Running an independent pharmacy comes with a long list of responsibilities, and as the owner, you wear many hats—manager, pharmacist, HR, finance, operations. But when it comes time to pay yourself, the answer isn’t always straightforward. How much should you take home? And just as importantly, how do you determine the right method for doing...
In the world of independent pharmacy, managing cash flow can feel like a constant balancing act. Even when revenue looks healthy, cash shortages can still happen—leaving owners scrambling to cover payroll, pay vendors, or reinvest in their operations. If this sounds familiar, the issue may...
Independent pharmacies operate in a fast-moving and highly regulated environment. While owners focus on patient care and community engagement, small but steady profit leaks can go unnoticed—leading to long-term financial strain. At Blackman & Sloop, we work with pharmacy owners to help them identify and...
By: Tyler Chambers In order to run a successful pharmacy, you need good data upon which to base your business decisions. “Good data” doesn’t just mean accurate data or plenty of data—though those are both good things. It also means timely data. The Pros of Having Timely...
By: Christy Fasciana Running a successful independent pharmacy requires specialized knowledge and a lot of hard work. In addition to properly dispensing medication and providing exceptional customer service, you need to conduct the business side of your operation. Today we want to talk about just that: the...
By: Mikayla Zucker QuickBooks is an easy, low-cost way for independent pharmacies to manage their finances. It is one of the most popular accounting solutions for small businesses. The software offers a wide range of versatile tools and reports that can keep you organized, keep you...
By: Paige Otos Successful independent pharmacies eventually reach a point in their growth when it is time to consider opening up a second location. However, determining whether you have arrived at that place is easier said than done. After all, opening a second pharmacy location is...
This discusses how the coronavirus pandemic has had a significant impact on the healthcare industry as a whole. For example, many technological advancements and trends have been observed within the healthcare industry such as telemedicine, 3-D bioprinting, artificial intelligence, and cloud computing. As we move...
For pharmacists seeking to analyze the success of their business, metrics are a key area of focus. These numbers help pharmacy owners achieve a deeper understanding of their situation and gain an advantage in an industry with very tight margins. Accounts receivable turnover and accounts receivable...
A recent decision by the Supreme Court of the United States—Rutledge v. Pharmaceutical Care Management Association—is expected to have a large impact on independent pharmacies. In a recent video interview from Pharmacy Times, the president of Good Neighbor Pharmacy offers his take on what 2021...
