Saving Small Business One Pharmacy at a Time

small business

Saving Small Business One Pharmacy at a Time

Approximately 20,000 independent pharmacies are operating in the U.S. today, and all are facing fierce competition ready to knock them out of the game. The resources and budgets of independents can’t compare to those of a multi-million dollar retail pharmacy, so independents have to get ‘creative’ by harnessing the talents and providing professional development, for everyone on their team.

A new wave of indie pharmacy owners are working to dispel the notion that they are a dated and dying breed of healthcare providers. Here are a few reasons why your local store is the place to visit for your healthcare needs.

  • Indie Pioneer: Hashim Zaibak, owner of Hayat Pharmacy, saw the opportunity to save their patients money by providing a low-cost epinephrine pen alternative. This safe and comparable option to an expensive life-saving medication helped uninsured patients when retail giants could not.
  • Indie Pioneer: Patient Synchronization (SyncRx) isn’t a new program to the pharmacy industry, but Jason Turner of Moundsville Pharmacy recognized how valuable it could be to patients with complex medication regimens. He developed a Medication Therapy Management (MTM) component which allowed his team to provide OTC solutions for patients suffering medication side effects. Jason changed the game by providing personalized patient solutions.

Your community pharmacy is your local health care destination. No one has the knowledge and latitute to address community health care needs like your local pharmacy. Many have community-centered programs that are beneficial to anyone such as wellness clinics, immunization programs, and disease testing and education.

The end all, be all goal of independent pharmacies is successful patient outcomes.

{WATCH} Real Success From Real Pharmacists

Real Success From Real Pharmacists
Your Roadmap is Waiting

Your Roadmap is Waiting

When you attend our Super-Conference, you’ll notice that one of our beloved traditions is to recognize the PDS members who have shaken the ground in their success in the last year. These are pharmacy owners who, in one short year, have claimed their success over a variety of struggles. Be it cashflow issues, cultural deficits, financial decline, stagnation — you name it, these owners have come out on top.

Have you ever wondered how successful pharmacy owners have managed to bet against the house and win? Well, we have your roadmap, and it’s easier that you think! You just have to come and sit at the table.

Hundreds of your peers can attest to the success they’ve achieved. We have proof in what your peers are saying and in hard numbers. This is the real deal and we have a guarantee to back it.

If you want to learn more about the PDS Super-Conference, watch the video below as our very own Nicolette Mathey, PharmD and Pharmacy Expert shows real success from real pharmacists… and how their success is your gain!

Watch the video below!


 

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

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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6 Ways to Gain the Trust of Your Pharmacy’s Millennial Audience

bigstock-MILLENIALS--Concept-Wallpaper-56628638.jpg

 

bigstock-MILLENIALS--Concept-Wallpaper-56628638.jpgMillennials, defined as those born between the early 1980’s and 2000, are an extremely brand-loyal generation. Developing relationships with this demographic should be a major goal for your pharmacy. One of the best ways to gain the business of this 80-million member group is to gain their trust. You will be well on your way to securing millennial supporters if you adhere to these six easy tips:

  • Maintain an Authoritative Online Presence

Their ability to find information about you and your products is crucial. If you offer a service at your pharmacy, like a medication synchronization program, put it on your website and publicize it. Millennials did not learn computers and internet skills later in life like older generations – internet access is all they have ever known. They are the first generation to grow up in a digital world and simply will not trust a business without a quality website and reasonable social media engagement.

  • Engage with Them

It’s not enough to just have a website and social media accounts. They want to engage with brands on social networks. 62% of millennials say that if a brand interacts with them on social networks, they are more likely to become a loyal customer. This obviously requires more labor on your part, but will be well worth it when your business expands as a result.

  • Don’t Ignore Their Complaints

Some sociologists refer to the millennials as an entitled generation. What this means for your pharmacy is that ignoring their feelings is a sure way to lose their business. When problems develop, do not avoid them, make excuses or place blame. You should immediately fix the issue. In a millennial’s eyes, the customer is always right and keeping them happy is your responsibility.

  • Never Misrepresent a Product or Service

Remember, this is the group of people most likely to engage with their peer group over social media. Never misrepresent the features, advantages and benefits of a product or promise anything you can’t deliver. One millennial who feels they have been lied to can easily alert hundreds or even thousands of others within seconds, which will cause big problems for you. On the other hand, millennials can serve as irreplaceable ambassadors if they are happy with your business.

  • Let Them Help You Plan

Millennial customers are the future, so why not let them help plan that future? When determining upcoming services or goals, let a group of millennials help you decide on the next big steps. In a Forbes survey, 42% said they are interested in helping companies develop future products and services. Typically, companies create products and hope that their target market will consume them. Millennials don’t like this traditional mindset – they want to be involved with products from the beginning of development. If your pharmacy enables them to be part of your brainstorming, the whole process will be more successful.

  • Donate or Volunteer Locally

Millennials want to stay loyal to a brand that gives back to society. In the same Forbes survey, 75% said that it’s at least somewhat important that a company gives back instead of just making a profit. Millennials love brands that support their local communities and would rather purchase from them than corporate competitors. Your pharmacy can do this easily by rolling out a free children’s vitamin program or other services to benefit underprivileged youth.

If you want to build trust and credibility with your Millennial customers and hold on to them for life, you can easily get started today by watching our free webinar, 5 Ways to Attract, Engage, & Delight Millennials.

 

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?”