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

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

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

SyncRx+
 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.


Effective Supervision for Team Management
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.

 

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

ROI

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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4 Pharmacy Training Secrets Every Owner Should Have in Their Back Pocket

4 Pharmacy Training Secrets

4 Pharmacy Training Secrets Every Owner Should Have in Their Back PocketTraining 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

 

pharmacy training ebook

{PDS Sponsored Post} Marketing Your Pharmacy Using Public Relations

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. rawpixel-com-255078.jpg

  • 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.

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3 Questions to Ask Yourself Before Sending Your Team to a Pharmacy Training

Pharmacy Training

3 Questions to Ask Yourself Before Sending Your Team to a Pharmacy TrainingAs 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:

  1. They can’t do it all themselves – they do what they do best and delegate the rest to a capable team
  2. 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:

  1. Tardiness
  2. Gossip
  3. Toxicity
  4. Doing a task without understanding why
  5. Multiple Mistakes
  6. Lack of Respect (for team, customer, business)
  7. 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 ebook

Pharmacy Training: Why Teaching Your Team to Sell Will Never Work

Pharmacy Training

Why Teaching Your Team to Sell Will Never WorkOne 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.

SEE THE UPCOMING DATES

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

 

pharmacy training ebook