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.

PDS-2018_Conference_Banner-600x125-062917.jpg

 

We’d Love To Hear From You

Chat With PDS

PDS exists to help pharmacy owners be wildly successful. Our experts are here to help you with your pharmacy business needs. Schedule a call with one of them today!

>