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

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No matter where you are in your ownership journey, it’s always a good idea to go to back to basics.

This is exactly what the CORE Program from The National Community Pharmacists Association help you as a pharmacy owner do!

In this episode of The Bottom Line Pharmacy Podcast, we sit down with Pharmacy Owner and Lawyer Scott Pace as he dives deep into getting back to the basics in your pharmacy with leadership, marketing, operations and finances as well as some of the innovative things happening in Arkansas pharmacy and more!

Register for the CORE Program today

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Stay up to date on new episodes. Click here to learn more about our podcast team and previous episodes.  

Click here for the transcript

More about our guest:  

Scott Pace is a partner at Impact Management Group, a government relations, public affairs, and consulting firm based in Little Rock, Ark. He represents a diverse group of clients with a heavy emphasis on the health care and pharmacy industries.

Scott joined IMG after more than 12 years with the Arkansas Pharmacists Association, where he served as both CEO and COO. While at the APA, Scott successfully worked with the legislature to pass scope of practice legislation for pharmacists and on legislation to amend the Arkansas Constitution to require a pharmacist consultant be a part of the Arkansas medical marijuana dispensaries. He also worked with Gov. Asa Hutchinson and the legislature to pass legislation to license and regulate PBMs in Arkansas.

Scott was also instrumental in crafting and passing Arkansas Act 900 of 2015, the pharmacy legislation that was subject of the landmark Rutledge v. PCMA case that was decided by the U.S. Supreme Court in December of 2020.

Scott is a licensed pharmacist and attorney. He holds a bachelor’s degree in biology from Arkansas State University, a Doctor of Pharmacy from the University of Arkansas for Medical Sciences, and a Juris Doctorate with High Honors from the University of Arkansas at Little Rock William H. Bowen School of Law.

Scott and his wife Anne, who is also a pharmacist, own Kavanaugh Pharmacy in the Heights neighborhood of Little Rock, where they live with their two children, Cameron and Carter.

Stay connected with Scott Pace:

Scott’s LinkedIn

Kavanaugh Pharmacy Website

Kavanaugh Pharmacy Facebook

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

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 

The NCPA CORE Program 

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With double DIR fees ending, it’s a great time to implement automation in your pharmacy.  

Whether your goal is to increase script volume or optimize payroll the opportunities that come with automation are fruitful.  

In this episode of The Bottom Line Pharmacy Podcast, Darin Gleason, National Sales Director for Retail and Chains with ScriptPro joins us to share his insights on:  

• What’s next for pharmacies after double DIR fees 
• Using automation to transition techs into profit centers for your pharmacy 
• The importance of analyzing your scripts

And more!


Schedule an Rx Assessment with us

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. 

Click here for the transcript 

More about our guest:  

Darin Gleason is the National Sales Director for Retail and Chains with ScriptPro. He has 17 years of experience working with independent pharmacies and automation. 
 

In his 17 years of work with independent pharmacies, Darin has seen many changes including changes in Medicare Part D reimbursements, COVID, and DIR fees.

ScriptPro is a pharmacy automation system that is built and installed to the custom specs of the pharmacy. 

Want to learn more about Darin and ScriptPro? Follow them on social media:

Darin Gleason LinkedIn

ScriptPro Facebook

ScriptPro Twitter (X)

ScriptPro LinkedIn

ScriptPro Website

ScriptPro YouTube

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

Sykes & Company P.A.:  

Facebook

Twitter (X)

LinkedIn 

Instagram 

YouTube 
 

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 - Improving Profitability and Customer Service Levels Through AI 

Blog – Three Tips to Manage Payroll Expenses 

Blog – 5 Ways to Diversify Services in Your Pharmacy 

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In this episode of The Bottom Line Pharmacy Podcast, we explore the world of 503B and 503A pharmacies! We sit down with Dae Y. Lee, PharmD, Esq., CPBS and Partner at Frier Levitt to discuss the latest regulations, compliance requirements, and best practices for both 503B outsourcing facilities and 503A compounding pharmacies, trends in PBM audits, marketing semiglutides, and more!

Do you know where your pharmacy stands financially? Schedule an Rx Assessment with our team to learn more

More about Dae Y. Lee and Frier Levitt:

Dae Y. Lee, Pharm.D., Esq., CPBS is a pharmacist attorney in Frier Levitt’s Life Sciences Department. Dae’s practice focuses on pharmacy operations, Plan Sponsor operations and compliance, and Pharmacy Benefit Managers (PBMs) regulations. Dae co-chairs Plan Sponsor Practice Group with Frier Levitt co-founding partner, Jonathan E. Levitt, Esq. He advises clients in a wide range of matters including insurance and PBM audits and termination, wrongful recoupment, wrongful network exclusion, and governmental investigations. For Plan Sponsors, Dae provides full panoply of legal services ranging from PBM contract negotiations to contract disputes to enforce Plan Sponsor Agreement terms and conditions. In addition, Dae prosecutes reimbursement disputes on behalf of healthcare providers and facilities against health insurance companies.  Dae has extensive experience litigating high profile commercial and personal injury cases.

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.

Click here for the transcript  

Learn more about Dae and Frier Levitt:

Facebook
Instagram
LinkedIn
Website
YouTube
Twitter (X)

Stay connected with us: 

Facebook
Twitter
LinkedIn 
Instagram
Spotify
Apple Podcasts

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: 

Podcast - Driving Independent Pharmacy Profitability in 2024

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One of the ways many independent pharmacies are differentiating themselves is by implementing prescription discount card programs.
 
Under the right circumstances, this can mean significant savings to the patient and an increase in gross margins for the pharmacy.
 
In this episode of The Bottom Line Pharmacy Podcast, Greco De Valencia, Senior Loan Officer with Live Oak Bank, Ripal Patel, Independent Pharmacy Manager and Founder of SaveonRx, Bonnie Bond, CPA, and special guest, Austin Murray with Sykes & Company, P.A. Share insights into how a discount card program can increase gross profits per script, how to market it, and its impact on valuations.

Know where your pharmacy stands financially, click here to schedule an Rx Assessment.

More About Our Guest: 

Ripal Patel is a former independent pharmacy owner, and now the founder of SaveonRx a discount card program that helps patients save money on prescription drug cost while at the same time allowing the pharmacy to increase its gross margin and differentiate itself from other pharmacies. 

Want to learn more about Ripal Patel, Greco De Valencia, and SaveonRx? Click below to check them out! 

Greco De Valencia LinkedIn: https://www.linkedin.com/in/grecodevalencia/

Ripal Patel LinkedIn: https://www.linkedin.com/in/ripal-patel-226b1517/

Save on Rx Website: https://www.saveonrx.net/saveonrx

Save on Rx Facebook: https://www.facebook.com/SaveOnRx1

Save on Rx LinkedIn: https://www.linkedin.com/company/saveonrx/

Learn more about our podcast team and previous episodes.

Stay connected with us. Check out all our social media: 

Sykes & Company P.A.: 

Facebook
Twitter
LinkedIn
YouTube
Instagram

CPA’s:

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter

Austin Murray – Sykes & Company, P.A.

More resources on this topic:

Blog – How to Consistently Improve Gross Margins

Video – Gross Margin Expansion Ideas Updated

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The independent pharmacy of today is sitting on lots of data and opportunity to expand into areas of healthcare that can help your pharmacy become the healthcare center in your community.

But as a pharmacy owner, how do you know what to do with all the data available to you?

In this week's episode of the Bottom Line Pharmacy Podcast, Nicolette Mathey from Atrium24 shares her insights on long-term care, GLP compounding, the double DIR cliff pharmacies are facing, and more!

Gain valuable pharmacy accounting advice. Schedule an Rx Assessment

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


More about our guest:


About Nicolette & Atrium24:

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.

Stay connected with Atrium24, Dr. Nicolette Mathey, PharmD, and Sykes & Company, P.A.!


Atrium24:

Facebook 

Instagram 

LinkedIn 

Website 


Sykes & Company P.A.:

Facebook

Twitter (X)

LinkedIn

Instagram

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

More resources about this topic:  

Podcast – Making Data Work for Your Pharmacy

Webinar – DIR Fees Accounting Best Practices

Podcast – Opportunities with Clinical Services

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Data from the NCPA shows that there are over 17,000 health care facilities that are eligible to participate in 340B programs, with many of these facilities being located in rural America.

This can give your pharmacy a competitive advantage and make your pharmacy the healthcare hub of your community by providing care to an underserved patient population.

But how do you know if this is an area worth exploring? In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA sit down with Amanda Gaddy, R. Ph. Co – Founder and COO of Secure340B to dive deep into 340B contracts, legislative updates, how DIR fees and the change health care fiasco are affecting contracts, and the impact it can have on your bottom line!

Schedule an Rx Assessment

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.

Read and follow along with our transcript by clicking here

(insert transcript link) 

More About Amanda Gaddy and Secure340B:

Amanda Gaddy is a pharmacist with over 29 years of experience and the COO & Co-Founder of Secure 340B. Secure340B helps pharmacies navigate the complexities of the 340B landscape and ensure their programs remain efficient and profitable by identifying 340B opportunities in your area, projecting future bottom line outcomes in your pharmacy from 340B contracting, evaluating and restricting any existing programs you may have, and manufacturer price restoration, so your pharmacy can continue to serve your community.

Stay connected with Amanda Gaddy and Secure340B:

Amanda Gaddy’s LinkedIn

Secure340B Facebook

Secure340B Instagram

Secure340B LinkedIn

Secure340B Website

Secure340B Twitter (X)

Stay connected us:

Facebook

Twitter (X)

LinkedIn

Instagram

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter

More resources about this topic:

Resource - Explore 340B Opportunities

Podcast - Understanding 340B Contracts

Webinar - How to Thrive in the 340B Space

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Reimbursement changes have sparked updates to KPIs and financial benchmarks for independent pharmacies.

In addition to reimbursement changes we’re also seeing pharmacies find more opportunities to add diversified revenue sources such as long-term care and compounding.

On this special bonus episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP sits down with POA Executive Director David Mayper as a featured guest to discuss KPI updates, new financial benchmarks, opportunities for pharmacies, and more!

Want to read and follow along? Click here for the 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.

More about David Mayper:

David Mayper is the Executive Director for the Pharmacy Owners Alliance with more than 30 years of pharmaceutical supplier and trade association experience.

The Pharmacy Owners Alliance is a non-profit organization that includes over 500 member stores including franchisees, former franchisees and independent pharmacies in 36 states whose mission is to preserve, protect, and promote the interests of pharmacy owners.

They provide in-depth analysis of each member’s current purchase patterns and offer advice on the best decisions for purchasing and rebates.

Want to learn more about David Mayper, The Pharmacy Owners Alliance, and stay connected with them? Check out their social media below:

The Pharmacy Owners Alliance Facebook

The Pharmacy Owners Alliance LinkedIn

The Pharmacy Owners Alliance Website

The Pharmacy Owners Alliance YouTube

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

More resources about this topic:

Podcast – Navigating the Complex World of Pharmacy Reimbursements

Podcast – Clinical Services Opportunities for Your Pharmacy

Podcast – Cash Flow and Improving Bottom Line for Long-term Care at Home Pharmacies

Article – Fundamentals of Pharmacy Accounting

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If you saw every bottle or capsule on your shelf as a $100 bill, you might be trying to find ways to get that money into your bank account, especially in the cash flow crunch that pharmacies are facing now.

This is exactly what perpetual inventory from Inventory IQ allows you to do.

In this episode of The Bottom Line Pharmacy Podcast, we share insights to help you keep cash in your bank, not on your shelf. We dive deep into inventory management, how to improve your cash flow, ways you can control your inventory, and more!

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.

Read and follow along with this episode by clicking here.

More about our guest:

Jared Barton is the CEO of Inventory IQ and the Secretary of the Board of Pharmacy Marketplace. With 9 years in the independent pharmacy industry and 600+ independent pharmacies served; Inventory IQ is the nation’s premier independent pharmacy inventory management firm. They help pharmacies maximize efficiency through inventory management and assisting with perpetual inventory implementation/maintenance through their monthly Inventory Mining program, and they also provide inventory count services for tax purposes, transitions of ownership, and third-party audits.

Want to learn more about Jared Barton, Inventory IQ, and stay connected with them? Check out their social media below:

Jared Barton LinkedIn

Inventory IQ Website

Inventory IQ Facebook

Inventory IQ Twitter (X)

Inventory IQ LinkedIn

Inventory IQ Instagram

Inventory IQ YouTube

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

Ollin Sykes – CPA, CMA, CITP LinkedIn

More resources about this topic:

Blog – Maximizing Your Largest Expense: Inventory

Webinar – Inventory: Keep Cash in the Bank, Not the Shelf

Blog – Accrual vs. Cash Method of Accounting for Inventory Management

Blog – The Three Most Important Accounting Inventory Issues

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While the path to multi-store ownership may look different for everyone, the principles remain the same.

From his first location in 2011 to over 20 stores in 2024, Hashim Zaibak’s rule for managing multiple stores has remained the same - “I take care of the people who are going to take care of the people who are going to take care of the customers”

On this episode of The Bottom Line Pharmacy Podcast, we sit down with Hashim Zaibak, PharmD, CEO of Hayat Pharmacy and NCPA Ownership Workshop extraordinaire to discuss how to manage multiple stores, the NCPA Ownership Workshop, opportunities pharmacies have with clinical services, being recognized as a provider, and more! 

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.


Click here for the transcript

More about our guest:

Dr. Hashim Zaibak, PharmD is the Founder and CEO of Hayat Pharmacy, an independent pharmacy with over 20 locations serving the Milwaukee area.

Dr. Zaibak started his career as a pharmacist in 1999 after graduating from the University of Illinois‐Chicago. With over fifteen years of experience, he has seen the industry from multiple vantage points.

Dr. Zaibak has over six years of experience as a Clinical Instructor to help train pharmacy students from six pharmacy schools in the Wisconsin and Illinois area (Concordia University, Rosalind Franklin University, University of Wisconsin, University of Illinois, Midwestern University, and MCW School of Pharmacy). As recognition of Hashim’s excellent service to the community, he was named the 2014 Pharmacist of the Year by Pharmacy Development Services and Health Mart’s 2014 Pharmacy of the Year.

Want to learn more about Hashim and Hayat Pharmacy? Click below to check them out!

Hashim Zaibak LinkedIn

Hayat Pharmacy Website

Hayat Pharmacy Facebook

Hayat Pharmacy Twitter (X)

Hayat Pharmacy LinkedIn

Stay connected with us on social media:

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:  

Article – Multiple Stores and Real Estate Ownership 

Client Testimonial – Managing Multiple Stores 

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From DIR fees to current PSAO behavior, dive deep into independent pharmacy accounting on this bonus episode featuring Scotty Sykes, CPA, CFP's appearance on The Catalyst Pharmacy Podcast. 

Want to watch the full episode? Click here. 

More About the Catalyst Pharmacy Podcast:  

Presented by PioneerRx, the Catalyst podcast dives into current events that are shaping how pharmacists approach their patients and their business.  

Hosted by President of PioneerRx Jeff Key with cohosts Josh Howland VP of Clinical Strategy, Mark Bivins VP of Sales, and Marsha Bivins Director of Marketing. 

Fuel your passion for pharmacy, one conversation at a time.  

Want to learn more about PioneerRx, the Catalyst Pharmacy Podcast, and what they do? Check out all of their links below:  

Catalyst Pharmacy Podcast

PioneerRx LinkedIn

PioneerRx Facebook

PioneerRx Website

PioneerRx YouTube

PioneerRx Twitter

PioneerRx Instagram

Jeff Key, President of PioneerRx LinkedIn

Marsha Bivins Director of Marketing

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. https://www.sykes-cpa.com/media-resources/the-bottom-line-pharmacy-podcast/ 

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

Sykes & Company P.A.:  

Facebook

Twitter

LinkedIn  

CPA’s: 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

More resources about this topic:  

Service – RX Assessment 

Article – Fundamentals of Pharmacy Accounting 

Podcast – Minimizing DIR Fees 

Article – How to Manage DIR Fees 

Webinar – DIR Fees Best Practices