The Business of Pharmacy!

On The Business of Pharmacy - We take you from Pharmacist to CEO all while earning 9 hours of CE credit!

Brought to you in partnership with global leader in continuing healthcare education, LP3 Network, we are very pleased to announce immediate availability of our new online Business of Pharmacy program. Read below for all the details of this transformational course.

Service
Online Digital Program

The Business of Pharmacy

When preparing for a marathon you only have a certain amount of time to train before the race.  Like marathon training, our Business of Pharmacy program is intense and essential. Unlike the marathon, our training is informal and fun – while still gaining useful skills. We cover all the essential aspects of ownership.  Just as a marathon runner has a completely different perspective than a casual jogger, you can transform your view of the business from a pharmacist to that of a successful owner.

IRx has been hosting two day sessions on the business of pharmacy around the country for over 6 years.  This program has been met with great enthusiasm and feedback from the participants.  We have met great friends through the sessions and many of them have asked IRx to assist them with Starting or Buying a pharmacy as well as to provide for their ongoing accounting and taxation needs.  While we enjoy the in person camps, we also realized this was not always the most effective or convenient way to deliver this service.  As a result, the IRx team decided to invest in developing an online digital version and we are now very happy to make it available to you!

Available Now!

IRx Boot Camp Attendee

Attendee Testimonies

See For Yourself With This Free Preview

Before you enroll we encourage you to watch this one of the sixty-one video sections of the course as a means for you to view on example of the quality content present throughout the entire course.

Watch below as Mark BonDurant, IRx Consulting’s Chief Consultant, provides a great overview of the Business of Pharmacy and introduces us to “The Three P’s”.

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Content Summary

We will take you through each of these statements and provide you with enough knowledge to use them to improve your pharmacy and allow you to have an intelligent conversation with your accountant.

As a business owner you are pulled in many directions and there are so many ideas to think about but we have found if you focus on Revenue, Cost of Inventory and Expenses you will have a profitable business for the long term. In this session we take a look at each and determine how they affect a pharmacies profitability and then outline what to do to improve upon them.

Inventory accounts for 75% of a pharmacies expenses and takes up most of the cash. Managing inventory properly will be the difference between making money and not making money.

90% of a pharmacies sales are through a PBM and yet many of us do not understand how the pay, when they pay or how to improve upon those payments. In this session we will outline all of this so you can have a better performing pharmacy.

In this section we outline how to create a great culture within your pharmacy using the principles of the One Minute Manager.

Most pharmacy owners are pharmacist and have only received pharmacy and science based training. Marketing is not something that comes naturally to the average owner. However it is crucial to always be gaining new business as it is one of the few ways profit can increase or be sustained. We will provide you with basic marketing practices that can be implemented immediately upon your return.

A lot of good work can be wasted by a tiny clerical error. In this session we will outline the current audit triggers, provide tools that will help ensure the staff is following procedures and outline what to do when you receive an audit notice.

The number one driver of new revenue to an independent pharmacy are referrals from doctors, nurse practitioners, hospitals, assisted living facilities, etc. Yet many of us are unsure how to approach these professionals. In this session we will discuss best practices for a sales call to healthcare providers.

When it comes to controlled drugs every detail is essential. Learn how to protect yourself from employee theft, DEA Audits and robberies.

Many small businesses including pharmacies ignore Human Resources however this can be costly and also damaging to the culture of your business. Having the proper documents for all employees will prevent large problems in the future. You can also use this documentation to set expectations for new employees. We will discuss the importance of Human Resources.

We will provide you with 10 habits that if you implement each week, month, quarter and year you will have a pharmacy that is safe, profitable, legal and great place to work.

We will go through real world scenarios of the topics covered in the boot camp.

Your Instructors

Mark BonDurant
Owen BonDurant
Rich Danhof

The Course Curriculum

Take a moment to review the depth of the course curriculum below.

Understanding & Controlling the Business

  • Introduction To The 3 P's (6:50)

  • Patients And Knowing The Scorecard (14:08)

  • Increasing Profits Through Effective Purchasing (7:46)

  • Maximizing Your #1 Asset (15:34)

  • Goals With The Three P's (7:11)

The Basics of Accounting

  • It's Not As Boring As You Think (4:31)

  • The Balance Sheet (10:27)

  • The Profit And Loss Statement (13:18)

  • The Cash Flow Statement (6:35)

  • Intro To Types Of Accounting (1:54)

  • Accrual Basis Of Accounting (3:37)

  • Cash Basis Of Accounting And Its Advantages (14:46)

Optimizing Outlooks Through Accounting Planning

  • Revenue Planning (8:30)

  • Cost Planning (1:54)

  • Payroll Planning (5:36)

  • Putting the Plans Together (5:08)

Inventory & Accounts Receivable Management

  • Monitoring Your Accounts Receivable (6:34)

  • Controlling Your Inventory And Setting Trigger Numbers (19:07)

  • Measuring Inventory Control (13:28)

Fundamentals of Marketing

  • Consistency Is King (4:07)

  • Marketing 101 (13:56)

  • Types Of Marketing (5:08)

  • Getting Your Marketing Started (6:34)

Sales 101

  • Introduction (2:19)

  • Why Do We Need Sales  (3:53)

  • Who Are We Targeting (1:57)

  • Selling Strategies (12:04)

  • How To Approach Sales Calls (6:25)

  • Running A Successful Meeting (5:23)

  • How To Get Started (3:11)

  • Closing The Sale (3:24)

Managing Your Employees

  • Introduction To Becoming A Great Leader (10:46)

  • One Minute Goal Setting (12:27)

  • One Minute Praising (13:42)

  • One Minute Reprimand Redirect (7:03)

  • Bringing The Three Together (3:01)

Human Resources

  • Human Resources (18:01)

Business Entity Types and Tax Implications

  • Introduction To The Three Types Of Entities (3:09)

  • Sole Proprietor And Partnerships (2:07)

  • Limited Liability Company (7:19)

  • Corporations and Their Types (11:23)

Third Party Audits

  • Introduction To Audits (2:03)

  • Days' Supply (2:18)

  • Written Date (0:58)

  • Use As Directed, Dispense As Written, and Origin Codes (3:03)

  • Package Size, Missing Prescriptions, and Prescriber Identification Number (2:13)

  • Signature Logs and Controlled Drugs (1:15)

  • Preparing For An Audit (7:10)

  • Post Audit (With Examples) (5:21)

  • Summary (1:32)

Controlling Controlled Substances

  • Legal Requirements (2:58)

  • Best Practices And Procedures (6:05)

  • Making Safety A Concern (3:52)

  • Additional Safety Practices (6:08)

  • Knowing Your Numbers (1:47)

10 Great Habits

  • Introduction To The Ten Habits (0:56)

  • Weekly Habits (6:13)

  • Monthly Habits (4:22)

  • Quarterly Habits (5:45)

  • Yearly Habits (4:49)

Case Studies!

  • Payroll Raises (3:28)

  • Gross Margin % vs. Gross Margin $ - Make the Right Choice! (1:52)

  • Store Profitability and Inventory (1:44)

  • A Mistake is Made - What Should I Do? (2:41)

  • Monitoring Inventory Levels vs. Purchases (2:06)

  • Accounting Methods And Timing Impacts On Profitability (3:31)

  • Margins Are Shrinking - Where Should I Look For The Cause? (2:09)

  • My Financials Say I Made Money But My Bank Account Does Not - Why Not? (2:41)

  • What Increase In Sales Do I Need To Pay For A Newly Hired Employee? (2:07)

  • Do I Have An Issue With A Loyal, Long Time Employee? (3:02)

  • My Store Script Counts Are Leveling Off - What Should I Do? (2:13)

  • My Long Term Pharmacist Makes A Mistake - What Should I Do? (2:42)

  • My Sales Are Slipping - Help! (2:46)

  • New Vs. Refill Script Ratios - What Do They Tell Me? (2:35)