Up to date information in the field of Independent Pharmacy written by the PRS Pharmacy Consulting Experts and Pharmacists for Pharmacy Owners. Experience Matters.
The goal of any pharmacy owner come tax time is to get their net income as low as possible to save on payments to Uncle Sam. Things listed as tax write offs are normal and every business does this including pharmacies so there is no shame in this game. It is a great idea, except when it comes time to find the real value of the pharmacy for sale. Having these items in the mix lowers the income for the
Opening your first pharmacy can be an exciting, scary, and beyond stressful endeavor. Naturally, fear of failure, which means potentially losing hundreds of thousands of dollars, would give anyone pause. No big deal, right? It’s only money. [Insert sarcastic laugh here.] Seriously though, where do you begin when you are just starting to plan for your dream of owning a pharmacy? Location, of course. Let’s say you have already found the “perfect location.” You are convinced it will be very
So, CVS offered to buy your pharmacy. It looks like a great deal on the surface, but chains have gotten wise about structuring contracts that give the best return on investment…to them. Here are some of the top items to keep in mind when thinking of selling your pharmacy to a chain, especially if they are doing the valuation. Will I be paid in full upfront? Sellers prefer full payment at closing. Chains do not. Do not be surprised when
Let’s talk about starting a CLIA-Waived Point of Care Testing Program in a Pharmacy setting to diversify your services and bring additional revenue as third parties continually lower reimbursements and we see continual DIR creep. In most cases, your POCT will be a cash service, but CMS and privacy payers may pay for these services. Depending on your State, the Pharmacist can order these Tests and, in some cases, actually prescribe medication (or alter medications that have already been prescribed)
So you want to own an independent retail pharmacy but you’re not certain where to begin? Owning an independent retail pharmacy is not like owning just any business, there are many factors to weigh and consider that make owning a pharmacy business a unique and challenging experience. Let’s start by answering a few initial questions: Is it better to purchase an existing pharmacy, or start one from scratch? Purchasing an existing pharmacy that already has cash flow is the best
Attention CLIA Certified Pharmacies: Over ten thousand Pharmacies have a CLIA Certificate of Waiver. Most of these Pharmacies have been providing CLIA waived testing as a cash service only, increasing revenue and helping to offset dropping reimbursements and DIRS. But earlier this month, CMS issued an MLN Matters Article allowing Pharmacies with CLIA Certification already enrolled in Medicare to fast-track a temporary enrollment as an independent clinical diagnostic laboratory to help combat the spread of COVID-19 during the public
We wanted to write a short blog post today to cover the HIPAA and the CARES Act. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law by President Trump on 3/27/2020. In this law, you will come across a reference to HIPAA. As many of you may know, we have been expecting some updates to the HIPAA Regulations for a few years now. Is this the HIPAA update we have been waiting to see? No,