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 pharmacies payroll is your second largest expense behind inventory. If you break this down further inventory is 80%, payroll is 10-12% and everything else is about 5%. As such understanding your payroll budget is crucial. So how do we create this budget? Well we do simple math, if 80% of your revenue is taken by inventory costs then you have 20% left and not all of that 20% can go to payroll as you have another 5% in expenses leaving you 15% and some of this needs to go to you the owner. As such this is the beginning of your budget. From there you will look at how many hours do I need pharmacist (probably your open hours) and if you need any pharmacist overlap (hint you should not unless you are doing very high volumes) and then that will leave what you have left for technicians, clerks, etc.
If you have questions reach out to us at info@independent-rx.com or 937-522-0175.
