5 Things Independent Pharmacy Owners Are Doing to Build a Better Business
Our Pharmacy Performance Analysis Highlights How You Can Run a Stronger Independent Pharmacy
Why do so many pharmacies struggle, while others thrive and grow exponentially through the years? We all know business owners with an enviable work-life balance and others who seem
to be chained to the pharmacy bench.
The critical factor between these two owners is knowing where to focus your efforts; separating average from exceptional.
Independent pharmacy owners are doing five things to build stronger and more profitable businesses.
- Understanding and Tracking Pharmacy-Specific KPIs
- Defining SMART Pharmacy Business Goals
- Building a Culture of Adaptability
- Diversifying Pharmacy Services
- Working Collaboratively, Not Alone
Your first step is a Pharmacy Performance Analysis to highlight what you’re doing well, what areas need work, and some actionable steps to improve profitability and performance.
Why are KPIs Important to Your Pharmacy Business?
All metrics are not created equal. Just because you can track something, doesn’t mean you should. There are thousands of KPIs, and we’ve identified the most essential to running a high-performance independent pharmacy.
- Pinpoint Areas that Need Improvement
- Provide a Definition of What Success Looks Like
- Reinforce Accountability in Your Pharmacy Team
- Determine if Your Pharmacy Strategies are Effective
Even if you’re doing well, understanding your pharmacy’s data is a strong competitive advantage. Many independent pharmacy owners are applying this process, and it is optimizing how they run their businesses.
Define Your SMART Pharmacy Business Goals
Without a plan, measuring data does nothing for your business. The real wins happen when the information from your Pharmacy Performance Analysis is laid alongside the well-defined SMART goals. The data then becomes a powerful tool to drive change, improve operations, and create a culture of accountability.
Create a Plan to Increase Pharmacy Profit Margins
A PDS member in Valdosta, Georgia faced a challenge of getting his team to look at the business from another perspective. With the help of the PDS Member Success Team, the Amerimed team learned…
- What it means to increase gross profit per prescription
- The opportunities ushered in by higher profitability
What was the outcome? Amerimed Pharmacy achieved a 7x ROI on its investment and implemented an employee bonus program. “I’ve been able to give monthly incentives to my employees. When they reach certain gross profits, the pharmacist in charge gives out bonuses.”
Improve Pharmacy Performance = Increase Profitability
Questions? Call us at (800) 987-7386.
Adaptability in Your Pharmacy Business
Your most significant competitive advantage is adaptability. Many independent pharmacy owners have realized they will not survive, much less thrive by relying on the old dispensing model of pharmacy. They are uncovering new ways to drive growth, retain pharmacy patients, and build stronger prescriber relationships.
- Do you engage in a feedback process with employees and your pharmacy patients?
- Are you and your team dialed into signs of change in your business and community?
- Does your pharmacy team contribute ideas and solutions to everyday challenges in your business?
PDS Member, Jack Dunn from Jasper, GA says “PDS has taught me to adjust. They are teaching me the things I need to be doing and helping me get out of my own way.
If you answered no to any of these questions, give us a call to learn how a PDS membership can lead you to an inspired and adaptable culture in your pharmacy.
Diversify Pharmacy Services
Now more than ever, it is critical to move away from the traditional dispensing-only model of pharmacy. The opportunity to build a stronger and more resilient pharmacy exists for those willing to take the first step. PDS Members have access to pharmacy programs and templates to keep profit where it belongs, in your business. Request your pharmacy performance analysis to learn more about where you can expand your service mix and improve profitability.
Expand your service mix beyond dispensing to include a Clinical Services Program. Generate additional revenue and drive new business by providing pharmacist billed or prescriber billed services. Members have free access to the resources and tools in PDSadvantage to begin these services right away, including building new relationships with providers.
Want to accelerate the process? As a PDS Member, you can attend our live regional training Clinical Services Profit Ignitor (CSPI) which will have you up and running even faster. The CSPI Alumni network keeps you on top of the latest improvements and evolutions to the program.
Pharmacy Profit Ignitor
Increase front-end sales by offering upsolutions such as nutrient depletion-supplements and highlighting products already in your store. Attendees will leave this 2-day live training with an action plan to implement and train your team keep the program running smoothly.
Art of Compounding
This on-demand webinar series will take you through the process of starting, refining, or diversifying your compounding business. Members have free access to an extensive library of resource material and a discussion board to ask questions and share information with the vast network of pharmacy owners, their staff, and the PDS Member Success team.
Diversified Pharmacy Services = Increased Pharmacy Value
Improve and build a plan with a pharmacy advisor.
Questions? Call us at (800) 987-7386.
Recognize That Independent Does Not Mean Alone
There is no magic formula to build a stronger and more profitable pharmacy.
It begins with knowing…
- 1. Where you can (and want) to improve your business.
- 2. You aren’t alone in this industry.
Imagine running your business with confidence, knowing you are connected to a network committed to the goal of creating opportunity for independent pharmacies. As a PDS Member, you have exclusive access to independent pharmacy professionals, expert-led training courses, and cutting edge technology. Click on the tabs below to learn more about some of our pharmacy programs, tools, and training.
Included in the PDS Member Portal, PDSadvantage, are some incredibly valuable tools of membership. You can engage, ask questions and share information with the extensive network of pharmacy owners, their staff, and industry professionals on the PDS Members-Only Discussion Boards. In 2018, there were over 14,000 individual discussions that were laser-focused on helping independent pharmacies thrive.
Marketing 360 & Marketing Mastermind Calls
Create an effective marketing strategy that will light a fire under your existing efforts. Increase visits among existing patients and drive new patients to your pharmacy business. PDS Members can build effective marketing plans using free templates, discuss current tactics on our Marketing Mastermind calls at no additional cost. Want to accelerate your efforts? Register for one of our Marketing 360 regional training sessions.
In 2018, PDS members achieved 5.3x Return on Investment and in total over
$98MM in extra profits.
Call us today at (800) 987-7386 to learn how you can join the other independent pharmacies who have found their solution with PDS.
Talk to one of our pharmacy experts today.
Call us at (800) 987-7386
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