Operate a Pharmacy
Does your Accountant Understand Wholesaler Agreements?
For an independent retail pharmacy, Cost of Goods Sold (COGS) consumes up to 80-85% of your revenue. While a 1% improvement in purchasing might sound
September 10, 2026
For an independent retail pharmacy, Cost of Goods Sold (COGS) consumes up to 80-85% of your revenue. While a 1% improvement in purchasing might sound
Featuring Guest Speaker: Michael Scruggs, PharmD Michael didn’t just wake up one day and buy a pharmacy. His journey started behind a small-town register in
Join Independent Rx as our tax experts hosted a discussion that explores effective 2024 pharmacy tax planning. Items discussed included: General Concepts in Tax Planning
Join Independent Rx as our experts hosted a discussion that explored Reading and Understanding Your Financials. Are you making informed financial decisions for your pharmacy
Join Independent Rx as our tax experts host a discussion that explores effective 2023 pharmacy tax planning. Items to be discussed include: – Tax Rates,
Webinar Now Available for Playback! View the Replay Independent Rx and our partners at First Financial Bank held a panel discussion that explores some key
The Pharmacy Ownership Journey Webinar Now Available For Playback Watch the Replay Independent Rx, Live Oak Bank and pharmacy owner Taylor Anglemyer, PharmD, held a
Multi Store Ownership Webinar Now Available for Playback View the Replay Independent Rx, Live Oak Bank and Poumil Patel, a multi store owner, held a
The Business of Pharmacy and Real Estate Click Here to View the Replay We had a very good session and if you missed it, do
If you or a pharmacy you know has been impacted by the sudden closure of PDS, we at Independent Rx can help. We do bookkeeping,
Date: Thur, Nov 17, 2022 Time: 2:00 PM Eastern Time (US and Canada) Missed the Live Session? Click Here to Watch the Replay How to
2022 Pharmacy Tax Planning What a great session! Missed the Live Session? Click here to watch the recorded content. Thank you to everyone who was
2022 Pharmacy Tax Planning Join our Live Panel Discussion! Date: Thur, Sept 15, 2022 Time: 2:00 PM Eastern Time (US and Canada) Register Here Join
In this episode, Owen BonDurant and Rich Danhof of Independent Rx along with Greco DeValencia of Live Oak Bank, discuss the recent rate hikes, how it
Hopefully at this point in the year you’ve already had a conversation with youraccountant regarding year-end tax planning for the 2021. Tax planning is animportant
Most people do not consider accountants to be the segment of their business that causes growth. This is sales and marketing to most. But sales
This is an important piece of information that leads us to a broader topic of understanding your pharmacies payroll budget and metrics. In most independent
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
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 receive calls every day in our buy a pharmacy service from seller accountants saying sorry the computer system being used is really difficult and
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
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
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
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
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
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
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
Many of you may have received deposits this past week from the Department of Health & Human Services and if you have not you may
CARES ACT UPDATE Paycheck Protection Program Forgiveness Rules Disclaimer – The following information is based on current information available and is preliminary in nature pending
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
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
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)
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
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%
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
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
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. For example a Profit & Loss statement will show how well the business did in
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
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
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
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,
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
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