Operate a Pharmacy
Simple Tips for Great Customer Service
There is no doubt that pharmacy is a service business. As independents, our relationship with our patients is our most valuable asset. Yet no matter
June 10, 2021
There is no doubt that pharmacy is a service business. As independents, our relationship with our patients is our most valuable asset. Yet no matter
Just released! Join Independent Rx’s Rich Danhof and Owen BonDurant on The Business of Pharmacy Podcast for their latest discussion on the impacts and benefits
“The minute you get away from fundamentals… The bottom can drop out of your game, your job, or whatever you are doing” – Michael Jordan
IRx’s Owen BonDurant discusses the Importance of Timely Data.
Independent Rx Consulting’s Mark Nelson, VP of Business Development, will be speaking at the APC 2021 Compounding Owner’s Summit this weekend March 25-27. Mark will
So often we hear that business owners just need an accountant to do taxes or to provide monthly financials. Yes this is a key aspect
We encourage you to read about these updates in this document from our partners at Brown & Fortunato, P.C.
We receive calls every day in our buy a pharmacy service from seller accountants saying sorry the computer system being used is really difficult and
Every pharmacy owner knows how many prescriptions they filled last week. We as owners have been taught from previous owners and chain managers to know
Many pharmacy owners have the dream of having multiple locations. They figure the first was really hard I can do a second. This is probably
Many factors effect your pharmacy business gross profit. These include reimbursement rates, your ability to purchase inventory at the best rate, but one overlooked area
Do you feel like you are a one man band? Do you want your staff to handle key processes, inventory management, ordering, med sync, but
Earlier this week, Owen Bondurant and Mark Nelson were guests on The Business of Pharmacy podcast hosted by Mike Koelzer. The topic of the podcast
It is April 7th and you receive your March financials from your accountant. The first thing you do is compare your March 2020 numbers to
Attendees will walk away from this webinar with a better understanding of how to leverage their pharmacy software data to both execute and measure successful
Many of you (hopefully all of you) conduct yearly reviews of your staff. Since you have been clear in your expectations, encouraging when the staff
How much does it cost you to dispense a prescription? This is a very simple calculation, yet it is often overlooked. While we can look
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
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