PDS BLOG


Pharmacy Owners: We Challenge you To Succeed

What is the toughest challenge you’re facing in your pharmacy today? Bring us your Rx woes by sharing in the comments below and we’ll show you the solution (really!)

PDS members we want to hear from you too!  Share some of your wins since being a part of the PDS family. We love hearing member stories! Achievements big or small, we love them all.

 


 

BECOME PROFITABLE WITH A TEAM THAT KNOWS HOW TO WIN!

Learn more about the most important pharmacy conference of your career at www.pdsconference.com.

How Your Pharmacy Business Can Turn a $10 Script into $100 Profit in 2 Minutes

How to Improve Rx Profit Margins: Turn a $10 Script into $100 Profit

Pharmacy Profit MarginsIf you ask a room full of independent pharmacy owners if they would prefer to increase the volume of $10 prescriptions or the dollar value of existing scripts, chances are they’d all choose the latter. However, many believe it’s easier to find more customers; and focus on tactics to attract new business instead of optimizing current prescription profit margins.

Yes, increasing the number of patients walking into your pharmacy can make your business, well, busier. Take a moment to ask yourself if you are looking to be busier or more profitable? One of the easiest ways to improve your bottom line is to focus on increasing the profit margins per prescription with your existing patients.

Increase Profit Margins by Investing 1 Hour a Day

PDS Members are spending at least one hour per day analyzing their dispensing and utilizing the PDS Profit Chart to identify new opportunities to grow their profit margins. For example, a doctor-approved switch from one low-profit drug to another in the same drug class, but with a higher margin, can increase your profits every month that patient is on the prescription. A $10 prescription can quickly generate a $100 profit (when filled monthly) almost instantaneously.

For example, Mike, owner of a Utah-based pharmacy and a PDS Member since 2013, credits the Profit Chart as key to having the best few months in the history of his business. Mike and his team tripled their profit margin per prescription in his most recent month of reporting. The difference amounts to a $40,000 boost to his bottom line!

Dispensing Data Analysis & The PDS Profit Chart 

One of the most effective ways to increase $10 scripts to $100 profits is by utilizing the Profit Chart to identify key switch opportunities, implement successfully, and then replicating that success across as many prescriptions as possible. To do that, pharmacy business owners should leverage their dispensing data. 

What Pharmacy Data Should Owners Review? 

  • Patient Prescriptions
  • High Margin Prescriptions
  • Lowest Margin Prescriptions 
  • High Reimbursement Insurance Plans
  • Low Reimbursement Insurance Plans

Once you identify an excellent opportunity, begin looking for other candidates that have been prescribed the first medication to see if they would benefit from suggesting the switch as well.

PDS Member Vic, owner of North Carolina-based pharmacy, did just that by implementing the Pain Protocol. After seeing how well the pain medication switch for several patients fared, $90,000 in one month to be exact, Vic realized that he could increase profit margins and improve the comfort for a huge percentage of his pain patients. Running a profitable independent pharmacy and providing world-class healthcare outcomes are not mutually exclusive. 

The Profit Chart Paradigm Shift: Pharmacy Businesses Are Allowed to Make Money!

The “profit-driven” mindset and practice of utilizing data to grow your business can be a bit of a paradigm shift for many independent pharmacy owners.

PDS Members John and Sue, owners of a Kansas-based pharmacy, recall that at first, they felt like they were “gaming the system.” They shared that it felt wrong to be seeking the greatest profit from their patients when they had chosen the pharmacy industry with patient-care and not profits in mind.

Amy, an Oklahoma-based PDS Member, felt very similar but shared that ultimately the PDS Founder, Dan Benamoz, put it best when he explained that leveraging RxAnalytics is one of the best ways to move the needle and keep her in business.

These are stores where communities and patients have built heartfelt relationships. Utilizing the Profit Chart and data analysis doesn’t hurt the patient. In fact, in many cases, the switch either doesn’t impact the patient or improves their standard of care through a higher-quality drug.

Turning Ideas into Action!

If you’re ready to stop focusing on things out of your control – like low-paying insurance providers – download our newest eBook – The Pharmacy Business Blueprint for Massive ROI – now! Or, to see how PDS can help you turn $10 prescriptions into a $100 profit, chat with one of our Account Executives; let us know how we can help you. 

 

The Pharmacy Business Blueprint for Massive ROI

Pharmacy Compounding: An Introduction and How to Get Started

Compounding EbookAs an independent pharmacy owner, you started your pharmacy with the intent to offer better and more diverse services for your customers than the big chain pharmacies ever could. However, you may not have anticipated the challenge in determining which services were right for your pharmacy customers and the steps needed to implement these services.

Compounding in a Nutshell

Compounding is one of the most popular services available at many independent pharmacies. Decades ago, nearly all prescriptions were compounded. However, the introduction of mass drug manufacturing in the 1950s and 60s put compounding on the rapid decline. The role of the Pharmacist quickly evolved from preparer of medications to dispenser of mass-manufactured medications.

It didn’t take long though before many pharmacists and pharmacy owners discovered compounding was still very much in demand. This was largely because compounding provides the ability for customized solutions for patients and gives them access to medications they can’t obtain elsewhere. There is also the added benefit to pharmacy owners who can differentiate from competitors.

Compounding, defined, is simply preparing personalized medications, by mixing individual ingredients in the exact strength and dosage that your patient needs. It allows you to create customizable solutions for your patients, since not everyone responds well to commercially accessible medications or can take medication in the form available. They may need it in a liquid or chewable form instead of a pill or vice versa.

Benefits of Offering Compounding

For your customers:

  • Giving patients access to discontinued medications
  • Making medications easier to take
  • Addressing allergy or ingredient sensitivity
  • Reducing side effects
  • Increasing compliance

For your pharmacy:

  • Bringing in new customers
  • Increasing sales
  • Increasing adherence
  • Differentiating you from your competition

How to Get Started

First, you need to determine if there is a need among your customers. Ask what side effects they’re experiencing, any questions they may have about their medications, and whether they’ve discussed compounding with their doctors.

Once you’ve established a need, you can start using your extensive knowledge and expertise about drugs to create customized treatment plans for your patients.

Are you interested in offering compounding services in your pharmacy and need more information?

Download our free eBook, Generating More Pharmacy Customers Through Compounding. 

 

Pharmacy Profit Doesn't Have to Be a 4 Letter Word

Pharmacy Profit Doesn’t Have to Be a 4 Letter Word

Improving profit margins is the name of the game for small
business. The key is doing so with little to no Supplements.jpgextra cost or effort. We are here to tell you that profit doesn’t have to be a four letter word. You can have it both ways: improve your patient’s health care and run a thriving, profitable pharmacy business.

Consider ‘cross-selling’ tactics for a moment. As a pharmacy, we can solve problems your patients may not even know they have. You are the experts, and it’s time to show it. Rather than looking at it as just selling an add-on product, look at it as an ‘up solution.’ With a well-trained staff, they can begin to make recommendations for products that will help your patients while they are still in the store actively buying from you. Cross-selling is a quick and easy way to increase profits while positioning your pharmacy as a knowledgeable and caring community healthcare destination.

Remember, you are not in the prescription-filling or DME business, you are in the problem-solving business. You provide solutions to people’s health issues. And guess what? There are hundreds of cross-selling and upsolution opportunities readily available within the four walls of your pharmacy.

I Didn’t go to Pharmacy School to be a Salesman

Correct, you didn’t spend six plus years learning how to make a “sale” or how to grow your independent pharmacy profit margins. However, you did learn about the different interactions and side effects of hundreds of medications and how to educate your patients on the solutions available to them. By re-framing your team’s thought process (and incorporating a little bit of training), you can increase to your bottom line by thousands of dollars a year. As the pharmacy owner, you are not alone!Train your staff and create critical drivers that encourage your team to take a vested interest in the business.

Growing a Profitable Supplement Business

Pharmacists are taught to be on alert for major side effects from the drugs prescribed. However, from our experience, there is rarely a focus on educating their patients about depleted nutrients caused by medications or supplements to enhance the performance of their prescription. You are the best person to share this knowledge with the patients in your community. As the medication expert, you can help them maximize their therapy and reach their ultimate health goals.Patient education, offering supplement solutions, and healthy prescription alternatives to patients can add thousands of dollars to your bottom line and build credibility your role as a great source for health information in the community. 

High Margin Upsolution Opportunities

There are 100’s of cross-selling opportunities available at the fingertips of pharmacy professionals. Here’s a quick list of conditions and products that have proven to decrease the chances of nutrient depletion, improve the disease state, and grow your bottom line.

Supplements

  • High Cholesterol Patients – CoQ10 either OTC or as a prescription
  • Chronic Pain Patients – Transdermal Rx, OTC B Vitamins and Vitamin D3
  • Poor Bone Density Patients – High quality calcium supplement, such as calcium hydroxyapatite
  • Depression, Allergy, Autoimmune and Muscle Relaxant Patients: Vitamin D3

Nutrient Depletion Recommendations

  • Proton Pump Inhibitors – B Vitamins, Calcium, Magnesium, Iron, Probiotics, Vitamin D
  • Blood Pressure Medications – Antioxidants, B Vitamins, Magnesium
  • Diabetes Drugs – B12, Folic Acid, Chromium
  • Diuretics – Magnesium, Zinc, Calcium, B6, Vitamin C
  • Statins – CoQ10, Antioxidants,
  • Oral Contraceptives – B Vitamins, Antioxidants, Multivitamin with minerals

Product Pairing Recommendations

  • New toothbrush with antibiotics
  • Hand sanitizer for cough and cold products
  • Lip balm for acne medicine
  • Children’s fever medicine for antibiotics

If you are a pharmacy owner, manager, key employee or anyone in the industry concerned with the state of pharmacy, you must join us to discover the solution that the top 20% of the industry have already discovered. Own your future. Clickhereor below to find out more about the 2018 PDS Super-Conference in Orlando Florida on February 22-24, 2018.

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SyncRx+

Give Your Team and Sales a Booster Shot with These Training Courses

 Give Your Team and Sales a Booster Shot with These Training Courses

If you don’t have a plan for 2018 to improve your people, process, and profits, now’s the time to think ahead. Your team and how they work is a direct reflection of your pharmacy. What do your customers see? How is your bottom line affected by a lack of efficiencies and training? These are questions every owner must ask themselves if they want to survive and thrive in this industry.

Below are 2 of our popular training courses that are coming up in September. Make sure you check out our other training courses developed specifically to boost your pharmacy’s success.


Skills for Effective Supervision
September 15-16, 2017 | Denver, CO

 

Improving your culture has been shown to positively impact sales and profits. It’s no secret that employees tend to work harder and smarter when they are happy and feel appreciated. Not many owners are willing to make that hard audit on their management staff or their own supervisory skills.

This 2-day live training course is designed to develop either yourself or a key employee into an effective supervisor. It is perfect for supervisors, lead technicians, and employees who show management potential. It provides supervisory skills necessary for overseeing staff.

Watch the short video and discover how you can:

  • Remove yourself from the day-to-day pharmacy operations.
  • Develop an effective management staff.
  • Give your team a sense of confidence and skill sets.
  • Free up more time for you to run the business.
  • Access tools and strategies to improve your business immediately.

 

 

 

 


SyncRx + Intensive
September 15-16, 2017 | Pittsburgh, PA

Implementing a synchronization program is woefully under-practiced for such a high-yield strategy that benefits both patient and pharmacy. This is your opportunity to leverage your pharmacy over the competition and establish your store as a comprehensive health hub. This 2-day live trainingcourse is designed to give you the training, policies, procedures, and templates to implement a robust and successful synchronization program in your pharmacy. We will cover the best practices in performing the SyncRx+ process and MTM opportunities. You are given all the tools you need to get this program up and running in your pharmacy immediately.

Watch the short video and discover how you can:

  • Learn the fundamentals and updates of Medicare Star Ratings, EQuIPP scores, and MTM.
  • Identify the opportunities for improved pharmacy workflow, cost-saving efficiencies, and best practices in synchronization.
  • Define the SyncRx process with the Plus component and the rules that make it successful.
  • Learn ways to clean up and expand any existing programs to take your team to the next level.
  • Work hands-on with your own patients’ information to synchronize and perform the SyncRx+ MTM component.

Still have more questions? Watch a free on-demand webinar, Sync or Sink: An Insider’s Guide to Successful Synchronization, hosted by the developer of the program, Jason Turner. He answers more in-depth questions about the program and exactly what to expect from the training plus the incredible results you’ll see. Watch it now here.

 

ROI

{PDS Sponsored Post} This Pharmacy Service Delivers High ROI While Patients Shed Pounds

Here at PDS, we take pride in highlighting some of our incredible solutions partners. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Ideal Protein; read on for their sponsored blog post about an exciting new revenue stream that is focused on wellness & better patient outcomes.


Are you ignoring a high-value, high-impact opportunity for your pharmacy? It may seem overwhelming to consider adding a new service to your existing business when reviewing your current day-to-day operations. But, have you really thought about the sustainability of your current business model? As drug reimbursements decline and become harder to realize through cost-containment techniques of PBMs, highly trained pharmacists and their teams should be focusing on the most cost-effective and impactful services for their business.

Pharmacies are often the most accessible health care hub for patients in their communities; not seen onlyweight loss_ideal protein.jpg as a medication center, but an advice center. Oftentimes, patients with chronic conditions rely on their pharmacist for advice on how to manage their ailments.

As a healthcare provider, you know that excess weight is a contributing factor towards many chronic conditions.

Are you providing your patients with the solutions and tools they need to heal and prevent these ailments?

Diet plays a critical role in many diseases, and in a marketplace saturated with “fads” and “quick fixes,” who does a patient turn to for advice? In order to achieve patient wellness, the first step for a healthcare provider is to advise their patient towards weight loss and good eating habits as key in easing chronic conditions. The second and vital step is to offer that patient a structured solution, overseen by a healthcare professional, that provides effective results and focuses on long-term sustainable weight management. Over 3,800 clinics have done just this with Ideal Protein.

What is Ideal Protein and How Can it Help Pharmacy Growth & Patient Wellness?

Ideal Protein aids in significant and sustainable weight loss, resulting in improvements toward patient outcomes who are using the system. We have provided healthcare professionals a complete turnkey suite of assets to offer to their patients. As value-based reimbursements become the standard, pharmacies are stepping up to provide effective solutions that improve the health of their patients and result in greater store profitability with a low operational footprint. It is about becoming the retail healthcare hub in their community.

With a unique business model, pharmacies who implement Ideal Protein can expect to:

  • Deploy existing staff to deliver a unique, sustainable weight loss and weight management service that improves patient outcomes.
  • Drive weekly in-store customer foot traffic and new customer acquisition.
  • Benefit from a new high-margin, cash-based revenue stream.
  • Develop long-lasting customer retention and trust.

All of the education, training, and weekly visit materials are provided to the staff to ensure that each patient receives consistent one-on-one support. As patients lose weight, they often need medication re-modulization for which pharmacists are available to make their recommendations to the physician.

Because the system is effective, patient referrals are one of the leading sources of new customer acquisition. In addition, patients receive daily support through the IdealSmartTM mobile app, continually focusing on long-term behavior change. As an Ideal Protein authorized clinic, we provide your pharmacy access to all of the material needed to implement and grow your business.

To learn more about Ideal Protein, email us: pharmacy@idealprotein.com or visit our website: http://www.idealprotein.com

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7 Powerful Business Lessons From the 7 Kingdoms of Westeros

7 Powerful Business Lessons From the 7 Kingdoms of Westeros

 7 Powerful Business Lessons From the 7 Kingdoms of WesterosLike the 7 Kingdoms of Westeros, the pharmacy landscape is, at best, a tumultuous environment where the little guys are at a seeming disadvantage, and the power-hungry folks on top make the rules.

With Game of Thrones season in full swing, we noticed some key strategic lessons in the series that apply to life and business. Indulge us for a moment as we bring you through some hard lessons in business, life, and pharmacy from our favorite Game of Thrones characters. This is relevant, we promise!

Lesson 1: Never Underestimate the Importance of Perseverance.

Sure, no one likes Cersei Lannister, but look at the lesson she imparts to us; unbridled determination and perseverance is a cornerstone of success.Those who don’t believe it should look at how independent pharmacies are still thriving despite PBMs, DIR fees, and mega chains. With the right knowledge, unwavering determination, and confidence in your convictions, a thriving, successful business is within your reach.

As a pharmacy owner, you can find out how to get that knowledge and develop the confidence in your decisions here.

Lesson 2: Don’t Let the Past Determine Your Future

Throughout his life, Jon Snow believed what people told him; there were limits in his life, and the faster he accepted it, the better. Well, look who’s King of the North now! Okay, okay, but our point is that in business (pharmacy or the business of ruling) you have to know when to disregard limitations, self-imposed or otherwise.

Driven by a clear vision, Snow is focused on getting the right tools, in this case, Dragon Glass to accomplish his mission. Others in his company lack perspective, leaving him to take the first steps into the unknown. An inspired vision for your pharmacy business isn’t enough; you need the right tools and team. Improvement and growth require thoughtful execution, so seek out the best in your industry and take a calculated risk; the benefits are worth it.

Lesson 3: An Educated Mind is Sharper than a Sword

Tyrion Lannister was not born equipped for success in the traditional Westerosi way, but he has ascended the figurative ladder considerably through on-going education. Continuously sharpening your mind, expanding your skills, and adding to your area of expertise ensures that you and your team never become obsolete.

Tyrion teaches us a powerful lesson about upward mobility through on-going development both personal and professional. Education doesn’t only apply to the leader. Training your team is key to achieving an efficient, results-driven culture. How do you know when to educate your team? These are the questions you should ask yourself as a leader who has a team in need of training.

Lesson 4: There is No Template for Success

Daenerys Targaryen started out as a character on the fringes, beholden to no one. At best, success was unlikely. At worst, if she failed, she’d be a footnote. Independent pharmacy owners, like Danaerys, have been pushed to the edges and all but forgotten in light of challenges such as chain stores and problematic PBMs.

Far from being marginalized, exceptional pharmacy owners, much like Daenerys have managed to maintain an unbreakable edge after enduring waves of inequity by finding strength in numbers. The most progressive pharmacy owners have started to discover their tribe and demonstrate the power to impact a brighter future.

Just like Khaleesi herself, independents across the nation have discovered a new way of thinking. Join the top 20% of them in February at the 2018 PDS Super-Conference. Grab your dragons and join your tribe in Orlando! Okay maybe leave your dragons at home (fire hazards and all). Find more info here.

Lesson 5: Start Where You are and Use What You GoT (we couldn’t help it).

As a lesser known, but pivotal, character, Lord Varys signifies the power of resilience and resourcefulness. He uses his little birds to make informed decisions on data points to advance in the game. It seems Varys has a thousand hands and ears, all able to measure, track and assess the current pulse of the environment and act accordingly.

Just like Lord Varys, PDS members use a vast and comprehensive system that analyzes existing data to discover a way to dramatically increase their profit per prescription. The PDS member exclusive system is called RxAnalytics. Curious? Find out more here.

Lesson 6: Watch, Observe, Act

In a time where most people shoot first and aim later, Littlefinger understands that there is power in patience. There are three elements to his formula for success; observe, assess, and then make an informed decision. Sustainability is built on timely and informed decisions. We can all take a cue from Littlefinger on playing the long game. His patience and leveraging of the right relationships keep him moving forward. Applying these characteristics to your business will do the same.

PDS has more than 1,000 member pharmacies, and many of them make up the top 20% in the industry. Coincidence? Not at all. These owners know that patience, key resources, and the right relationships will drive your success. Join the most successful pharmacy owners in the nation, ready to welcome you to the team. The PDS Super-Conference is where they’ll be. Will you join?

Lesson 7: You Can Be aVictim, or You Can Win

It’s fitting that we end with a character who has been beaten and down-trodden, which perfectly analogizes independent pharmacies against the unfair pharmacy environment.

Arya Stark chose to rise above the treatment she has endured to become the deadliest wolf in sheep’s clothing. Her lesson is simple and one we reiterate to our members: You have the choice on how you react to your circumstances. You can be part of the owners that succumb to the inequities in our industry or you can gain new skills and choose to be a fighter and triumph over your adversities.

You can be a victim, or you can be a victor. Which will you choose?


Join us to see what we’re all about at the 2018 PDS Super-Conference in Orlando Florida on February 22-24, 2018 at the Orlando Convention Center. If you are a pharmacy owner, manager, key employee or anyone in the industry concerned with the state of pharmacy, you must join us to discover the solution that the top 20% of the industry have already discovered. Own your future and don’t let the game beat you down. Click here or below to find out more.

 

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