In the competitive world of independent pharmacies, knowing how your business stacks up against similar operations is critical for informed decision-making and long-term growth. Pharmacy benchmarking provides valuable insights by comparing key financial and operational metrics against industry peers. This process can reveal strengths, uncover weaknesses, and...
In today’s fast-paced pharmacy environment, operational efficiency is crucial—not only for customer service but for managing your financials effectively. Many independent pharmacy owners rely on manual processes, spreadsheets, or outdated software that can slow down accounting workflows, increase errors, and limit financial visibility. Upgrading your technology isn’t just...
Tax season can be a stressful time for any business owner, but for independent pharmacies, the complexity of navigating tax regulations, industry-specific deductions, and compliance requirements can add even more weight. Between managing inventory, handling reimbursements, and keeping up with changing healthcare laws, it’s no surprise that...
At some point in every independent pharmacy owner’s journey, the question becomes not just how to run the business—but how to transition it. Whether you're planning to retire, sell to a partner, bring in a family member, or pass the torch to an associate, a strong succession...
DIR fees—short for Direct and Indirect Remuneration fees—have become one of the most frustrating and unpredictable components of operating an independent pharmacy. Originally intended by Medicare Part D to account for post-sale price adjustments from manufacturers or pharmacies, DIR fees have evolved into a complex—and often costly—system...
Growth is a good thing—but it also brings complexity. As an independent pharmacy expands, so do its financial responsibilities. Managing payroll, vendor contracts, reimbursement tracking, budgeting, forecasting, and strategic planning can quickly overwhelm even the most organized owner. That’s where outsourced CFO services come in. For growing...
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...
