3 Ways Pharmacy School Failed Independent Owners (and what to do about it)
Between PBMs, DIR fees, MAC pricing and clawbacks, the independent pharmacy owners we work with are hungry for proven strategies to transform their business. And who would blame them? Identifying ways to supplement your pharmacy’s bottom line is more important than ever with insurance companies and auditors regularly skimming from the top.
Our R&D team is dedicated to creating profitable and patient-focused member programs, such as RxAnalytics. This proprietary system analyzes pharmacy data to uncover specific ways to increase profit margins, but success is not just about making money.
Is this a shocking statement from the “pharmacy profit” guys? Absolutely! However, we know it’s just as critical to be an excellent team leader.
Every year at the annual PDS Super-Conference, we unveil the newest ideas and programs
programs guaranteed to push you past the competition, add cash to your pockets, and work on you as a leader. Why? Because that’s the accelerant for turning “We’re having a good year,“ into “Our accountant is asking why our profitability is this high!“
As our founder, Dan Benamoz, says, PDS can give you the tools necessary to start the campfire, but leadership will turn it into a roaring bonfire that warms everyone and everything. It’s the rocket fuel that gets the PDS programs not only up in the air but into orbit.
Do pharmacy owners forget to value leadership?
The short answer is no. Everyone has an idea of “good leadership” or can picture someone they admire. However, the reality is that pharmacy school taught you how to be a competent healthcare provider, not how to be a leader or business owner. And while some owners have a natural ability, it’s not the reality for most in this field.
In fact, there are three areas Dan believes aren’t discussed enough at universities that we’ve found to be a critical element to success: ethics, leadership and culture.
The root of unethical behavior is greed. It’s important to discuss this with pharmacy owners because the reality is that our industry, which is dictated by insurance companies and PBMs, is built on…well, greed.
Of course, we want to do the right things for the right reasons, and do them for the greater good. However, in this industry, owners sometimes find themselves pushing the envelope just to get by. They feel the only way to win is to cheat the game, which is simply not true. You can do what’s best for the patient and your business while still being able to sleep soundly at night.
As one of the most trusted professions, a title we all wear proudly, we’re here to improve society. We as pharmacists need to ensure we’re furthering that reputation, not hindering it, especially as we get closer to being more integrative in clinical practices. We have the trust and confidence of many people in the community, so it’s critical everyone is careful. What took our profession and your business a lifetime to build can be ruined with one small misstep.
Your team wants someone to follow. Someone who has a vision that will inspire them, foster job satisfaction and fulfillment, as though they’re contributing to something bigger than themselves. Being the pharmacy owner, inherently most of you have assumed the role of Leader. It’s a tremendous responsibility, and to succeed, it’s essential you know what the expectations are so you can cultivate the right work environment. You want your team to look forward to coming in and feel good about providing an essential service to patients in the community. Good leadership has a trickle-down effect, and that’s what we mean when we say quality starts in the boardroom.
What would the Philharmonic be without the symphony hall? Culture represents the environment in which you operate and while it can be hard to fully grasp, it’s critical to success. But is culture intentional or unintentional? For many pharmacies, it’s unintentional, which means they’re probably making some mistakes. If they simply knew more about what they’re doing, they could really set their business on fire. The good news is that it’s usually just a few broken links, not the whole chain. When you can identify these weak links, you can fix them and begin to nurture a culture with intention.
After profitability, employees are one of the biggest frustrations for business owners.
If employees are one of the biggest frustrations, how do we make sure we’re addressing the challenges properly? How do we get culture and leadership to work for pharmacy owners rather than against them? How do we get it to bring you joy?
While we have the programs and strategies to help, we still believe they are not discussed enough. That’s why leadership and culture are always a major theme at the PDS Conference and why we’re inviting the foremost experts to speak at the 2018 event. After all, we only want the best for our show.
We tend to keep our schedule for the show a surprise, but this year we’re so excited about the big names we’ve invited, that we couldn’t resist announcing that John Maxwell will join us in Orlando. He has authored more than 100 books, many being New York Times Best Sellers, selling over 16 million copies, and was named the #1 leadership expert in the world by Inc. Magazine in 2014.
John’s philosophy that “everything rises and falls on leadership,” motivates his every endeavor to help individuals reach their highest potential, both in personal and professional settings.
To him, there’s no higher goal than to help others realize their significance. He has dedicated his life to growing and equipping others to do remarkable things and lead significant and fulfilled lives. John will discuss…
- How to become a person of influence
- Develop the leader within you and those around you
- And, most importantly, how to fail forward