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The most relevant and current collection of blogs dedicated to helping the independent pharmacy owner.
7 Powerful Business Lessons From the 7 Kingdoms of Westeros
Like 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.
4 Pharmacy Training Secrets Every Owner Should Have in Their Back Pocket
Training employees has always been critical in creating a thriving business, but gone are the days where you can train an employee during the hiring process and be done with it.
In today’s workforce, 76% of employees are looking for growth opportunities. Regular employee training is vital in keeping your team engaged and organization propelling forward.
Between decreasing margins and stuff competition, it certainly seems as if there’s not time, money or energy to add anything else to your plate. But we urge you to shift your attention toward developing your superstar team as refocusing your energy on aspects of your business that are within your control can uncover new opportunities.
Whether you educate your people in-house or hire pharmacy training experts, the following are the four secrets every owner should have in his or her back pocket when it comes to pharmacy training.
#1 CULTURE
A team is its strongest when it has a clearly defined vision, and when its cultural values are actively shared within the organization.
Training can help drastically strengthen a company culture. When every employee is contributing and sharing the responsibilities of a common goal, there will immediately be a sense of camaraderie and mutual respect.
Not all workplaces will be filled with best friends, however, teams that genuinely respect and support each other are more likely to work collectively towards your business objectives. And remember, the best pharmacy cultures are cultivated from the top. Pharmacy owners who learn self-awareness skills can transform the way they lead their team, implement change effectively and main positive, long-lasting results.
#2 GOOD HIRES
A strong team is like an ecosystem. Every organism that comes and goes into that ecosystem will have an effect on the results; your pharmacy team operates very much the same.
When you’ve laid all of the groundwork for a strong culture within your team, new hires become that much more important to the flow of your ecosystem.
Choosing new hires wisely is not just important for maintaining the integrity of the culture you’ve built within your team – but you should also look for prospects that have a desire to learn, grow and have a willingness to adapt easily within the organization as the needs and objectives grow and shift.
#3 THE WHY
Many of the independent pharmacy owners we’ve encountered have shared stories of disengaged employees. Those who are constantly tardy, in a bad mood, or making errors. They share horror stories of investing hundreds, or even thousands of dollars, in training these employees, but have ended up with lackluster results.
Our answer to this is simple: before you go any further, make sure you’ve answered the ‘WHY’.
The ‘why’ is an important part of framing any task or responsibility to your employees and is crucial in maintaining engagement. It helps them understand whyyou are requesting a certain output.
Before you ever question ability or training effectiveness, ensure you’ve adequately framed the importance of any role or responsibility within the ecosystem with a clear ‘why’.
#4 INVESTING IN EXPERTS
When a pharmacy owner has made the decision to invest time and resources in training, one of the most beneficial decisions he or she can make is investing in an expert.
Although you may feel like this is an investment upfront, enlisting an expert will directly impact your bottom line. Companies that use training programs have a proven 24% higher profit margin, 218% higher income per employee and 6% higher shareholder’s return.
Just like a teacher is trained to educate students, training and development specialists are specifically educated to train adults in a particular field.
Ultimately, outsourcing skills development to training professionals will help scale up your business, standardize your operations and free up your time as an owner, which can be allocated towards growing the business.
Want to learn more? Download our free eBook Pharmacy Training – A Practical Guide to Creating a Superstar Team!
In this eBook, you’ll learn about…
- Employee engagement and the impact it can have on your business
- Identifying key characteristics to build a superstar team
- Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
- Leveraging professional training programs
- Training courses, workshops, and webinars exclusively available to the pharmacy industry
{PDS Sponsored Post} Marketing Your Pharmacy Using Public Relations
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 GRX Marketing; read on for their sponsored blog post about leveraging public relations to market your independent pharmacy.
One of the most common questions we get asked by our clients is, “How can I market my pharmacy without spending a lot of money?” There are multiple ways to get started, but one easy and effective method is through Public Relations (PR). A strong PR strategy consists of tactics designed to build good relations with your pharmacy’s various audiences. 
- Customers
- Prospective customers
- Prescribers
- Community leaders, etc.
This medium can be used to promote products, services, staff, ideas, events and more. It does not necessarily have to be new to your pharmacy, you can promote something anytime if the general public is not aware of it, even if you added a new service six months ago, for example. PR can have a strong impact on public awareness at a much lower cost than advertising. When using Public Relations tactics, the pharmacy owner does not pay for the space or time in the media, so it is often considered more credible to the public. It’s important to note that since you are not paying for it, the media staff does have discretion on what they publish.
Writing Your Press Release
Use these tips to craft an effective and engaging piece.
- Get a strong headline. If it doesn’t catch the reporter’s eye it won’t get published. Try to keep it at 15-20 words.
- Avoid using “selling or fluff” words. Copy should be objective and informational, not promotional.
- Be concise by keeping the entire piece around 300 – 500 words.
- Include as many facts as possible and remember to keep it newsworthy.
- Using real quotes will add insight and personality to your piece.
The goal of Public Relations is to educate your audience. While you do not want to inundate the media with Press Releases, there is no harm in sending one quarterly. A good rule of thumb is to have a staff or family member read it beforehand, did they find it interesting? If they answered, “YES,” it’s a good story to send.
Power of the Internet
In the “old days,” a business owner would have to fax a Press Release to the media, hoping it would get picked up. Today, the internet has become a vital channel. Your story may not get picked up for print, but if posted to the web, it can be shared through social media (Facebook, Twitter, LinkedIn, etc.), thus reaching and engaging an even larger audience. Anytime you send a Press Release, remember to alert your staff in case they are asked about the story. Additionally, you can increase your audience again by asking your team to share the story on their social media channels.
Establish Your Pharmacy as a Thought Leader
Another benefit of using public relations to market your pharmacy is that it helps build positive relationships with the local media and can help to establish your pharmacy as a health-care thought leader. A reporter may reach out to you first if a pharmacy or health-related story comes up, further increasing your exposure and positioning yourself as anexpert in the community. Any articles you are a part of can also be posted on your website and/or placed in your pharmacy for customers to read.
Be proud of your pharmacy and what you have to offer! Share it with your community, by incorporating public relations into your 2017 marketing plan.
3 Questions to Ask Yourself Before Sending Your Team to a Pharmacy Training
As an independent pharmacy owner, you’re constantly monitoring your bottom line. So when it comes to budgeting for employee training, it may be difficult for you to view it as anything other than another significant expense. But we urge you to reconsider.
Thriving business owners believe two fundamental philosophies:
- They can’t do it all themselves – they do what they do best and delegate the rest to a capable team
- Training is an investment – continuously sharpening their team’s skills by investing in team training will add, not detract from the bottom line
However, before you register your employees for a lifetime supply of pharmacy training, the following are three questions to ask yourself. Afterall, not all trainings are created equal and could potentially cause you to waste time, money and efforts.
Question #1: Is the training or workshop relevant to your goals?
In other words, is it aligned with your company’s vision?
As the owner, your first step in building a superstar team is crafting a clear vision that outlines the short and long-term goals for the business and sharing it throughout your organization. Once everyone has bought in on working toward the common goal and its impact, you can determine which steps are required to move toward that vision, which areas may need more support than others.
There are hundreds of trainings available in the market, but knowing which will move the needle on your specific goal is key. After all, you can do anything, but not everything. Overloading on training can have an adverse effect if you’re trying to implement too much at once.
For instance, if your wildly important goal is to set up a bedside delivery service, it’d be key to focus your investment dollars and energy on a training that will show you exactly how to do it, from the in-store operations to agreement, instead of a compounding course
Think about it: Is it better to implement one game-changing strategy full-force and start seeing results or halfway complete two to three projects over 90 days?
Question #2 – Is the training specific to your industry?
You’ve identified that your business will benefit from training, but now you need to choose a training provider. It’s important to remember that not all trainings are created equal. Not only do you want a teacher who is an expert in adult learning and the subject, but also understands your specific industry.
For example, would you rather send your newly promoted manager to a leadership training taught by someone who has never stepped into a pharmacy and the room is filled with customer service reps from tire shops and lawyer firms, or one that is taught by independent pharmacy experts and is filled with other pharmacy professionals? Which setting will foster idea sharing that’s directly applicable to your business and its intricacies?
Question #3 – Is this employee someone you want to invest in?
This one can be tricky. Our business coaches often asked, “What if I invest in this employee and they leave?” While it is a risk, we challenge the sentiment by asking “What if you don’t invest in training this particular employee and they stay?”
As a business owner, the decision of which staff you choose to invest is yours, but if your staff is demonstrating any of the following red flags, it’s likely due to lack of engagement, and it will be toxic to the rest of your team. Investing in training is proven to boost engagement and could turn their behavior around.
Seven ‘Red Flags’ of poor employee engagement:
- Tardiness
- Gossip
- Toxicity
- Doing a task without understanding why
- Multiple Mistakes
- Lack of Respect (for team, customer, business)
- Employee Theft
What is mediocrity costing you?
When organizations successfully engage their employees, 240% boost in results. [Gallup study] In fact, through the power of PDS Pharmacy Trainings, owners are adding $85,000 in annual profits through Bedside Delivery, $20,000 average annual profit by syncronizing just 100 patients, $175,000 in annual revenue by performing Annual Wellness Visits, and an average of $18,000 in front-end profitability by selling high-end supplements.
Review all of the PDS Training programs and register your team at www.PharmacyOwners.com/TrainingOr, if you’re still not convinced in the impact pharmacy trainings can have on your pharmacy’s bottom line and culture, download our new eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team.
In this FREE eBook, you’ll learn about…
- Employee engagement and the impact it can have on your business
- Identifying key characteristics to build a superstar team
- Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
- Leveraging professional training programs
- Training courses, workshops, and webinars exclusively available to the pharmacy industry
Pharmacy Training: Why Teaching Your Team to Sell Will Never Work
One of the biggest challenges for a pharmacy business is that no one likes to sell. It seems to be part of our psyche that if you are selling anything, it equates to a used car salesman selling a lemon dressed up as a Cadillac.
In other words, selling is perceived as trying to get people to do something that is not in their best interest. No wonder we resist it! And the problem is we are so busy avoiding selling that we are often not providing our customers with all the value we have to offer.
If you want to increase your sales, don’t train your pharmacy to sell; teach them to solve problems and offer solutions.
Problem Solvers and People Pleasers
In many cases, patients don’t even know how to think about what you have to offer, much less know how to choose it.
For example, a patient who has just been diagnosed with diabetes likely has a “deer in the headlights” look. They think they are coming in to pick up a prescription (or several). They don’t even know how to think about dealing with diabetes themselves, much less that you can be a resource and guide them through measuring and tracking insulin levels, adjusting meds and important supplements and resources. What to start with, what to do next, and how to make lifestyle changes that will determine their quality of life? When they are standing in front of the pharmacy counter holding their prescriptions in their hand, they don’t have a clue what is involved or how to make a decision.
Thisis where training your pharmacy team to identify problems and offer solution is essential. Once you have fully identified their needs, the next step is to educate them on what you can do for them. If your customers don’t understand the value you have to offer – they are going to make a decision based on perceived price – and you are going to be squeezed!
By identifying your customers’ needs based on what they are buying, you (and your team) can then recommend other products, programs or services that will support them. It is always the customer’s choice whether or not to buy what you are recommending. You actually take away that choice if you don’t let them know what you have to offer.
Your Pharmacy’s Profit Ignitor
Training this skillset can be hard work, but it is possible. To make your life easier, we developed the Pharmacy Profit Ignitor workshop where you can send your team to understand the vast opportunity of increasing front-end sales by offering solutions via nutrient depletion supplements.
This pharmacy training is where they will learn how to ignite front-end sales based on products already in your store or by bringing in new lines. They’ll leave with an action plan and return ready to increase your bottom line by $18,000 or more in the front end and much more on the back end of your store. And, learn strategies that can be used over and over to increase sales that compliment sync and data-mining initiatives.
To learn more about how to get beyond selling and build your superstar team, download our free eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team.
In this eBook, you’ll learn about…
- Employee engagement and the impact it can have on your business
- Identifying key characteristics to build a superstar team
- Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
- Leveraging professional training programs
- Training courses, workshops, and webinars exclusively available to the pharmacy industry
4 Pharmacy Training Courses the Best Teams Will Attend this Summer/Fall 2017
Through a unique blend of business coaching and training, Pharmacy Development Services has a track record of producing some of the most groundbreaking and results-driven pharmacy teams in the industry. In fact, the average new member sees a 12.1 return in their PDS investment by implementing just one or two of our profit-focused programs.
In an industry where many pharmacy owners are discouraged by shrinking margins, increased competition and legislation, PDS Members are excited for the future. They’re investing in their businesses, and especially their teams, to gear up for significant growth.
In fact, PDS Members…
- Practicing Bedside Delivery report earning an extra $85,000 in annual profits.
- Synchronizing just 100 patients are increasing their annual fills by 2,000, which is an average annual profit of $20,000 (PDS Members average 350 SyncRx patients
- Performing 10 Annual Wellness Visits per day for two days a week for 50 weeks a year is adding $175,000 in revenue annually.
- Selling high-end supplements average $18,000 in front-end profit annually.
But they’re not just implementing a task list given to them by their PDS Business Coach and Performance Specialist. From pharmacy leadershipfront-end salesfinancial literacy, they are also investing in trainings for themselves and their employees.
Do those results sound irresistible to you? We thought so. The good news is that we have a handful of trainings on the schedule that you can attend! We asked PDS’ VP of Training and Development, Kelley Babcock, to tell us her top training picks for the Summer and Fall 2017.
Kelley Babcock’s Top 4 Pharmacy Training Courses for Summer/Fall 2017
My recommendations truly depend on your goals as an owner for 2017. You want to make your training decisions based off of your store’s vision and objectives. Trainings and workshops are powerful tools to aligning your team with the culture you desire and synergistic in achieving your store’s overarching goals.
Clinical Services Profit IgnitorIf one of your key focuses within the business is to generate increased profit, I would highly recommend the Clinical Services Profit Ignitor training that’s happening on October 27 – 28, 2017. Our trainers will show you how to integrate your clinical pharmacists into physicians offices so you can generate additional revenue from the visits alone, plus offer upsolutions and drive new business to the pharmacy. You’ll receive all the tools and resources need to set up shop in the offices immediately.
Advanced Leadership and Leadership 3.0
Two trainings where owners see immediate impact are Leadership 3.0 (August 17-19, 2017) and Advanced Leadership
(August 25-26, 2017). We’ve seen hundreds of owners benefit from our leadership trainings by not only attending themselves, but especially with their mid-to-higher level team members.
Advanced Leadership focuses on self-awareness skills that will transform the way managers lead their teams, how to implement change effectively and maintain sustainability for positive, long-lasting results. Leadership 3.0 is the next level to Advanced Leadership and focuses on inner trust, followed by trust with your team and customers. Studies have show a correlation between low trust and a high cost to business and your bottom line. Leadership 3.0 is where you will learn to make business decisions with confidence!
With their newly-trained senior staff, owners can begin to feel confident about handing off tasks that usurp their time and can then focus on other areas of business growth, without their focus being scattered across many different programs.
SyncRx+ Intensive and Synchronization Bootcamp
If your team hasn’t started a medication synchronization program yet, or isn’t seeing the results you hear other pharmacy owners discuss at trade shows, the PDS SyncRx+ IntensiveSynchronization Bootcamp is your catalyst to quick implementation and getting 300+ patients enrolled.
During the two-day SyncRx+ Intensive (September 15-16, 2017), you will receive 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 everything you need to get this program up and running in your pharmacy.
With each training of SyncRx+ Intensive, course facilitator, Jason Turner, PharmD, has identified what pharmacists and technicians need the most to implement a synchronization program successfully. Incorporating slides, activities, and videos into the training are all key elements, but the lynchpin to achieving the greatest level of success is watching the process live in a pharmacy. At the SyncRx Bootcamp, Jason invites attends to step into his pharmacy to see the Synchronization process and his two-workflow system in action with the goal of each pharmacy learning how to process 50-60% of their prescriptions through synchronization.
Register Your Team for Pharmacy Trainings Anything is possible with a properly-trained team. Even with the best business plan and intentions, a pharmacy cannot be run by one individual – it takes a team. And wouldn’t you rather have a strong and truly engaged superstar team firing on all cylinders versus stagnant results?
Review all of the PDS Training programs and register at www.PharmacyOwners.com/Training.
Or, if you’re still not convinced in the impact pharmacy trainings can have on your pharmacy’s bottom line, download our new eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team
In this FREE eBook, you’ll learn about…
- Employee engagement and the impact it can have on your business
- Identifying key characteristics to build a superstar team
- Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
- Leveraging professional training programs
- Training courses, workshops, and webinars exclusively available to the pharmacy industry
Sync or Sink: An Insider’s Guide to Successful Synchronization
Lack of patient adherence is a struggle for many pharmacies that rely on dispensing medication to improve their customers’ health and keep the lifeline of scripts flowing. But there are ways to flip the tables on the conventional dispensing model and build a reliable return.
If you attended PDS 2017, you may remember a presentation from PDS Member, Jason Turner, about the substantial benefits of implementing a synchronization program for both patient and pharmacy. The program he presented will significantly impact adherence to deliver better care and help with the CMS Star Ratings system.
Jason recognized a need for enhancements when he noticed that with his existing SyncRx program, he saw significant improvement in adherence quality measures but only saw limited improvement in ACE/ARB and high-risk medication quality measures, which are core components currently in the Star Rating System.
He responded by creating an add-on to the SyncRx program that enables a quarterly Comprehensive Medication Review (CMR) for each SyncRx patient. This identifies intervention opportunities and creates better patient outcomes all while developing the clinical abilities of the pharmacy team.
Today, he is the leader and developer of PDS’ SyncRx+ Program and activist in patient care and outcomes. His MTM-focused enhancement to SyncRx into a full-blown, turnkey SyncRx+ program is available to any pharmacy who is interested in implementing this successful service.
Sync or Sink
If you’re interested in learning more about the program that’s so important, it is one of our few open enrollment training courses, you’ve come to the right place! Now you can watch an Insider’s Guide on-demand session that gives you the run-down on the program and benefits. It is facilitated by Jason Turner and Dr. Nicolette Mathey, PDS’ resident Clinical Services Director.
Watch the On-Demand Webinar by clicking here or below.
Watch Now for Successful Synchronization
Refinance Debt: Easy Cash Flow for Your Pharmacy
Here at PDS, we have many incredible solutions partners that have the ability to revolutionize pharmacies through their products and services. We’re so excited to share with you one of them — First Financial Bank. Read on for their guest blog post below about refinancing your pharmacy debt. Enjoy!
Cash flow is critical to any small business, and the world of independent pharmacy is no exception. In today’s environment, a rising number of business owners are acquiring debt with
unreasonable repayment terms. In this case, refinancing may be a viable option for business owners. When looking at a potential refinance, you need to evaluate your existingdebt and analyze the repayment requirements to see if this option contributes to improving your business’ overall financial health.
There are many different types of debt in addition to traditional bank loans and lines of credit. Those include owner financing, Small Business Administration (SBA) or conventional loans, wholesale debt, business credit cards, and merchant cash advances that require daily payments. An independent pharmacy owner may have one or any combination of these debts. Refinancing can potentially reduce loan payments, extend the term of the debt, consolidate multiple loans into one lower payment, and improve working capital. Additionally, paying off creditors enhances the business reputation of the pharmacy, reduces the possibility of litigation, and helps re-establish solid relationships between the pharmacy and key suppliers.
If you are considering refinancing; you will want to ask yourself several questions before deciding to refinance.
- What is your current interest rate?
- Does your loan have a balloon payment coming due?
- Are there prepayment penalties on the current debt?
- Do you have stacked debt (multiple loans: bank loans, credit cards, etc.)?
- Do you have a good credit score?
- Does the pharmacy have prepared financial statements?
- Will the pharmacy’s cash flow support the refinanced loan?
- What is the cost of refinancing?
- Do you have the patience to deal with the paperwork involved?
- Will this improve your cash flow?
- Is the Small Business Administration (SBA) a viable option?
Interest rates are at historically low levels, even with the recent increases. If the business owner has stacked debt or higher interest rate loans in place, a reduction in your interest rate could significantly improve cash flow.
A credit score is also something to consider in the refinance process. A score of 680 or higher is usually preferred by lenders. The pharmacy also needs to have credible financial statements that show that the refinanced debt can be supported by the pharmacy’s current cash flow after removing the old loan payments.
Owners should also examine the cost of the refinancing. Loan fees, appraisals, title work, and other costs associated with refinancing range from 3% to 6% of the loan amount. However, these fees can be included in the loan and paid over the term of the note. Typically there is no equity injection, also known as a down payment, required for refinancing debt.
The SBA is a viable option for refinancing business debt for independent and community pharmacies. Because of the complexity of the SBA loan, choosing a lender with a dedicated SBA division and expertise in the pharmacy segment is highly preferred.
Refinancing your current debt to improve cash flow may be a useful option for independent pharmacy owners to free up cash flow. If you think this could be an option for you, find a knowledgeable lender that specializes in Independent Pharmacy Financing to answer all of your questions.
Most Pharmacies Ignore These 5 Niches… Don’t Be One of Them
When it comes to offering your patients the latest options in their health, wellness, and medical care, size matters. Chain pharmacies are logical places patients expect to be introduced to the latest in their personal health options because they are equipped with their expanded footprints, buying power, and national brand recognition. Though, much like mighty ships require expansive space to maneuver, so do national chain pharmacies.
Independent pharmacy owners are at a unique advantage in their ability to adapt and maneuver when they need according to where the market leads. These owners who recognize their opportunity to create for niche offerings and leverage them, elevate their pharmacies above national recognized brands.
Not sure which niches first deserve your attention? We’ve pulled together five of the juiciest underserved niches in pharmacy today, now it’s your turn to learn about and pick that low-hanging fruit.
- NICHE: Pharmacy Genomics
Pharmacogenomics, also known aspersonalized medicine, is exploding within the pharmacy industry. The ability to tailor drug therapies to a patient’s specific metabolic and DNA blue print is a hot-button innovation. Pharmacy owners are staying ahead of the curve by investing in both themselves and their staff through current research and training. Be the first pharmacy in your community to offer personalized medicine. - NICHE: Travel Vaccines
Between packing, securing their passports, making arrangements at work, hiring pet sitters, and financial planning, most travelers put getting up-to-date on their travel vaccines on the very end of their to-do lists — if they remember them at all. This is your opportunity to promote pharmacy services that provide the most common (and even uncommon) vaccines travelers need before their big cruise, backpacking trip through Europe, or visit to their family. You’ll not only earn their business by offering them this service, but make their lives easier. They’ll appreciate not having to make an appointment with their general physician. - NICHE: Fertility
More and more women are taking charge and control of their fertility, more specifically those who have recently been diagnosed with infertility. As these women face the emotional, physical, and mental struggle of receiving, facing, accepting, and treating their diagnosis, create a safe place in your pharmacy they can utilize as a resource. Providing the medications, supplies, and support they need as they navigate their fertility journey will make your pharmacy more than just a convenient stop on their way home – you’ll create a relationship that will last through their journey and into their pregnancies. - NICHE: Hospital Discharges
Whether your patients are leaving the hospital with a brand new member of their family, or going home to recover from major surgery – the last thing on their mind is having to stop at their community pharmacy to pick up their new medications. Establish new relationships with patients, right when they need you the most by offering Bedside Delivery. They won’t soon forget the exceptional service they received and who provided it to them. - NICHE: Wellness Testing
Health and wellness is no longer a trend, but a lifestyle many people are committing to. With incentives from their insurance, physicians, and even employers, your patients are health conscious and it means that you should be, too. Providing testing gives your patients access to services they could previously only obtain through their physician. Save them the additional cost of a doctor’s office copay and give them the freedom to take charge of their health.
Now you can watch the on-demand webinar 5 Niches Chain Pharmacies are Neglecting, where Dr. Lisa Faast will go deeper in why you need to implement these niches and the benefits they’ll bring to your pharmacy and community. Click below to watch.
Here’s How to Become a Bedside Delivery Expert
Bedside delivery is a profitable service you can implement that will connect your independent pharmacy with new and existing patients in an effort to provide the best care possible.
Are you ready to take your Bedside Delivery program to the next level? Here are the 5 steps for successful Bedside Delivery implementation that will help get you started.
1. Research Your Hospital
Before jumping headlong into a Bedside Delivery project, you have to do your homework! As yourself questions like:
- How many beds are your local hospital?
- What specialties does it service?
- Does it have an outpatient pharmacy or does it already provide any Bedside Delivery (spoiler alert: even if they do, there is still an opportunity for you!)?
- How far away is the hospital from your pharmacy?
- What are current penalties for readmissions and where are they hurting?
2. Request a Discovery Meeting
Once you know more about your hospital and its pain points, you can set up a meeting to present to the administration about the benefits of developing a strategic relationship. They will want to see a detailed plan for your pilot phase, implementation, staff training, clearance, expansion, follow-up, and the entire workflow. You must be confident on what your pharmacy can provide and how you can help the hospital reach its readmission goals.
3. Follow-up and Persistence is Key
If your hospital is anything like the norm, you’ll have to practice your patience, be persistent, and follow-up at regular intervals to push the project forward. Most hospitals have many layers to maneuver before getting the green light, so persistence should be your main skill here. Do not become discouraged! Typical Bedside Delivery initiatives take anywhere between 1 to 2 years to get fully rolling hospital-wide, but when you’re seeing 15-20 new patients a day from an average 300 bed hospital, you’ll be glad you took Step 3 to heart.
4. Sign the Contract, Jump the Hoops
Once you wow the hospital with your presentation and persistence, you can reveal your Bedside Delivery contract. Agree on a contract detailing the services you provide and the support and access the hospital will provide. Then you can finally set your start date! Next, will come the various screenings, clearances, BAA and vendor details, and HR requirements you’ll need to execute before the hospital gives you a badge and lets you step your foot in their door to peek in the charts. Again, be persistent.
5. Begin the Pilot
It’s go time!! You’ve laid your foundation, you’ve trained your team, you’ve met with the nursing staff on the pilot unit, you’re ready! Your persistence is not done yet. Doctors and hospitals will need to be exposed to your services on a daily basis. They will become increasingly more comfortable as they realize you’re doing all the heavy lifting. Patients will appreciate you helping them transition home and your follow-up. Do a great job, and you’ll retain them, their families as well as hospital employees and their families.
Bedside Delivery is an enormous opportunity whether you have a 10 bed, 100 bed, 300 bed, or 1,000+ bed facility. You just have to know how to get started!
PDS has created a Bedside Delivery workshop that will make you the expert and teach every aspect of selling and delivering a Bedside Delivery Service in your local hospital. The next course is May 19-20, 2017, so register today! From researching profitable hospital units, to navigating how to penetrate the hospital administration — this course will ultimately let the attendee become the subject matter expert on transitions of care.
Want more information? Watch this short video from our course facilitator, Dr. Nicolette Mathey on why you shoud consider a Bedside Delivery program.
Watch Dr. Nicolette Mathey Below:
Need even more information? Download our free Bedside Delivery Guide. The next training starts soon! Visit the Bedside Delivery training page to register for the next session today!
