Pharmacy Accounting, Data Dashboards, Taxes, & Management Consulting
IRx is so much more than the premier independent pharmacy accounting firm. Our bundled service offering also includes analytical data dashboards and the expert operational guidance of over 100 years of experience owning and operating over 30 of our own pharmacies!
We Know Pharmacies
Running a business is tough. Owning, managing and optimizing a pharmacy is a whole new ball game.
We provide pharmacy accounting services and consulting but we also own pharmacies, so our financials include DIR fees, rebates and revenue lines for each payer. We also know that financials only show you half the picture, therefore IRx also consolidates pharmacy operational data from your pharmacy system and payroll system detailed data into a digital dashboard allowing you to make better decisions and ultimately grow your business.
Pharmacy Accounting | Taxes | Payroll | Human Resources
The business of pharmacy is unique. We don’t have the luxury of setting our own pricing but instead are controlled by contracts and PBMs. Plans are filled with fees, some of which may reduce payments made on scripts months after the scripts are filled. Purchasing is challenging as wholesalers use tiers and rebate structures which often seem to be in place to create complexity and confusion. Payroll is the largest expense after drug costs, but what is the proper payroll level for my type of store and my volumes? As owners, we need trusted information and advice to keep our stores healthy and profitable.
Monthly Financials delivered timely and importantly, in a pharmacy specific format. Revenue is broken down on the P&L by PSAO, Caremark, Humana, DIR Fees, Cash etc. Cost of Goods Sold shows you primary purchases, secondary purchases, returns and rebates. Payroll is specific to your store by type – pharmacist, technician, delivery, admin and expenses show pharmacy specific expenses vs. general expenses like rent, utilities etc. IRx Accounting Services has specifically designed the structure and content for the pharmacy industry so you as the owner can clearly understand your financial performance.
Additionally, via your personal data dashboard, we also provide notable highlights and insights each month to explain significant financial changes in your business.
IRx Accounting prides itself on the timely and accurate delivery of your financials – every month. We often hear from pharmacists who are frustrated due to the very late or almost non existent financial reporting they receive. IRx Accounting promises monthly delivery so you can make timely decisions.
We provide a full array of tax services from Tax Strategy & Planning to Tax Preparation & Filing.
Our staff includes CPAs specializing in small business tax. We formulate a tax strategy throughout the year based on your individual situation. This allows us to create and provide you business tax returns quickly and accurately.
We have prepared find a collection of pharmacy accounting and financial documents that we hope you find insightful. Select the document(s) of interest to you and click the Download button and they will be on their way to you! We hope you find value in them and of course would be happy to discuss these topics with you.
We encourage you to read some of our insights regarding our Pharmacy Accounting Services at the links below.
Pharmacy Data Dashboards and Analysis
You have to know your numbers and additionally you have to know what numbers you need to know!
DO YOU KNOW YOURS?
Operating a pharmacy produces lots and lots of data! Knowing what to focus on and having it readily available can turn all that data into useful information. IRx is pleased to offer an information solution to you in our Pharmacy Data Dashboards. Key financial, payroll, and operational script data in one place with a focus on the critical metrics and information needed to understand how your store is performing. These are the same metrics we have used to monitor our own stores. They provide both you as an owner and IRx as your advisors, the ability to identify the trends and events that guide your decisions, and create opportunities. Review our information here but we also encourage you to schedule a quick hands-on tour so we can help demonstrate the value of both our dashboards and our experience in pharmacy as you consider our pharmacy Accounting and Operations Consulting services!
Key Performance Metrics
A very small sampling of the more than 50 key performance indicators (KPIs) and data points present in the dashboards
Analysis & Info Center
- Financial Statement Repository
- Comprehensive Performance Overview
- Payroll Analysis
- Your Pharmacy vs Industry Benchmarking
- Product & Payers Analysis
- High & Low Profit Scripts, Controlled Drugs
- Many more...
The screenshots below display small samples of portions of each of the five dashboards available to IRx Pharmacy Accounting Services clients.
Pharmacy Management Consulting
Having accurate, timely and well-formatted data is important, but to make it useful you need to understand how to put the information to work. Our team has decades of experience in owning and operating pharmacies. Using the quality financials and the pharmacy data dashboard to understand your store and to come alongside you as you make critical decisions is our focus. We want to see strong, healthy independent pharmacies that are continuing to make a great impact in our communities, and we would like to partner with you to give you the resources you need. Simply put, we do not want you to feel like you are on an island by yourself – it is always a great feeling to have an experienced team to turn to when you are in need of help.