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

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And out came the tax changes!

In this episode of The Bottom Line Pharmacy Podcast, we’re taking a step away from our guest interviews to bring you some start of 2025 updates.

Scotty Sykes, CPA, CFP and Bonnie Bond, CPA discuss:

• 2025 tax changes 
• The launch of Master The Margin
• Tax season best practices for independent pharmacies
• And more!

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

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Scotty Sykes – CPA, CFP LinkedIn
Scotty Sykes – CPA, CFP Twitter
Bonnie Bond – CPA LinkedIn
Bonnie Bond – CPA Twitter 

More resources about this topic:  

Podcast | Master The Margin | Tax Reform Update 

Podcast | Pharmacy Insights: PBM Updates, Tax Tips, and Thanksgiving 

Blog | Maximize Pharmacy State and Local Deductions (SALT) 

Blog | Tax-Smart Depreciation on Pharmacy Buildings and Equipment 

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Looking at getting into compounding? Don’t just dabble in it, go all in.

That’s the theme of this week’s episode of The Bottom Line Pharmacy Podcast!

Scotty Sykes, CPA, CFP and Marketing guru Austin Murray of Sykes & Company, P.A. sat down with Dr. Kevin Borg PharmD, America’s Pharmacist and owner of Potters House Apothecary and Prescott Compounding Pharmacy to discuss:

• The rise of GLP-1 compounding
• Challenges faced with regulatory compliance
• Importance of quality and accounting in pharmacy operations

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Click below for the transcript:  

(insert transcript link) 

More about our guest:  

Dr. Kevin Borg, PharmD, FIACP, FACA, earned his doctorate in pharmacy at Midwestern University College of Pharmacy – Glendale, Arizona in 2001. As a pharmacy student, he was a member of the Rho Chi Honor Society and received many awards, including the Pfizer Outstanding Leadership Award and the Roche Pharmacy Communications Award. As an alumnus, Kevin was presented with the prestigious Littlejohn Award by Midwestern University, which honors the values of service, caring, and commitment to the industry. Dr. Borg started his career in retail pharmacy and later became the founding pharmacist-in-charge for a mail-order pharmacy specializing in the care of injured workers.

In April of 2009, he realized his lifetime goal and opened Potter’s House Apothecary in Peoria, Arizona, as President and CEO. This PCAB accredited compounding–only pharmacy business model has allowed Kevin to pursue his passion of assisting patients who present unique treatment needs. In April of 2021, Kevin purchased Prescott Compounding Pharmacy in Prescott, Arizona. He relocated the pharmacy and built another state-of-the-art compounding facility to meet current industry regulations and better serve the needs of the community.

In 2014, Potter’s House Apothecary was recognized for three local business awards, including the ASU W.P. Carey School of Business Spirit of Enterprise for Excellence in Entrepreneurship as a finalist. Phoenix Business Journal recognized Potter’s House Apothecary as one of the Top 10 Best Places to Work for Small Businesses and as one of the Top 15 Fastest Growing Businesses in Arizona. Potter’s House Apothecary also serves as a teaching pharmacy by precepting interns on a monthly basis to further the art and profession of compounding. The level of personal and community satisfaction can only be described as phenomenal!

Stay connected with Dr. Kevin Borg, PharmD:

Kevin Borg LinkedIn

Potters House Apothecary Website

Prescott Compounding Pharmacy Website

Potters House Apothecary Instagram

Potters House Apothecary LinkedIn

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More resources about this topic:

Podcast – Driving Independent Pharmacy Profitability in 2025

Podcast – Legal Updates Impacting 503B and 503A Pharmacies

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Precision. Profit. Performance. 

In this episode of The Bottom Line Pharmacy podcast, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA sit down with Nicolette Mathey, PharmD, CEO & Founder of Atrium24 and Dotti to dive into the profitability levers for independent pharmacies in 2025 

We cover everything from telemedicine, compounded GLPs, upcoming tax changes, and more!

More About Nicolette Mathey:  

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 Nicolette, Atrium24, and Dotti: 

Nicolette’s LinkedIn

Atrium24 Website

Atrium24 Facebook

Atrium24 LinkedIn

Stay connected with us: 

Facebook

Twitter

LinkedIn 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter
 

More resources on this topic: 

Podcast – Driving Independent Pharmacy Profitability in 2024

Podcast – Legal Updates Impacting 503B and 503A Pharmacies

Video – Expanding Into Compounded GLPs Step-By-Step

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Welcome to the first episode of our special series: Infusion Revolution where we discuss all things owning and operating an infusion pharmacy. 

From accounting and tax best practices to industry changes and trends, you can catch it all on this podcast series.

On this first episode, it's all about Starting an Infusion Pharmacy 101! We sit down with Greco De Valencia, VP of Pharmacy and Senior Loan Officer at Live Oak Bank to discuss:

• Financial implications of entering the infusion market
• Understanding startup costs and working capital
• Complexities of starting an infusion pharmacy
• Opportunities in the Infusion Market
• And more!

Read and follow along at the show transcript here. 

Stay connected with Greco De Valencia and Live Oak Bank:  

Greco’s LinkedIn 

Live Oak Bank Website 

Live Oak Bank Facebook 

Live Oak Bank Twitter (X) 

Live Oak Bank LinkedIn 

Live Oak Bank Instagram 

Live Oak Bank YouTube 

Stay connected with us:

Sykes & Company P.A.:

Facebook

Twitter

LinkedIn

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

More resources on this topic:

Video: Future-Proof Your Pharmacy: Essential Advice for 2024

Podcast: Finishing The Fight: What’s Next For Independent Pharmacy

Podcast: Startup Pharmacy “The Pharmacy” on How to be Successful

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In January of 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information reports with a deadline for businesses to file by December 31st, 2024.

Flash forward to December 4th, 2024, the Federal Court Blocks Corporate Transparency Act Nationwide changing the Beneficial Ownership Information filing requirements for businesses leaving many curious to where it stands currently.

In this bonus episode of The Bottom Line Pharmacy Podcast, we bring back Scott Burnett with Burnett & Associates to give an update on:

• The current status of the Beneficial Ownership Information (BOI) requirements
• Recent preliminary injunction that has temporarily suspended the filing requirements
• Navigating possible changes to come including stays or reinstatements 

Stay connected with Scott Burnett:  

Burnett & Associates Website
Burnett & Associates Facebook
Burnett & Associates Instagram
Burnett & Associates YouTube
Scott Burnett LinkedIn

Stay connected with us:

Facebook
Twitter
LinkedIn 
Instagram
Spotify
Apple Podcasts

Scotty Sykes – CPA, CFP LinkedIn
Scotty Sykes – CPA, CFP Twitter

More resources on this topic:  

FinCEN BOI

Podcast - Urgent Update on BOI Reporting

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Buying from primary vs. Secondary wholesalers, when is it best for your pharmacy and how does it impact your bottom line?

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP, Bonnie Bond, CPA, and Ollin Sykes, CPA, CITP, CMA sit down with Wade Hinkle, Founder and CEO of Pharmacy Market Place to discuss:

• Optimizing pharmacy operations through technology
• Inefficiencies in traditional pharmacy purchasing methods
• Importance of balancing primary vendor agreements with secondary market opportunities

And more!

More about 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.

Stay connected with Wade on social media:

Wade Hinkle LinkedIn

Pharmacy Marketplace Website

Pharmacy Marketplace Facebook

Pharmacy Marketplace LinkedIn

Stay connected with us on social media:

Sykes & Company P.A.:

Facebook

Twitter

LinkedIn

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter

More resources on this topic:

Podcast – Improving Cash Flow With Inventory Management

Webinar – Maximizing Your Largest Expense: Inventory

Webinar – Inventory Management: Keep Cash In the Bank, Not on Your Shelf

Webinar – Improving Cash Flow Inventory Management Best Practices

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The 503A and 503B legal landscape is ever changing and staying on top of these changes can be tedious.  

But don’t worry! Sykes is here with the trustee colleagues at Brown & Fortunato.  

On this episode of the Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP® and Bonnie Bond CPA, sit down with Brad Howard, Esq. And Michael Alexander, Esq. From Brown & Fortunato share recent changes to the 503A and 503B regulatory landscape including:

• The Evolving relationship between 503B and 503A pharmacies
• Impact of FDA regulations and state-level inconsistencies
• Possible changes coming in 2025

More about our guest:

Brad Howard:

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 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.

Michael Alexander:

Michael represents health care clients in a variety of business and regulatory matters, including regulatory compliance, licensing, due diligence review in the acquisition of health care providers, government investigations, and commercial disputes. Michael’s clients are primarily pharmacies, hospitals, and physician groups, but he also assists many other health care providers. Michael has successfully assisted his clients in resolving government investigations on both the state and federal level involving general compliance issues as well as matters related to fraud, waste, and abuse. He has also represented clients in payor disputes, and worked in conjunction with his clients, co-counsel, and other parties to coordinate the simultaneous acquisition and re-licensure of multiple health care providers.

Learn more about the Brown & Fortunato Team:

Brad Howard LinkedIn
Michael Alexander LinkedIn
Brown & Fortunato Website
Brown & Fortunato Facebook
Brown & Fortunato LinkedIn

Connect with us on social media:

Facebook
Twitter
LinkedIn
Scotty Sykes – CPA, CFP LinkedIn
Scotty Sykes – CPA, CFP Twitter
Bonnie Bond – CPA LinkedIn
Bonnie Bond – CPA Twitter

More resources on this topic:

Podcast – Developing a Weight Loss Program with GLP1s in Your Pharmacy
Podcast – Driving Independent Pharmacy Profitability in 2024

Send us Fan Mail

Happy Thanksgiving from Sykes!  

To help you celebrate this holiday, we’re bringing you a special bonus episode of The Bottom Line Pharmacy Podcast! 

In this episode, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA discuss various topics ranging from trade show experiences to Thanksgiving preparations.  

Highlights include:

• Insights from recent pharmacy trade shows
• Updates on pharmacy regulations
• Tax tips for the upcoming year
• And more

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

Stay Connected With Us On Social Media

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Twitter (X)
LinkedIn
Instagram 

Scotty Sykes – CPA, CFP LinkedIn 

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter 

 
More Resources on This Topic:

Schedule an Rx Assessment

Podcast – PBM Audit Masterclass 

Podcast – Master the Margin: Fundamentals of Pharmacy Accounting 

Podcast – Understanding BOI Reporting 

Podcast – Master the Margin: 2025 Tax Cuts and Jobs Act Changes 

Send us Fan Mail

Schedule an RX Assessment

Catch up on the latest in pharmacy with our last installment of the 2024 Tradeshow Podcast Series!

In this episode, Scotty Sykes CPA, CFP, Bonnie Bond CPA, Ollin Sykes CPA, CITP, CMA, and Kathy Blanchard, Senior Pharmacy Accountant come to you in person from the 2024 NCPA Annual Convention!

They discuss trends they’re seeing in independent pharmacy, the current state of PBM reform, 2025 tax changes, and more!

Stay connected with us on social media:  

Facebook

Twitter

LinkedIn

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter

Bonnie Bond – CPA LinkedIn

Bonnie Bond – CPA Twitter
 

More resources on this topic: 

Check Out the 2023 NCPA Episode

Podcast - Master The Margin

Nicolette Mathey and Understanding Compounding GLPs

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Ready to expand your pharmacy? Make sure you have a solid financial foundation. Schedule an Rx Assessment today

Pharmacy Owners...It’s time to elevate your pharmacy and reimagine clinical care with the power of collaboration.

In this episode of The Bottom Line Pharmacy Podcast, Scotty Sykes, CPA, CFP and Bonnie Bond, CPA sit down with Amina Abubakar, PharmD, Founder and CEO of Avant Pharmacy and Wellness Center to discuss:

• Expanding Services Through Collaborative Clinical Care
• Gaining and Building Trust with Local Providers
• Improving Patient Outcomes
• And More!

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

More about our guest:

Amina Abubakar graduated from the Philadelphia College of Pharmacy University of the Sciences in 2005. She is the owner and manager of Avant Pharmacy & Wellness Center formerly known as Rx Clinic Pharmacy in Charlotte, NC, and the founder of the Avant Institute.

She is an internationally recognized award-winning clinical pharmacist, Certified HIV Specialty Pharmacist, a preceptor to UNC Chapel Hill residents and students from several schools of pharmacy. Recently, Amina was bestowed the honor by the National Community Pharmacists Association as 2020’s Independent Pharmacist of the Year and also received the 2020 Bowl of Hygeia from the North Carolina Association of Pharmacists for outstanding service to the community.

She has fostered an environment that showcases the impact of community pharmacists on patient care by collaborating with medical providers and expanding pharmacist-led clinical services in her community. Her desire to help others advance the pharmacy profession inspired her to found the Avant Institute to offer training to pharmacies across the country on the practical application of clinical pharmacy services through developing sustainable physician collaborations.

Currently, she shares her passion for pharmacy advancements with pharmacists, patients and policy makers all over the country through Pharmacogenomics. She was invited to the White House Office of Science and Technology Policy and to the FDA to discuss the role of pharmacists in pharmacogenomics.

Amina Abubakar LinkedIn

Avant Pharmacy and Wellness Website

Avant Pharmacy and Wellness Facebook

Avant Pharmacy and Wellness LinkedIn

Stay connected with us on social media:  

Facebook

Twitter

LinkedIn 

Scotty Sykes – CPA, CFP LinkedIn

Scotty Sykes – CPA, CFP Twitter 

Bonnie Bond – CPA LinkedIn 

Bonnie Bond – CPA Twitter

More Resources on this Topic:

Blog - 3 Accounting Essentials for 2024

Podcast - The Fundamentals of Independent Pharmacy Accounting