The Bottom Line Pharmacy Podcast: Sykes & Company, P.A.

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Cash flow is the name of the game right now in pharmacy and one of the best ways to improve cash flow and enhance pharmacy workflow is with MedSync!

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA sit down with Weston Humphreys, COO and Marketing Manager with Tyson Drugs to go in-depth into getting the most out of Medsync, improving pharmacy workflow, and revenue opportunities in their pharmacy.

Did you like this episode? We share insights for Independent Pharmacy Owners every other Thursday. Stay up to date on new episodes by liking and subscribing! Click here to learn more about our podcast team and previous episodes.

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More About Weston Humphrey's:

Weston began his career in independent pharmacy in 2013 working as a pharmacy technician with the Tyson Drug stores throughout high school and college. Upon completing a B.B.A. with the University of Mississippi, he began a full-time position with the Tyson Drug Stores where he now works as the Chief Operations Officer and Marketing Manager for its three locations and the Operations Manager for its Oxford location, G&M Pharmacy. His primary roles now include developing and implementing company-wide projects, overseeing daily operations, and overseeing all social media, online presence, website maintenance, advertising, and physician outreach in the area.

Weston Humphreys LinkedIn

Tyson Drugs Website

Tyson Drugs Facebook

Tyson Drugs LinkedIn

Tyson Drugs Instagram 

Stay connected with us on social media:  

Sykes & Company P.A.:  

Facebook
Twitter (X)
LinkedIn
Instagram 
 

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

More resources about this topic:  

Video - Multiple Stores and Real Estate Ownership 

Podcast – Practicing to the Fullest Extent of Your License 

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Fraud, waste, and abuse audits are becoming more common in the pharmacy industry, and pharmacies need to be prepared to protect themselves.  

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes sits down with Brad Howard, Esq. With Brown & Fortunato to discuss:  

• Tips for protecting your pharmacy from these audits 
• What these Fraud, Waste and Abuse Audits are 
• Reasons for these increasing audits 
• Navigating Copayment Waivers 
• And more! 

Stay up to date on new episodes by liking and subscribing to our podcast 

Want to read and follow along with this episode? Click here for the transcript 

More about our guest:  

Bradley W. Howard is a health care attorney with extensive experience representing pharmacies, durable medical equipment providers, hospitals, and many other health care providers with compliance, enforcement, and litigation matters throughout the country.  Brad moved to Brown & Fortunato more than twenty-six years ago from a large Denver firm where he prepared and tried numerous lawsuits and administrative hearings for manufacturers, health care providers, and large companies in a variety of industries. 

Brad enjoys working with pharmacies and other health care providers on regulatory and contractual compliance matters, payer and PBM audits and appeals, governmental demands and requests, responses to subpoenas and demand letters, and business disputes including litigation.  Brad routinely handles health care investigations by the Department of Justice, HHS OIG, various boards of pharmacy, State Attorneys General, the Department of Defense, and other regulators.  Brad is also board certified in Labor and Employment Law by the Texas Board of Legal Specialization.  In summary, Brad serves as a creative and strategic legal problem solver and is regarded by many clients as their outside General Counsel. 

Brad grew up in Texas and considers it home, but he works with clients throughout the country in person and on video conferences.  Brad graduated from the University of Texas School of Law in 1991 and received his B.A. from Texas Tech University in 1988, graduating summa cum laude. Brad is admitted to practice law in Texas, Colorado, New Mexico, Oklahoma, and Iowa. 

Brad and his wife, Nicole, have four children and four grandchildren. Brad enjoys running, fly-fishing and most of all spending time with his family. 

Stay connected with Brad Howard, Esq. and Brown & Fortunato:  

Brown & Fortunato LinkedIn

Brown & Fortunato Website

Brown & Fortunato Facebook

Stay connected with us on social media:

Facebook

Twitter (X)

LinkedIn

Instagram

YouTube

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

More resources about this topic:

Blog – Working With, Not Against, PBMs

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Catch up on the latest in independent pharmacy in this episode of The Bottom Line Pharmacy Podcast where we share our recap of the 2024 tradeshow circuit.  

We share our experience at McKesson, RBC, and ThoughtSpot. We also talk about the opportunities pharmacies have in areas such as GLP compounding, the buying and selling market, pharmacies starting their own insurance, and more! 

Join the discussion with us. 

Did you like this episode? Stay up to date on new episodes by liking and subscribing!  

Click below to learn more about our podcast team and previous episodes: https://www.sykes-cpa.com/media-resources/the-bottom-line-pharmacy-podcast/ 

Want to stay connected? Check out all of our social media:  

Sykes & Company P.A.:  

Facebook
Twitter (X)
LinkedIn
Instagram 
 

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

More resources about this topic:  

Video – GLP Compounding Deep Dive 

Video – Pharmacies Launching Their Own Insurance Agencies 

Podcast – Master the Margin 

Podcast – Navigating GLP and Other Pharmacy Opportunities 

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The Balance Sheet: A Snapshot in Time in how your pharmacy is financially from an asset, liability, and equity perspective.

In this episode of Master The Margin, Scotty Sykes, CPA CFP® and Kathy Blanchard, Senior Pharmacy Accountant build on the foundational principles (fundamental accounting) discussed in their inaugural episode by exploring the balance sheet!

Join Scotty Sykes, CPA, CFP®, and Kathy Blanchard, Senior Pharmacy Accountant explore:

• The formula "Assets = Liabilities + Equity" 
• Its significance in providing a snapshot of a pharmacy's financial health 
• Common assets you'll find on a pharmacy's balance sheet 
• The importance of tracking current assets

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Did you like this episode? Stay up to date on new episodes by liking and subscribing!

Read and follow along with this episode at the show transcript

Stay connected with us on social media:

Sykes & Company P.A.:  

Facebook 

Twitter (X) 

LinkedIn 

Instagram 

YouTube 
 

Hosts 

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

More resources about this topic:  

Podcast – Independent Pharmacy Accounting Fundamentals 

Blog – Fundamentals of Pharmacy Accounting 

Presentation – Fundamentals of Pharmacy Accounting: Navigating 2024 and Beyond 

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Looking to find, hire, and keep the best in your pharmacy? Tune in to this episode of the Bottom Line Pharmacy Podcast with Sykes & Company, P.A.’s very own Director of People Operations, Tyler Davis!

This episode dives deep into.:

• The changing hiring dynamics
• Things to consider before hiring techs
• Tips to retain talent on your team
• How A.I. is helping streamline the hiring process

Tune in to this packed episode with actionable insights and advice to help you build a high-performing pharmacy team!

Schedule an Rx Assessment 

Did you like this episode? Stay up to date on new episodes by liking and subscribing!

Click here to learn more about our podcast team and previous episodes.  

Click here to read and follow along with transcript

More about our guest:  

Tyler Davis is the Director of People Operations for Sykes & Company, P.A.

As the Director of People Operations at Sykes & Company, P.A., Tyler oversees the human resources functions. He is responsible for developing and implementing HR strategies, policies, and programs that align with the company's vision, mission, and goals.

Adding to his 10+ years of comprehensive experience in the HR field, Tyler holds a certification in Human Resources Management from Pitt Community College.

Tyler’s core competencies include HR service center implementation, team member benefit administration, HR project management, and talent acquisition.

Tyler has successfully led and supported multiple HR initiatives and projects that improved the efficiency, effectiveness, and quality of HR services and processes. He has also recruited and trained diverse and talented professionals for various roles and levels within the health and accounting sectors.

Tyler is passionate about building and fostering a positive, inclusive, and collaborative work culture that empowers and motivates employees to achieve their full potential.

Want to learn more about Tyler Davis and stay connected with them? Check out their social media below:

Tyler Davis LinkedIn 

Sykes & Company, P.A. Website

Sykes & Company, P.A. Facebook

Sykes & Company, P.A. Twitter (X)

Sykes & Company, P.A. LinkedIn

Sykes & Company, P.A. YouTube

Sykes & Company, P.A. Instagram

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter
 

More resources on this topic: 

Blog – Best Practices for Pharmacists’ Compensation

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In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Austin Murray with Sykes & Company are talking about all things PBM related with Dared Price from OreadRx.  

Join us as we discuss the:  

• Urgent need for transparency and reform in the industry 
• Intricate world of Pharmacy Benefit Managers (PBMs) 
• OreadRx self-sufficient and transparent PBM model  
• Opportunities for Growth in Pharmacy 

Stay up to date on new episodes by liking and subscribing!  

Click here to learn more about our podcast team and previous episodes.  

Read and follow along with this episode by clicking here 

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More about our guest:  

Dared Price is the owner of 7 independent community pharmacy locations in South Central Kansas, Graves Drugs and the Damm Pharmacies.  He serves on the board of directors for the National Community Pharmacy Association and is the immediate past president of the Kansas Pharmacist Association. Price is also co-owner of Oread Rx, a transparent, pass through pharmacy benefit company.  

Stay connected with Dared Price and OreadRx:

Dared Price LinkedIn

OreadRx Website

OreadRx Facebook

Stay connected with us on social media
  

Sykes & Company P.A.:

Facebook
Twitter (X)
LinkedIn
Instagram
 

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

More resources about this topic:

Podcast – Navigating Pharmacy Reimbursements and Negotiation Strategies

Podcast – Finishing the Fight: What’s Next for Independent Pharmacy

Podcast – The State of PBM Reform

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🎉 It’s episode 50 which means it’s time to celebrate a milestone! 🎉

In this milestone episode, Ollin Sykes, CPA, CMA, CITP and Bonnie Bond, CPA are thrilled to sit down with the esteemed Doug Hoey, CEO of the National Community Pharmacists Association (NCPA).

This episode is packed with updates and insights into:

• Payment Reform
• Finish the Fight Campaign
• Advice for Independent Pharmacy Owners in 2024

Join the Discussion with Ollin Sykes, Bonnie Bond, and Doug Hoey!

Schedule an Rx Assessment

Stay up to date on new episodes by liking and subscribing!

Read and follow along with this episode by clicking here for the transcript.

More about our guest:

Douglas Hoey is the Chief Executive Officer of the National Community Pharmacists Association. NCPA represents the owners of nearly 20,000 pharmacy small businesses who’s pharmacists provide prescription dispensing services and help fill primary care gaps. The majority of these pharmacies are located in areas the CDC ranks as “high” or “very high” on the Socially Vulnerable Index. Consumers consistently rank community pharmacies as the top-rated pharmacies in the country.

Hoey is a licensed pharmacist in Oklahoma, Virginia, and Texas and practiced in community pharmacies including his family’s pharmacy before coming to NCPA. He is widely quoted by media as an industry expert on community pharmacy payment and practice issues. Hoey also developed and taught pharmacology courses at George Washington and Marymount universities.

He is President of the World Pharmacy Council, co-Chairman of the Board of Directors for Surescripts, Chairman of the NCPA Innovation Center, and co-Chairman of the CPESN-USA Board.

Want to learn more about Doug Hoey the NCPA and stay connected with them? Check out their social media below:

Doug Hoey LinkedIn

Doug Hoey Twitter (X)

NCPA Website

NCPA Facebook

NCPA Twitter (X)

NCPA LinkedIn

NCPA Instagram

Stay connected with us on social media:

Sykes & Company P.A.:

Facebook
Twitter (X)
LinkedIn
Instagram 
 

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter

More resources about this topic:

Press Release – Sykes & Company, P.A. Joins NCPA’s CORE Program

Webinar – Finish the Fight

Blog – Top 3 Independent Pharmacy Tips for 2024

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In this special episode of our tradeshow series, we come to you from 2024 McKesson IdeaShare!  

Scotty Sykes, CPA, CFP and Kathy Blanchard, Senior Pharmacy Accountant share trends, insights from their talk at the Deep Dive Labs, and we also bring on Nicolette Mathey, PharmD to do a deep dive into the GLP compounding opportunity for independent pharmacies. 

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Stay up to date on new episodes by following our show!

About Nicolette Mathey, PharmD:  

Dr. Nicolette Mathey started her career at Walgreens at age 16 and earned her PharmD from the University of Florida in 2010. After pioneering a successful Bedside Delivery program at BayCare Health Systems, she became the Director of Clinical Services at Pharmacy Development Services. There, she co-developed the Clinical Services Profit Ignitor and played a pivotal role in early data analytics. In 2017, Nicolette acquired Palm Harbor Pharmacy, transforming it from a contracts-only establishment in a Heat Zone to a thriving hub. She revamped its identity, introducing robust digital marketing, a multi-rep sales system, compounding, immunizations, NABP accreditation, Test & Treat, Pharmacogenomic (PGX) Testing, and more. In 2019, Nicolette founded ATRIUM24, initially offering business consulting to pharmacies. Focused on developing software to automate data analytics and launch Dotti, the industry’s first CRM sales system tailored for pharmacies, she sold Palm Harbor Pharmacy to another independent owner in October 2023. With the official launch of Dotti in January 2024, Dr. Mathey continues to innovate, aiding pharmacies in maximizing their data for profitability and growth. Through ATRIUM24 and Dotti, she and her team “connect the dots” for sales and marketing initiatives, empowering pharmacies with cutting-edge tools. 

Nicolette’s LinkedIn 

Atrium24 Website 

Atrium24 Facebook 

Atrium24 Instagram 

Atrium24 LinkedIn 

Atrium24 YouTube 

Stay connected with us on social media:  

Facebook 

Twitter (X)

LinkedIn

Instagram
 

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

More resources about this topic:

Blog – The Changing Pharmacy Dynamics: Unveiling New Financial Trends for 2024

Blog – Top 3 Independent Pharmacy Accounting Tips for 2024

SERIES – Master the Margin Episode 1: Independent Pharmacy Accounting Fundamentals

Podcast – Navigating the Legal Maze of 503B Compounding

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Welcome to the inaugural episode of our newest series Master the Margin with Scotty Sykes, CPA, CFP, and Kathy Blanchard, Senior Pharmacy Accountant  

This series is all about diving deep into accounting and tax topics for independent pharmacy owners. 

In this episode, we’re starting with the basics...fundamental accounting.  

We share insights into:  

• How to tackle common accounting challenges in the pharmacy industry 
• The basics of balance sheets and profit and loss statements 
• The importance of data integrity in your financials 
• Scotty’s love for all things caffeine  

Implement a fundamental accounting system in your pharmacy, schedule an Rx Assessment

Read and follow along with the show transcript.

Did you like this episode? Stay up to date on new episodes by liking and subscribing! Click here to learn more about our podcast team and previous episodes

Stay connected with us on social media:

Facebook

Twitter

LinkedIn 

Instagram

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

More resources on this topic: 

Blog – Fundamentals of Pharmacy Accounting 

Presentation –  Fundamentals of Pharmacy Accounting: Navigating 2024 and Beyond 

Podcast – Tackle Independent Pharmacy Accounting 

Send us Fan Mail

Schedule an Rx Assessment: https://www.sykes-cpa.com/rx-assessment-service/ 

PBM reform is getting the most attention it's ever received both from independent and community pharmacies that see the impacts on their reimbursements and with consumers that notice the impacts in their drug costs.

In this episode of The Bottom Line Pharmacy Podcast, we sit down with Pharmacist and Georgia State Representative Buddy Carter as he shares updates on where PBM reform stands currently, an outlook on where it’s heading, and more.

Join the discussion with us!

Click here for the transcript

More about our guest:  

Earl L. “Buddy” Carter is an experienced businessman, health care professional and faithful public servant. For over 32 years Buddy owned Carter’s Pharmacy, Inc. where South Georgians trusted him with their most valuable assets: their health, lives and families.

A committed public servant, Buddy previously served as the Mayor of Pooler, Georgia and in the Georgia General Assembly where he used his business experience to make government more efficient and responsive to the people. Buddy is serving his fifth term in the United States House of Representatives and is a member of the House Energy and Commerce Committee, where he Chairs the Subcommittee on Environment, Manufacturing, and Critical Materials, and the House Budget Committee.

A lifelong resident of the First District, Buddy was born and raised in Port Wentworth, Georgia and is a proud graduate of Young Harris College and the University of Georgia where he earned his Bachelor of Science in Pharmacy. 

Stay up to date on Buddy Carter and the work he’s doing: 

Representative Buddy Carter Website: https://buddycarter.house.gov/ 

Representative Buddy Carter Facebook: https://www.facebook.com/CongressmanBuddyCarter/ 

Representative Buddy Carter Twitter (X): https://x.com/repBuddyCarter 

Representative Buddy Carter Instagram: https://www.instagram.com/repbuddycarter/ 

Representative Buddy Carter YouTube: https://www.youtube.com/channel/UCHQm49T6ikD_ioMAt50AwKQ 

Stay connected with us 

Sykes & Company P.A.:  

Facebook
Twitter (X)
LinkedIn
Instagram 
 

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

More resources about this topic:  

Blog - Tax Cuts and Jobs Act Pharmacy Accounting Impacts