"The Successful Man is the One Who Finds Out What Is the Matter with His Business Before His Competitors Do." Roy L. Smith
Let’s See How You’re Doing
At the end of the year, you get your hands on a very important document. Your profit and loss statement.
That profit and loss statement is the result of all the pluses and minuses that affect your bottom line.
Let’s take a closer look at what they are.
Obviously, you know that the income from filling prescriptions is a plus. Your minuses commence with the cost of the product when filling each prescription. Those numbers can be serious!
However, the minuses do not stop there. So, let’s take a look at what all those other minuses can be:
A word about your bookkeeping/accounting system.
Primarily, in your prescription department, you “convert” something most often found in a big bottle into the proper quantity in a new bottle. And you/or a tech are required to participate in this process. Hence, for greatest accuracy, the profitability in your prescription department should be tracked using something called “manufacturing accounting.” In other words, the cost of labor should be included on a monthly and annual basis.
This approach will help you keep better track of just how profitable (or not) your prescription department really is.
And now I ask you a very serious question: “If you are not already engaged in filling traditional scripts, and you were entering the business now, would you immediately commence this activity?”
If the answer is no, then you need to take a hard look at it-- and answer this question “What are you going to do about it?”
Find out what you can do about it by attending my free live teleseminar on Tuesday, August 29 at 8:00PM EST