• LATEST PHARMACY NEWS AND EDITORIAL

    LATEST PHARMACY NEWS AND EDITORIAL

Our latest thoughts and inspirations on buying a pharmacy, starting a pharmacy, and ongoing pharmacy operations

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PPP Loan Forgiveness Webinar - Your Questions Answered

In this post we provide answers to many of the questions asked at our webinar earlier this week.  

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PPP Loan Forgiveness Process Webinar Recording & Presentation Now Available!

Confused about the changing PPP Forgiveness Rules?


Learn how to navigate and understand PPP loan forgiveness application processes, eligible expenses, documentation as well as critical items for loan recipients. IRx's Owen BonDurant and Rich Danhof provide insight on how these programs and recent changes affect your pharmacy business.

If you missed our Webinar earlier this week hosted by IPC (Independent Pharmacy Cooperative)  the recorded webinar and its accompanying presentation slides are available for your review. We had a tremendous turnout and great feedback. 

If you have any questions or feel that IRx could be of further assistance on this topic or your general pharmacy accounting or consulting needs, please feel free to reach out to us.

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Plan for the upcoming flu season, Don't let it sneak up on you!

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 important than ever. According to a Reuters poll, over 60% of Americans say they will receive a flu shot this year. In a normal year, less than half get vaccinated. A survey conducted by CVS Health shows the percent of people who say they will get vaccinated rising from 34% to 65%.

There are three important parts to a great vaccination program-

·        Supply procurement

·        Protocols and procedures

·        Marketing

Many suppliers have fast approaching deadlines for reserving vaccines. It seems it takes a crystal ball to know how much to order, for an over supply can result in waste and reduced profits while a lack of supply can lead to frustration and unfilled promises. While in store demand should be higher this year, it is also important to consider the effect of flu clinics and off-site business clinics. It is very unlikely that we will see large numbers of seniors lining up at a community flu clinic this year. Likewise, businesses that have participated in on site programs in the past will face new logistical issues. We may also see many people still working from home where in the past they received their vaccination at the office. We would anticipate that demand in long term care facilities will rise. It is important to have discussions as soon as possible with the coordinators of the offsite clinics for it is wrong to assume it will be business as usual. Despite these challenges, it is wise to anticipate demand will be greater this year. Most importantly, make sure you reserve your supply in a timely manner. You may also want to order syringes and swabs earlier than usual.

Protocols and procedures are more important than ever. What additional steps will be necessary to protect your staff and your patients while administering the vaccine both in store and off site? It goes without saying that adequate PPE is mandatory and that social distancing must be observed. Reducing paperwork is also essential. Where possible, having the patients complete an online form and retrieve product information through a portal may decrease patient contact. Perhaps the traditional community clinics could be replaced by drive up clinics. If businesses are hesitant to host a clinic, a strong voucher program may be an answer.

Marketing will be essential. Each year it seems we start earlier and earlier but even if you do not plan on giving vaccinations until late August or early September, it is never too early to market. An educational web site and social media presence can help patients understand the importance of the flu vaccine. Communication with local businesses on how you can help keep their staff healthy should be started now. Work with agencies who specialize in seniors to find ways to serve their clients. Begin discussions with the long-term care facilities on how your program will work this year.

Just as the flu can sneak up on you, so can the flu season. Start planning now, everyone is counting on you.
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The 3 Best Books on Accounting

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 business owner and understanding the basic principles of accounting is crucial. Understanding a balance sheet, cash vs. accrual accounting, after net income items, etc will be the difference between having a good business and a great business. Plus when you speak to your CPA having a basic understanding of accounting principles will make one of your key advisors more valuable. The best way to improve your knowledge of course is reading and as such we have suggested 3 good reads.

1. Accounting Made Simple: Accounting Explained in 100 Pages or Less
Find all of the following explained in Plain-English with no technical jargon:
The Accounting Equation and why it's so significant
How to read and prepare financial statements
How to calculate and interpret several different financial ratios
The concepts and assumptions behind Generally Accepted Accounting Principles (GAAP)

2. The Accounting Game: Basic Accounting Fresh from the Lemonade Stand

Simplify the world of accounting: Whether you're a manager, business owner, or aspiring entrepreneur, you've likely found yourself needing to know basic accounting but intimidated by complicated accounting books. How do you manage an account balance? And how do you increase profits? The Accounting Game makes complex financial accounting as simple and fun as running a lemondae stand!

3. Accounting for Small Business Owners
 
https://www.amazon.com/gp/product/B00W27HO12/ref=as_li_qf_asin_il_tl?ie=UTF8&tag=consultants50-20&creative=9325&linkCode=as2&creativeASIN=B00W27HO12&linkId=4c821b8010ac41e73e1b117f047ae197
Owning and running a small business can be complicated. On top of developing, marketing and selling your product or service, you've got to be prepared to handle the money thats coming in, pay your employees, track expenditures, consider your stock options, and much more.
Accounting for Small Business Owners covers the entire process of establishing solid accounting for your business and common financial scenarios, and will show you how to:
  • Set up and run your business
  • Manage and sell your product or service
  • Perform a month-end balancing of accounts
 

https://www.amazon.com/gp/product/B00W27HO12/ref=as_li_qf_asin_il_tl?ie=UTF8&tag=consultants50-20&creative=9325&linkCode=as2&creativeASIN=B00W27HO12&linkId=4c821b8010ac41e73e1b117f047ae197

Owning and running a small business can be complicated. On top of developing, marketing and selling your product or service, you've got to be prepared to handle the money thats coming in, pay your employees, track expenditures, consider your stock options, and much more.

Accounting for Small Business Owners covers the entire process of establishing solid accounting for your business and common financial scenarios, and will show you how to:

  • Set up and run your business
  • Manage and sell your product or service
  • Perform a month-end balancing of accounts
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Teaching your Way to Great Management

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 often so busy that one important aspect of pharmacy management is often overlooked. It is imperative that a pharmacy manager not only be a good teacher but also establish a culture of teaching in their stores.

I frequently see pharmacists who insist that they do the data entry, fix adjudication issues, do the nightly order, and most every other task. When asked why they operate in this manner I may hear “because I am the fastest” or “no-one else knows how to do it”. This is a recipe for failure and will lead to burnout, staff dissatisfaction, and ultimately poor customer service. Staff members who work in this environment often feel unappreciated or not worthy of trust and will consistently underperform.

I also see technicians who see themselves as valuable because they are the only ones who can proficiently due a task. This may be true until they go on vacation or have an illness. The most valuable technicians are not the ones who “protect their turf” but are the ones who can teach others and elevate their team members.
A good pharmacy manager understands that when problems arise, or business grows, their first responsibility is “to find a solution not BE the solution”.

While simply working harder may get you through a temporary situation, teaching, delegating, and helping your staff achieve will always make your store stronger.
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