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Inventory management...One of the top contributors to profit loss in independent pharmacies.

Yet many owners still rely on outdated systems and reactive strategies.

So how can pharmacy leaders optimize inventory, adapt to market shifts, and still maintain community connection?

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP®, Bonnie Bond, CPA sit down with Wade Hinkle, and Jared Barton of Pharmacy Marketplace and Inventory IQ to share real-world lessons from the front lines of pharmacy business.

This episode covers:

• Why accurate inventory systems are a cornerstone of financial health
• Marketplace realities and how pharmacies can strategically respond
• Transitioning to perpetual inventory and how it changes the game
• And more!

More About Our Guest:

Jared Barton:

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. We focus on maximizing efficiency through inventory management and assisting with perpetual inventory implementation/maintenance. They help pharmacies optimize their inventory through their monthly Inventory Mining program, and they also provide inventory count services for tax purposes, transitions of ownership, and third-party audits.

Wade Hinkle:

Wade Hinkle is the Founder and CEO of Pharmacy Marketplace, an all-in-one purchasing solution that considers primary vendor agreements and key metrics to help you make better real-time purchasing decisions.

Prior to Pharmacy Marketplace, Wade studied at the University of Auburn where he obtained a degree in finance. This degree ultimately led him to become a partner and Owner of Hinkle Pharmacy in Alabama where he later used the insights he learned in owning a pharmacy to Co-found Inventory IQ, a service based business focused on helping independent pharmacies implement perpetual inventory systems.

Learn more about Jared, Wade, InventoryIQ and Pharmacy Marketplace:

Jared Barton LinkedIn

Inventory IQ Website 

Wade Hinkle LinkedIn

Pharmacy Marketplace Website

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More resources on this topic:

Master The Margin

Podcast - Driving Independent Pharmacy Profitability in 2025

Podcast - Improving Cash Flow with Inventory Management

Podcast - Navigating the Pharmacy Marketplace

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The tax landscape is shifting for pharmacies...Are you ready to adapt?

In this bonus episode of The Bottom Line Pharmacy Podcast, we bring you fresh insights from the trade show at Connect2025 from RedSail Technologies.

Scotty Sykes, CPA, CFP® and Kathy Blanchard, Senior Pharmacy Accountant deliver a boots-on-the-ground recap of the Connect2025 Conference, diving into their CE session.

• Financial and Regulatory Developments
• Navigating 340B Accounting Complexities
• Critical changes to Tax Law and Accounting Standards

All of that and more in this episode.

Stay connected with us:

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LinkedIn

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

 
More Resources on these Topics:

Podcast – The One Big, Beautiful Bill

Podcast – Driving Independent Pharmacy Profitability in 2025

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Check out the full episode with bonus insights

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Multi-store owners: Are running payroll through all of your locations? This episode is a must listen...

In this episode of Master the Margin, Scotty Sykes, CPA, CFP® and Kathy Blanchard, Senior Pharmacy Accountant, dive into the nuances of common paymaster status and why it’s often misunderstood in multi-store pharmacy operations. 

They break down: 

- What a common paymaster is—and how it (theoretically) benefits employers 
- Why most multi-store pharmacy owners don’t qualify, despite good intentions 
- The payroll risks of misclassifying employees across entities 
- The role of controlled group rules in IRS compliance 
- How common ownership impacts payroll, 401(k)s, benefits, and more 

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More resources about this topic:

Podcast - One Big, Beautiful Bill: What the New Tax Proposal Means for Pharmacies

Podcast - The Multi Store Owners Guide to Selling Your Pharmacy

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Cyberattacks targeting healthcare are rising, with pharmacies increasingly in the crosshairs. 

From ransomware to phishing scams, the threats are real...and constant.

But how can independent pharmacies defend themselves against a digital siege?

In this episode of The Bottom Line Pharmacy Podcast we have 3 people of the Sykes & Company team, Scotty Sykes, CPA, CFP®, Chris Sykes, IT Director, and Austin Murray, Marketing Director explore the evolving cybersecurity landscape with a practical lens. 

This episode covers:

• The NIST 2.0 Cyber Security Framework
• What to ask your script system vendor about security
• How to build a breach response plan that actually works
• Social engineering 101: What is it and how to protect your pharmacy
• Best practices for employee training, access control, and device audits

More About Our Guest:

Chris Sykes is the Director of IT at Sykes & Company, P.A., where he has been a key part of the team since 2006. 

With nearly 25 years in the IT industry, Chris combines deep technical expertise with a passion for helping both the firm and its clients become more efficient, secure, and technology-driven. 

Chris holds a Bachelor of Science in Business Administration with a concentration in Management Information Systems and a Master of Science in Technology Systems, both from East Carolina University. 

Outside of work, Chris enjoys running marathons, fishing and hunting with his boys, and spending quality time with his family at the beach.

Learn more about Chris:

Chris Sykes LinkedIn

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More resources on this topic:

Podcast - AI, Audits, & Advocacy: The Pharmacy Survival Guide with Trenton Theide

Blog - Technology, Security and Your Pharmacy

Blog - Protect You and Your Pharmacy: The Growing Threat of Ransomware

Blog - Backing Up Your Business Data

Blog - Spot a Hacked Email or Bad Website

Blog - Protect Your Pharmacy Data from Hackers

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According to the Centers for Disease Control and Prevention (CDC), diabetes is about 17% more prevalent in rural areas than urban ones. With rural communities often facing barriers to accessing healthcare, including limited specialists and transportation. 

But what if there was a way to increase rural patient access to specialists? 

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP® and Bonnie Bond, CPA talk with Leanna Schwend, PharmD, DCES, owner of  Yellowstone Pharmacy in Montana and founder of SugarBEAT for a powerful conversation on turning personal adversity into clinical innovation.

After being diagnosed with type 1 diabetes just before graduating pharmacy school, Leanna’s career trajectory transformed leading her to create one of the only certified diabetes education programs in a Montana retail pharmacy.
Now, she’s helping patients and other pharmacy owners bridge gaps in diabetes care, education, and revenue generation.

This episode explores:

• The story behind Leanna’s diagnosis and how it changed her mission
• Building and sustaining a certified diabetes education program
• Creating a digital support platform for patients, caregivers, and pre-diagnosis education
• Revenue options: cash-based models vs. accredited services
• And more!

More About Our Guest:

Leanna Schwend is PharmD and independent pharmacy owner who is passionate about Health and Wellness beyond the prescription. Her expertise is in value-added clinical services and leadership with special interests in Diabetes Education, Pharmacogenomics, Nutrigenomics, the Endocannabinoid system, Mental Health, and so much more! Leanna graduated with a Doctor of Pharmacy of degree from the University of Montana Skaggs School of Pharmacy in 2011. She then stepped into the role of Pharmacist in Charge and manager of her family pharmacy, Yellowstone Pharmacy of Forsyth, and became CEO/Owner in 2022.

She has successfully implemented an accredited diabetes education program through the American Association of Diabetes Care and Education Specialists, immunizations, medication synchronization, medication therapy management, and pharmacogenomics testing and consulting.

She is a Diabetes Care and Education Specialist, holds a certification in Pharmacogenomics, and is a Montana Pharmacy Association Board of Directors.

When Leanna turned 25, she was diagnosed with Type 1 diabetes. Through her own personal experiences and knowledge of living with diabetes, she is committed and devoted to educating individuals that they can do more than survive…they can THRIVE! 

In 2023, Leanna founded SugarBEAT Enterprise, in which she and her teammates aim to deliver a top-notch digital diabetes education solution that will empower individuals on their wellness journey.

Learn more about Leanna and SugarBEAT:

Leanna Schwend, PharmD, DCES LinkedIn

SugarBEAT Website

SugarBEAT Facebook

SugarBEAT Instagram

SugarBEAT LinkedIn

More resources on this topic:

Podcast - Driving Independent Pharmacy Profitability in 2025

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Check out the full episode with bonus insights

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📄 389 pages of proposed reform. Four big takeaways for pharmacy owners. Countless implications for your tax strategy.

In the world of tax legislation, 389 pages might feel “short and sweet.”

But inside Congress’s latest tax proposal are sweeping changes that could significantly reshape the financial outlook for pharmacy owners across the country.

Scotty Sykes, CPA, CFP® breaks down the most important provisions of the bill and what it could mean for your pharmacy, your team, and your long-term tax planning.

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More resources about this topic:

Podcast - Master The Margin: 2025 Tax Outlook

Webinar - Tax Cuts and Jobs Act of 2017: Pharmacy Impact and §199A

Blog – Tax-smart Depreciation on Pharmacy Buildings and Equipment

Blog – Maximize Pharmacy State and Local Tax Deductions (SALT)

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Can Culture Make or Break Your Pharmacy?

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP® and Bonnie Bond, CPA sit down with Chris Cornelison, CEO of Solutions Rx, Best-Selling Author of the Book 'Super Culture' and Keynote Speaker to explore the one competitive advantage every pharmacy owner can fully control: Culture.

This episodes discusses:

• Creating clarity and direction through written goals
• Navigating accountability and removing bad apples the right way
• Praising what you want repeated and building a sustainable culture
• The role of emotional intelligence and daily huddles in team dynamics

If you’re ready to shift your culture and unlock your team’s potential, this is the episode for you.

More About Our Guest:

Chris Cornelison is a dynamic keynote speaker, entrepreneur, business strategist, consultant, and leadership expert. 

Known for creating high-performing teams and positive cultures, his keynotes on leadership and business provide practical tools to drive real growth. Chris is committed to making a difference in both business and life.

Learn more about Chris, Super Culture and Solutions Rx:

Chris Cornelison LinkedIn

Chris Cornelison Website

Solutions Rx Website

Solutions Rx Facebook

Solutions Rx Instagram

Solutions Rx LinkedIn

Solutions Rx YouTube

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

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More resources on this topic:

Master The Margin

Clip - How Supplements Can Grow Your Bottom Line

Podcast - Finding, Hiring, and Keeping the Best in Pharmacy

Podcast - AtriumX Review

Super Culture Templates

Super Culture Book

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Is Your Pharmacy Prepared for a Cyberattack?

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Austin Murray sit down with Trenton Thiede, President of PAAS National, to unpack the rising cybersecurity threats facing independent pharmacies and what owners must do to stay compliant and protected.

We dive into everything from:

• HIPAA compliance updates
• AI risks, multi-factor authentication, and risk assessments
• The growing pressure of PBM audits and the need for strong advocacy

Click here for the transcript

More About Our Guest:

Trenton Thiede is the President of PAAS National (Pharmacy Audit Assistance Service).

Trenton started his journey working at Shopko, a community pharmacy, in 1999 for 15 years, holding positions as Pharmacy Manager and Regional Pharmacy Supervisor while completing his PharmD from UW-Madison and MBA from UW-Oshkosh.

In 2013, Trenton took over Shopko’s Long-Term Care division and helped divest it to KPH HealthCare (Kinney Drugs/HealthDirect).

There, he helped grow their business throughout the Midwest, eventually servicing 20,000 beds in just under four years. In 2018, Trenton joined PAAS and oversees the daily operations as President.

With his operations experience, Trent knows what’s involved, and at stake, with pharmacy audits; taking pride in helping independent pharmacies win against ruthless PBMs.

Learn more about Trenton and PAAS National:

Trenton Thiede LinkedIn

PAAS National Website

PAAS National Facebook

PAAS National Twitter (X)

PAAS National LinkedIn

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

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Scotty Sykes – CPA, CFP Twitter

More resources on this topic:

Podcast – Fraud, Waste, and Abuse Audit Updates

Podcast – Pharmacy Audit Master Class: Strategies for Audit Success

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Pill bottles don’t talk...but what if they could? Now you can know exactly how (and when) patients take their meds.

That’s the power of Remote Therapeutic Monitoring!

And on this week’s episode of The Bottom Line Pharmacy Podcast, we're diving into the mechanics of Remote Therapeutic Monitoring.

Bonnie Bond, CPA, and Austin Murray sit down with Jen Whalen, Director of Clinical Operations at MedSense, and Matt Gilbert, VP of Business Transformation at RxSafe/Eyecon to explore:

- Remote Therapeutic Monitoring as a New, Billable Revenue Stream
- How real-time adherence tracking works with any packaging
- Long-term Care Layering and How MedSense Fits right in
- Reducing Workload While Increasing Patient Insight

Join the discussion with us!

Click here for the transcript.

Stay connected with Medsense and RxSafe:

Jennifer Whalen LinkedIn

Matthew Gilbert LinkedIn

Medsense Website

Medsense LinkedIn

RxSafe Website

RxSafe LinkedIn

RxSafe Instagram

RxSafe YouTube

Stay connected with us:  

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Twitter (X)

LinkedIn 

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Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

More resources on this topic:

Podcast | Driving Independent Pharmacy Profitability in 2025

Podcast | Transforming Your Pharmacy: Supplements, Strip Packaging, and PBM Reform

Podcast | Tradeshow Series: AtriumX, Telehealth, Functional Medicine

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Cracking the 340B code can feel like climbing Mt. Everest…but done right, it can be an absolute game-changer for independent pharmacies. 

That’s what this week’s episode of The Bottom Line Pharmacy Podcast is all about! 

Scotty Sykes, CPA, CFP® and Kathy Blanchard team up with Draven Tell, Lead Analyst at Secure340B to break down:  

- Low Hanging Fruits With 340B Programs 
- Why Accumulators Matter and Their Impact on Your Bottom Line 
- How state legislation is pushing back against manufacturer restrictions 

Join the discussion with us!

Click here for the transcript.

Stay connected with Draven Tell and Secure340B:

Draven Tell LinkedIn

Secure 340B Website

Secure 340B Facebook

Secure 340B Twitter (X)

Secure 340B LinkedIn

Secure340B Instagram

Stay connected with us:  

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Twitter (X)

LinkedIn 

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Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

More resources on this topic:

Podcast | Overcoming Challenges with 340B Contracts

Podcast | Understanding 340B Contracts and Maximizing Your Pharmacy’s Benefits

Clip | The Impact of DIR Fees on 340B Pharmacies