on a timely basis from your accountant is very important. These statements however
Now that we all have computers in our pockets its hard to remember a time when we needed a roadmap. Some of my fondest memories
Most likely your financial statements will have one line for revenue. And if not one you have maybe 2, one for Rx and one for
Pharmacies are relying more and more on technology every day. Technology helps the pharmacy staff create a more efficient workflow by alleviating redundant tasks and
Go back to when you were 18. You are in college trying to figure out what you were going to do as a career. You
For the past 10 years your bookkeeper has always been there. In many pharmacies he or she is the most valuable and trusted employee. They
Financial reports show how a business has performed financially. Â For example a Profit & Loss statement will show how well the business did in
One of the pillars of independent pharmacy is great customer service. We have an obligation to our patients to be professional, prompt, and personal and
It sounds ridiculous that your accountant can help you with sales and marketing. However pharmacy owners for some reason want to do all the accounting,
As independent pharmacists we all know our best customers. Perhaps it is Mary who is on ten maintenance meds, or Joe who takes several high
In an average pharmacy, 80 cents of every dollar that is generated goes toward one thing, purchasing inventory. That is why inventory management is one
Timely pharmacy financial statements are not a luxury that you can afford to go without in today’s information age. Corporations spend millions and millions of
Many of you have worked at large chain pharmacies. At these organizations managers provide daily and weekly reports such as tech hours used, number of
Pharmacy Owners never seem to have enough time. They work the bench, pay bills, manage inventory, pay bills, make deliveries, make sales calls, etc. The
If you are buying or starting a pharmacy one of the first things to understand is what you will have to do to receive your
This article maybe a little late to the game but as consultants and accountants to the independent pharmacy industry we view the operations of many
It is easy to be distracted from the core procedures and processes that drive our businesses. Distractions occur every day, from customer issues and new
One of the struggles of every entrepreneur is understanding the difference between profits and cash. Articles on this subject are within every entrepreneur and business
Due diligence from a buyers perspective three main objectives. Below outlines each: 1. Determine if the business you are exploring the purchase of is what
You have done all your due diligence, you have built your business plan, you have signed the purchase agreement, and you are ready to assume
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