• LATEST PHARMACY NEWS AND EDITORIAL

    LATEST PHARMACY NEWS AND EDITORIAL

Owen BonDurant, President: Owen is 2nd generation (his Dad is part owner in a 9 store pharmacy chain) in the pharmacy business and has worked in independent pharmacies since before he can remember. He has worked in almost every role a small pharmacy has to offer from cleaning the bathrooms, working as a pharmacy technician, marketing, starting...
Owen BonDurant, President: Owen is 2nd generation (his Dad is part owner in a 9 store pharmacy chain) in the pharmacy business and has worked in independent pharmacies since before he can remember. He has worked in almost every role a small pharmacy has to offer from cleaning the bathrooms, working as a pharmacy technician, marketing, starting and running a durable medical equipment company and managing employees. Owen graduated from Miami University of Ohio with a degree in marketing and a minor in management information systems (MIS). After graduating he briefly worked for Western and Southern Financial Group before deciding he wanted to return to the pharmacy industry where he started medical equipment business for a chain of 9 independent pharmacies. From there he moved to Chicago and started working for Experian QAS and for the last 7 years has been selling software to major retail organizations along with managing the Midwest sales team. Recently the itch to come back to the pharmacy industry, as it truly is all he knows, and Independent Rx Consulting was born.
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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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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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White Paper - STRUCTURING COVID-19 PROTOCOLS FOR PHARMACIES

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 of Brown & Fortunato, P.C.

Introduction

We are facing an unprecedented challenge. COVID-19 has spread rapidly across the world
affecting workforces, global economies, and everyday individuals. While the virus has seemingly
turned the world as we know it upside down, good news is on the horizon. Through concerted
efforts of social distancing in the United States, it appears that the “curve is flattening” and states
are slowly beginning to reopen. With states reopening, pharmacies need to implement controls
that will not only protect the safety and health of its employees, but also its patients.

The motivation for a pharmacy to properly reopen is obvious and includes: (i) the desire to take
care of its patients; (ii) the desire to take care of its employees; (iii) the desire to keep its doors
open; and (iv) the desire to protect itself from plaintiffs’ attorneys who will likely come out of
the woodwork six months from now and sue pharmacies for negligence.

The purpose of this white paper is to provide guidance to pharmacies on structuring an
appropriate written protocol that implements necessary controls including: (i) what reliable
governmental sources a pharmacy can turn to for COVID-19 guidance; (ii) recommended
controls for pharmacy employees; and (iii) recommended controls for pharmacy patients.

Download the full White Paper in PDF format
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Mark Nelson Joins Independent Rx Consulting as Partner and Vice President of Business Development


Mark Nelson Joins Independent Rx Consulting as Partner and Vice President of Business Development

Independent Rx Consulting Expands Executive Team with Key New Hire


Dayton, OH,  May 11, 2020

Mark Nelson, Partner and Vice President of Business Development

Independent Rx Consulting is pleased to announce and welcome Mark Nelson as Partner and Vice President of Business Development.

His primary role will be to develop and execute a broadened range of new value added sales initiatives. Mark is uniquely positioned to expand Independent Rx Consulting's services offerings via his proven expertise in strategic sales planning, relationship building, and passion for helping independent pharmacies succeed.

“There are few people in the industry who could provide our current and future clients the depth of knowledge he will bring. He is a key addition to our executive team.” says Owen BonDurant, Partner at Independent Rx Consulting.

Mark has over a decade of experience in the independent pharmacy industry, most recently as Vice President of Sales at PioneerRx, a leading pharmacy software company. From installing software and training staff to helping industry leaders optimize their pharmacy operations, Mark’s extensive technology background, industry experience and business development skills will be instrumental in helping Independent Rx Consulting continue to expand both its service offerings and industry reach.

“I am beyond thrilled to be a part of the Independent Rx team,” said Mark. “I have the ability to continue working with the customers I know and love in an industry that I’m extremely passionate about. For years I’ve worked with pharmacists to help them realize their dream of owning their own business, and it feels good to take the same leap myself.”

Clients and friends are invited to send their messages of congratulations and welcome.

Independent Rx Consulting provides business services addressing needs throughout the entire life cycle of independent pharmacy ownership, from the initial purchase or starting of the pharmacy to its ultimate transition. Services offered at all stages of the pharmacy ownership life cycle include accounting, data dashboards, operational consulting and start/buy consulting.  



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