The Use of Technology in the Independent Pharmacy World
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
January 31, 2020
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
You probably read a lot about if you should even have a business plan or not. We think you should but not like those taught
I am asked a lot, what is the difference between very successful pharmacy businesses and those that are just okay. My answer is always the
Every year I set a goal for the number of books I want to read during the course of the year (last year it was
No matter if you have worked at a pharmacy for 10 years or have never worked there a day, the transition from one owner to
I was talking with a client recently and we hit upon a very frequent topic, personnel management. We were going over each person and position
People ask us all the time is buying a pharmacy a good investment. Of course have owned pharmacies and have entire business around consulting pharmacies
Check out our CE with NCPA on pharmacy operations. http://www.ncpanet.org/innovation-center/education-opportunities/ce-webinar
Revenue, Inventory and Payroll. We hear regularly from clients, prospects and other owners that it is so hard to run a pharmacy, it is
I am often asked this question. My response is always the same. It depends on you the individual. Everyone looks at risk differently and everyone
Congrats! You have acquired a pharmacy. The last 2 weeks of the purchase can be crazy, all the papers, emails and phone calls and you
You own a pharmacy and want to expand to multiple locations. You think to yourself getting financing will be easy as I have one successful
I go to a lot of pharmacy conferences, read a lot of pharmacy articles, follow all the pharmacy trade blogs/social sites and rarely do I
When you venture into owning a business, of course you have to make the decision based on if it is a good financial decision or
Consider these points as your explore the idea of being a pharmacy entrepreneur. 1.      Accounting – Owning a business requires a basic knowledge of financial
I know I know, something about being a marathon not a sprint is the oldest most over used term in business. The reality is, buying
You have heard the expression CASH IS KING. Nothing could be truer when you buy or start a community pharmacy. Below we have outlined the
There is a lot to consider (and worry about) when you go to sell your pharmacy but there are 3 that bother most owners the
In January Tim Clark and I were speaking about the pharmacy industry and about some ideas on how to grow Tim’s chain of pharmacies. Through
Part 1: What’s Your Pharmacy’s Biggest Challenges? As a community pharmacy owner today you are facing many challenges not only because you are a small
Should I start a pharmacy or buy a pharmacy? Whether you are a first time owner looking to become an entrepreneur or a current owner
Is there opportunity for new community pharmacies? The Community Pharmacy marketplace has been declining for years and that spells opportunity foryoung pharmacists and entrepreneurs. Yes
LOCATION, LOCATION, LOCATION – Determining the perfect location for your community pharmacy! Location is one of the most important factors to the success of a
Marketing your new pharmacy! We hear it a lot, I have no marketing background or experience where do I even begin. Below we have outlined
Tips for improving your chances of getting financing. With the poor economic environment over the past few years many people have given up or delayed
Marketing your new pharmacy! We hear it alot I have no marketing background or experience where do I even begin. Below we have outlined 5
Providing more than just connecting buyers and sellers, Independent Rx Consulting provides guidance and develops skill-sets for start-up and new acquisition pharmacy owners; providing a
What Licenses are needed to open a pharmacy and how do I get them? Can Independent Rx Consulting or anyone else help you speed up
What to look for when starting a pharmacy. There is a lot to consider when starting a pharmacy but what I want to focus on
We see two commonly used philosophies for valuating a pharmacy: 1. Multiple of EBITDA 2. Cost per Script Multiple of EBITDA – Typically this is
Being an independent pharmacy owner. There is much that can be controlled and predicted when you become an entrepreneur but that is not what I
Licenses and contracts when selling a pharmacy. Congratulations you found a buyer, they have financing and have agreed on a price. That part is hard
I am buying a pharmacy how do I obtain the correct licenses? You found a pharmacy to buy, agreed on a price with the owner
We will be doing a three part series from our friends at SS&G. They are a CPA group representing over 200 independent pharmacies. Please see
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