5 Ways to Diversify Services in Your Pharmacy
As the coronavirus disease 2019 (COVID-19) hits record levels in many cities, pharmacists play an integral role supporting nationwide vaccinations. Times like these serve as perfect opportunities to discuss pharmacy service diversification. In community and independent pharmacies, additional services can make a …
Tax Impacts of Accrual vs. Cash Accounting Methods
Have you considered the potential tax savings for your pharmacy if you changed from the accrual accounting method to the cash accounting method? It is one of the most noteworthy tax reform changes for pharmacies under the Tax Cuts & Jobs Act …
Pharmacy Business Meals & Entertainment
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. This Act completely reformed many areas of tax law including meals and entertainment rules. These rules will impact just about every pharmacy in the industry, and they …
Pass-through Deduction for Qualified Income from the Pharmacy
The last time major tax reform was signed into law I was a one-year old baby in 1986. But sure enough The Tax Cuts and Jobs Act is finally here after all these years and it’s quite a change. One of the …
Key Tax Reform Issues That Impact Pharmacies
Below are a few of the key changes that potentially impact you and your pharmacy following the Tax Cuts and Jobs Act of 2017. A flat tax rate of 21% for C Corporations could be a positive change for the C Corporation …
Congress Approves $900B Bill for COVID Relief, Awaiting President’s Signature
NOTE: This article was written prior to President Trump signing the bill. Congress approved a $900 billion bill for additional COVID relief. Below are key takeaways pharmacy owners should be mindful of as they do last minute planning. Paycheck Protection Program (PPP) …
States Gain Power to Regulate PBM Rate Reimbursements, Supporting Independent Pharmacies
With the 2020 Supreme Court ruling, Rutledge v. Pharmaceutical Care Management Association, states have gained power to require PBMs to reimburse pharmacies for drugs at a rate equal to or higher than the pharmacies’ wholesale cost. The unanimous 8-0 opinion stated that …
URGENT: ESI Recoupment Letters and Pharmacy Response
New UPDATE: Following our posting of this blog post, ESI mailed letters (dated 6/25/20) to pharmacies that announced the temporary suspension of recoupment actions, as ordered by the Defense Health Agency (DHA). These letters were likely received by affected pharmacies as of …
UPDATE: ESI Issues Recoupment Stay of Deadlines Until Further Notice
On July 1, 2020, pharmacies and industry stakeholders received information from ESI that (i) the Defense Health Agency (DHA) and ESI are reassessing the recoupment action, (ii) money that has already been recouped will not be refunded during the reassessment period, and …
Protect Your Pharmacy Data from Hackers
In this video, IT expert Chris Sykes talks about why hackers target small business owners, especially those in the medical industry. He shares the types of data that hackers find valuable, and why security awareness training is so important to manage your …
