Leveling the Profitability Playing Field: A Pharmacy Automation Case Study

leveling profitability

The team at RxSafe, the Grand Event Sponsor at the 2017 PDS All-Star Super Conference, walks into the office every day with one goal in mind: to streamline retail pharmacy workflows and inventory management.

Meet Jana Bennett: RxSafe 1800 Customer Today we share a pharmacy automation case study featuring RxSafe customer Jana Bennett, owner and pharmacist at Medicine Shoppe 0708, and her path from being understaffed to more efficient without hiring a new technician.

Meet Jana Bennett: RxSafe 1800 Customer
Medicine Shoppe 0708 is a pharmacy in Sherman, Texas that is dedicated to friendly, personalized service. The owner and pharmacist, Jana Bennett, is committed to providing accessible and helpful service to customers. She practices the philosophy of treating all customers like they were family.

The pharmacy processes between 375 and 600 scripts per day and primarily serves customers who are 65 and older.

Her Pharmacy’s Challenge

Prior to installing the RxSafe 1800, Medicine Shoppe 0708 was growing quickly and considering hiring more employees in order to get the work done. However, they knew that hiring new employees can sometimes be a challenge and the amount of time needed to manage those resources, substantial.

They were also concerned about internal and external security. The pharmacy previously had two employees who were stealing controlled substances. They had also been burglarized recently. Additionally, in order to better serve their customers, they saw the need to increase efficiency and reduce any chance of human error related to filling.

Finding a SolutionFinding a Solution
Medicine Shoppe 0708 purchased the RxSafe 1800 after thoroughly researching the competition.

“The competitors only handle the top 200 medications, but we wanted something that would hold and manage all of our inventory,” says Jana Bennett. “The RxSafe 1800 could handle 80% of our volume and the payment was less than hiring another technician. We thought about automation but didn’t think we could afford it. RxSafe changed our mind.”

Game-Changing Results

  • Payroll reduction. Significantly increased the volume of prescriptions processed without increasing employee count. Offers the ability to grow significantly without adding any more payroll. “We’ve been able to grow a lot without increasing payroll. Our payroll was 9 percent before, after installing the RxSafe it’s at 7.3 percent.”
  • Internal and external security. Secure storage and tracking of drugs prevents theft and diversion. “RxSafe has saved me a lot of mental anguish knowing that I can look at a drug and identify everyone who’s interacted with it. I can tell you in five minutes who has touched any drug.”
  • Increased efficiency and reduced error rate. Increased efficiency by removing bottlenecks, accurately tracking all drugs and eliminating filling errors. “RxSafe has eliminated the frustration of trying to locate a bottle—you always know where every drug is.”
  • Inventory management. Reduction in physical inventory time and audit process. Eliminates the need to do audit counts. RxSafe does audit counts and transfers the data to the pharmacy management software system. “We’ve been able to increase our inventory turns. Now our average inventory turn rate is between 13-14, before it was around 11.”
  • Workflow. Significant reduction in technician’s walking, searching and returning time. “Our employees are happier because the workflow is smoother, it saves a lot of time with put-away, the workspace isn’t cluttered, it’s the same process every time for every script.”

About Medicine Shoppe (MS0708)
The Medicine Shoppe pharmacy was established in 1968 by a pharmacist whose mission was to bring to his community a pharmacy that was both dedicated to personalized service and managed by the pharmacist. Medicine Shoppe International, Inc. (MSI), a Cardinal Health Company, is still distinguished by its commitment to providing expert, personalized health care. MSI is one of the largest franchisors of independent community pharmacies in the U.S. with over 500 Medicine Shoppe and Medicap Pharmacy locations across the United States, and more than 200 international pharmacies.

Connect with RxSafe! 
To learn more about RxSafe and their cutting-edge pharmacy automation technology, go to www.RxSafe.com. Also plan to stop by their booth #100 at the 2017 PDS All-Star Super Conference in February in Orlando, Florida.

 

[LISTEN] Why You Should Be Concerned with “Piercing the Corporate Veil”

Piercing the Corporate Veil

Why You Should Be Concerned with "Piercing the Corporate Veil"Most business owners think that they’re safe from personal liability when they formed their corporation or LLC. This protection is called your “corporate veil.” For the most part, this is true… if you follow the rules.

If you don’t follow the rules of the club to keep you in the bubble of protection, a court can pierce your corporate veil. This leaves you as the owner, your shareholders, or members of your corporation or LLC personally liable for corporate debts. Once your protection is peeled back, creditors can go after your home, bank account, investments, and other assets to satisfy the corporate debt. It is very easy to open yourself up to this threat and leave you vulnerable to litigation that will not only target your business, but your personal assets. Business owners are being attacked by entities like the IRS and lawyers who lie in wait to catch your protection off guard.

What can you do as a business owner?

You need to follow the rules to keep your protection firmly in place. The asset protection and tax saving benefits are only guaranteed if your company follows specific rules of operation—known as Corporate and LLC compliance. These rules state that your company needs to “act” like a Corporation or LLC. Taking action such as consistently recording minutes and instituting resolutions are a few examples. Follow these defined rules and you have all the benefits that Corporations and LLC promise. Disregard these rules, and you could potentially lose everything.

Our very own Dr. Lisa Faast had a conversation about how pharmacy owners can protect themselves with Scott Burnett, a former trial lawyer who is considered to be one of the nation’s leading legal authorities on asset protection and tax education for corporations and LLC’s. Many of his cases involved peeling back the protection of corporation and LLC’s, and attacking the personal assets of the owners. He now teaches business owners how to avoid frivolous litigation, and over taxation.

Scary stuff, right?

Listen totheir short discussion to keep you on the right track below. Make sure to listen to the end for an incredible gift for you that will keep your veil in place and protect you from litigation.



The PDS Super-Conference is the pharmacy event of the year that is guaranteed to change the way you run your business. Join us for the next event in February! Click below for details.

PDS 2018

{WATCH} The Pharmacy UNconference: The Most Important Pharmacy Event of Your Career

UNconference
  The Pharmacy UNconference

Come Sit at the Table

If you’ve ever attended a pharmacy event, tradeshow or conference, you know the drill. You’re fed clinical, sponsored education that focuses on the pharmacist, not the pharmacy owner. While clinical training keeps your gears oiled as a pharmacist, it does nothing to grow your business in the ways you need to stay viable.

We call our show the Pharmacy UNconference because if you have never attended our event, you will be blown away by our programming. Unlike any other industry event you have ever attended, this is 3 days with only the most progressive pharmacy owners and industry experts in one room. These presenters aren’t just speaking at you, they want you to know success, and they have all the ways laid out for you achieve — if you’re willing to take a seat at the table. Continue reading “{WATCH} The Pharmacy UNconference: The Most Important Pharmacy Event of Your Career”

Fast Track to Pharmacy Success: Speakers from the 2017 PDS All Star Super-Conference

fast track

Fast Track to Pharmacy Success“Helping pharmacy owners grow in an unfair game.” This has been the sole focus of PDS Founder and CEO, Dan Benamoz for 18 years since the launch of Pharmacy Development Services (PDS). After extensive planning and collaborating, we are ready to drive substantial changes in the independent pharmacy industry.

Our 2017 PDS All Star Super-Conference gave pharmacy owners the platform to start getting the results they wanted for their pharmacy. They heard from the top movers and shakers in the business who shared key strategies and insights for achieving entrepreneurial success. The 2017 Keynote Speaker lineup was made up of the biggest and brightest business leaders never before seen at a pharmacy conference. Attendees discovered the steps needed to take to achieve operational efficiency, build an excellent team, and increase their bottom line. Continue reading “Fast Track to Pharmacy Success: Speakers from the 2017 PDS All Star Super-Conference”

[ULTIMATE] Pharmacy Holiday Survival Tips

holiday
 Pharmacy Holiday Survival Tips

 

What if we told you it’s possible to thrive during this holiday bustle?

This year’s busy retail season is crazier than ever, and you may be wondering how you will survive Christmas 2016. We know firsthand that major shifts in customer volume and stock shortages are hard to predict. Nevertheless, we want to assist you in taking care of the things that you can control. And, to help you eliminate stress and make sure your operations run smoothly, we created a simple list of practical tips that will help prepare your pharmacy to thrive through the New Year.

  1. Make sure your shelves are properly stocked, so customers who come in to purchase specific items don’t have to wait in the long lines just to ask if you have more. On the flip side, avoid packing shelves with too much merchandise: displaying fewer items creates the sense of urgency and motivates customers to buy while supplies last.
  1. Place products strategically throughout the store to maximize sales. Get creative – prepare a speedy recovery kit: tissue paper, hand sanitizer and cold medicine – and display it next to the checkout line or in the areas where customers are waiting on their prescriptions. This will help sell individual items faster, and your patients will know that you care. Eager to introduce new items or promote existing merchandise? Display themnext to your holiday best sellers for more visibility and they won’t go unnoticed.
  1. Organize selling floor and supply areas so additional merchandise is readily available for quick restocking, especially during rush hours and after store closing. The last thing you want to do is to spend time trying to hunt down a specific product, especially while your customer is waiting.
  1. Consider extending holiday hours these last few days of 2016. Everyone is busy and your time-crunched customers will appreciate the convenience of having an extra hour of uninterrupted shopping. There should be nothing more important than serving your customers.
  1. Evaluate last year’s holiday sales to plan and effectively organize staff: reports that are available in your POS system may provide an insight on customer count for a specific time frame, allowing you to quickly identify peak retail shopping hours and schedule more employees for when you need them. Slack times may also be leveraged with preassigned projects: for example, frontline employees who normally run cash registers can help organize shelves and clean the floor during less busy hours.
  1. Prepare your staff: for some of your employees this may be their first retail season. Working through holiday hassle and bustle can be overwhelming, so make sure your team understands the responsibilities and has all available resources to effectively prioritize and complete tasks.
  1. Use sales games as positive reinforcement to reward your staff when they practice higher level selling skills. For example, if the average items per sale in your store is 2.27 items, you should reward them for higher results – like selling 4 or more items to a single customer or achieving a daily average of 3 items per sale or more. To hit those goals, they will have to try harder at adding-on with every customer. The key to making games work for your employees is to make them fun!

We hope that our holiday tips will help you bring down stress levels, boost morale and spread cheer and joy among your team members and patients!

What are your best practices this Holiday Season? Let us know in the comments…

Interested in acquiring more out-of-the box ideas that will diversify your pharmacy?

Whether your goal is to skyrocket your profits, become a stronger leader, increase organizational efficiency or protect your assets, we invite you to join the industry’s movers and shakers (just like you!) at the PDS All Star Super-Conference. Join us for the next event in February! Click below for details.

PDS 2018

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Sacrifice Profits for Patient Outcomes

PHARMACY MYTHS
PHARMACY MYTHS

“Success comes in cans, not in cannots.” as PDS 2017 keynote speaker Joel Weldon is known for saying. The pharmacy myth that you cannot improve patient outcomes while increasing profits is a dangerous and false self-limiting prophecy; though it is understandable why some would believe it. Driving profits while simultaneously adhering to the best interest of the patient seems too good to be true.

Whether you are focusing on patient outcomes, sales, customer service, or leadership, it all comes down to the relationship you build with your patients that determines the success of your efforts. At PDS2017 Joel Weldon’s presentation “Elephants Don’t Bite! Little Things Make the Difference” will address how your team can take small actions to make a big difference in patient outcomes. PDS has identified 3 ways you can start taking action today. Read on to find out.

Every profit opportunity you implement should directly tie into the goal of better patient outcomes; this is the undercurrent of each strategy Pharmacy Development Services (PDS) provides our members, time and again. Some of our most profitable programs such as our SyncRx+ training rely solely on improving patient outcomes through engagement. The dedicated practice of routine comprehensive medication reviews and medication management pays in the currency of increased patient wellness, understanding, and compliance along with the growth of your bottom line.

PDS offers an array of member programs that produce pharmacy profits and address the patient’s best interest. You need only look at programs such as Bedside Delivery, Clinical Services Profit Ignitor, and Diabetes Care Club. Our point is that sacrificing profits for better patient outcomes is a myth that is dangerous to the pharmacy owner who believes it.

Now that this myth has been debunked, what is the process to ensure a constant focus on improved wellness and profits?

The short answer is, your pharmacy team. The slightly longer answer is, by focusing on the little things you and your team do every day. This leads us to something we’re very fond of saying at PDS:

It’s all the little things done exactly right that separates the ordinary stores from the extraordinary ones.

Your patients’ wellness starts the moment they walk into your store. Creating a culture where your team is knowledgeable of medications, drug interactions, and store products, will expand your patient wellness significantly.

Here are 3 ‘little things’ your team can do to focus on better patient outcomes while ensuring pharmacy profits:

  1. Provide ‘upsolutions’ to customers that walk through the door. 
    For example, a team member can suggest solutions such as probiotics to offset antibiotics, or supplements for nutrient depletion — all to ensure patients receive the best therapeutic outcome from their prescriptions.
  2. Train your pharmacy team regularly.
    Providing your team with the proper knowledge of pharmacy products, basic drug interactions, and common upsolutions will give your store the edge it needs to keep the customers happy and healthy.
  3. Create meaningful conversations with patients.
    Your team is in the position to have impactful and informative conversations with patients. Train them to treat every interaction as an opportunity to ask questions, impart knowledge, and coach your customers toward adherence and improved outcomes.

Want more? At the 2017 PDS All-Star Super-Conference, one of our keynote speakers, Joel Weldon, dug deep into how the little things can make the largest difference in your pharmacy, namely on patient wellness and profitability.

Missed the 2017 conference? No problem! You can register now to attend next conference in February!

 

PDS 2018

Busier or More Profitable: Which Would You Rather Be?

Show Me The Money

When you partner with organizations such as Pharmacy Development Services (PDS) and Live Oak Bank, you are choosing to do what it takes to win in an unfair game. You no longer have to make due with whatever prescriptions come through the door. If you know where to look there are countless opportunities to make a substantial profit in your independent pharmacy. Continue reading “Busier or More Profitable: Which Would You Rather Be?”

Use it or Lose it: The Little-Known Pharmacy Advantage

Use it or Lose it: The Little-Known Pharmacy Advantage
The Little-Known Pharmacy Advantage

 

When positioning your pharmacy business for success, an oft-ignored variable is who you align your business with from the start and into the future.

We guide our PDS members to make smart, well-informed decisions on everything from increasing profitability, financial literacy, leadership and culture, pharmacy processes, marketing and more. We position these same lessons on the backs of thoroughly vetted industry vendors who make the vision become reality.

After all, we’re not going to encourage a pharmacy owner to tighten up their inventory or delve into alternative pain treatment without recommending the right solution partners to see them through the finish line.

At the PDS Super-Conference, finding value here is only limited by your willingness to implement with intent to win.

We have aligned ourselves with only the top industry vendors who have proven that they can drive profitability and sustained growth specifically for pharmacy owners

Don’t believe us? Here are real results our attendees received from partnering with our PDS Super-Conference Exhibitors:

  • Reduced one owner’s annual insurance premiums by over $7,000
  • Eliminated a $500,000.00 tax bill
  • Started with $570,000 worth of inventory and quickly brought that down to $400,000
  • OTC sales increased 15% first year, then 25%, the following year
  • Increased sales in a way that is beneficial to customers
  • … and countless more from attendees who prove the quality of our vendors time and again

We guarantee you will find a vendor you love.

In fact, 90% of the previous year’s attendees polled agreed that they found new suppliers they wouldn’t have otherwise considered using.

On the flip side, the enthusiasm and energy of attendees plays a large part in why headlining sponsors keep coming back, year after year. Owners arrive ready to find solutions and make decisions. We wouldn’t have the backing of the most credible companies in pharmacy time and again if they didn’t enthusiastically agree that the conference program, attendees and dynamic is nothing short of powerful.  You can view our latest exhibitor lineup here.

Our exhibitors drive profits and business growth. But here are 3 more reasons why you need to come check out our lineup for yourself:

  • Finding New & Innovative Products — Your pharmacy is much more than a prescription filling center. It’s important to identify innovative products that add value for your customers. The last thing you want is to invest in a product that sits on your shelf. At the PDS Super-Conference, you can expect to connect with high-quality product exhibitors that immediately add value to your store and increase your profits.
  • Keeping Up-to-Date with Pharmacy Regulations — Regulatory and compliance issues may give most owners a headache, but it can’t be ignored. Staying on top of regulations before you get flagged is time-consuming, and most pharmacy owners cannot afford to devote as much time needed to managing this aspect of the business.
  • Discovering and Implementing Cutting Edge Technology — The pharmacy industry is an ever-changing landscape that owners cannot afford to ignore. Staying on the cutting edge doesn’t have to be hard or a hassle. You will find easy to implement tech solutions to streamline your pharmacy processes at the PDS Super-Conference.

PDS understands that managing all the aspects of your pharmacy and vetting the most efficient solution partners is stressful and time-consuming. That’s why we did it for you! Don’t reinvent the wheel and check out our latest lineup for proven ways to increase efficiency, create value, and provide your team with the tools they need to excel and win in an unfair game.

No other conference puts the industry’s leading exhibitors in the same room as the top pharmacy entrepreneurs for three and a half days to focus on creating profitable outcomes and identifying actionable solutions.

It’s time to forge long-term relationships with proven solution partners for next year and beyond. Join us for the next event in February! Click below for details.

PDS 2018

 

[WATCH] Master Pharmacy and Business School in 3 Days… and Launch Profitability

special message below from Dan Benamoz

Here’s a truth: Pharmacy schools across the nation let young graduates loose into the world with a shiny degree, but woefully inadequate business skills.

For those pharmacists who seek to become owners themselves, these same lack of skills become painfully apparent when faced with the process of starting or buying a pharmacy then operating to maintain the processes, sustain growth, increase profits and deliver better patient outcomes.

If you’re at all concerned with decreased margins, DIR fees, clawbacks and the unfair game that is pharmacy ownership, you cannot afford to miss this event. Continue reading “[WATCH] Master Pharmacy and Business School in 3 Days… and Launch Profitability”

You failed… so what?! 5 pharmacy tips from Dr. Nido Qubein

5 pharmacy tips from Dr. Nido Qubein

Nido-2017.jpgFrom pharmacy school, to the whirlwind of pharmacy ownership, there will always be bumps in the road — and no pharmacy owner is immune.

Whether you just discovered that you wasted thousands of dollars on the wrong pharmacy software, your team is showing signs of toxicity, or even if you’ve just now realized that not having enough cash can kill your business, you’re not alone in learning these hard lessons. Many owners would throw in the towel, especially if they have made a significant investment that went under. Whatever problems plague your business, there is always hope.

Dr. Nido Qubein has a few tips to share with those pharmacy owners who feel as if they have reached rock bottom because there is always a way to turn your luck around. He is a firm believer that out of adversity, abundance can emerge. You just have to recognize it and seize it. The following are his tips to implement that will start a ripple effect of greatness within your life and business.

  1. Walk hand in hand with great people. This is no novel concept — you are who you surround yourself with. A key strategy to reach peak potential is to surround yourself with great people. After a time, those people will impart their successful habits and ways of thinking onto you.
  2. Out of adversity, comes abundance. Dr. Qubein believes that if you’re afraid of failure, you’ll never try success… and if you’re afraid of failing, you may not be worthy of it. Those who have failed significantly and risen above can speak to this fact: that they have found more opportunity in their darkest periods than they have by playing it safe.
  3. Plant the seeds of greatness in not only the minds, but in their hearts and souls of your team. In fact, do it with everyone you meet. When you walk through life and empower people to further themselves toward success, this will not only enrich their lives, but yours as well.
  4. Tell your story, tell your journey. When you put the human element behind your message, it inspires others to take action.
  5. Focus on value, not income. If you focus on rendering value, not on generating income, the doors of opportunity open up in ample supply.

Dr. NidoQubein, one of the keynote speakers at the 2017 PDS All Star Super-Conference, has made it his life’s mission to live in service of others. This mindset has created a life of abundance for him and opened a world of opportunities, such as becoming an educator, business leader and author. Today, he is president of a leading university and chairman of a national retail company — and one of the most sought-after leadership speakers on the professional circuit.

At the 2017 PDS All Star Super-Conference, Dr. Qubein shared his own story and his ideas and strategies for succeeding through even turbulent times. His presentation was dynamic, authentic, entertaining and delivered a powerful, inspiring message on finding focus, balance, and meaning in business, and in life. His presentation was a crowd favorite, if you attended, you saw many people on their feet waiting to greet him.

Missed the show? No worries! Join us for the next event in February! Click below for details.

PDS 2018