“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:
- 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.
- 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.
- 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!
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?”
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.
Skyrocket Pharmacy Growth
How Successful independent pharmacy owners must maintain a delicate balance of growing their bottom line, investing back in the business, and managing operational cash flow. This formula is not new, but in light of significant industry shifts and stringent regulations–it is more challenging to achieve. Success is a matter of surrounding yourself with the right team in an environment that will cultivate pharmacy growth. The PDS Super-Conference and premier sponsor Live Oak Bank are the solution partners you need to establish profitable programs and unlock capital for your pharmacy.
So, in an industry where large competitors have seemingly unlimited access to funds, and you need capital to implement key profit programs…where do you start?
Step 1: Know Your Pharmacy Market
Understanding where your profits are coming from is the essential first step in launching your business to the next level. Passively waiting for the next prescription to walk through the door does not work anymore, this strategy will not keep you operating at full potential. Actively targeting the most profitable aspects of your business keeps you on top of market conditions, and prepared to adjust course in the face of industry changes.
Step 2: Managing Pharmacy Cash Flow Effectively
Cash is king, we all know it. Your pharmacy should have enough cash flow to reinvest back into your business and employees, from marketing to new equipment, all while maintaining salaries and keeping the lights on. Mismanagement of or inattention to cashflow in your business will inhibit how far you can take your pharmacy. It affects how banks look at you when applying for loans, and your ability to scale successful initiatives.
These are just a few of the tips that we cover with independent pharmacy owners at the Annual PDS Super Conference. Our goal is to provide you with the tools and connect you with solutions partners to establish a solid foundation, kickstart pharmacy growth, and provide ongoing support you navigate the industry in the coming year.
Live Oak Bank is one of the largest investors in community pharmacies in the industry and has provided nearly $750 million in loans since 2010. They provide funding and packages to address all of your pharmacy needs.
- Quick loan closes – approximately 47 days
- Favorable terms with low-interest rates
- Low equity requirements
As your dedicated solutions partner, Live Oak Bank can assist your pharmacy with everything from facilitating prescription file purchases and software solutions to streamlining improved inventory management. As a major sponsor of #PDS2017 Live Oak Bank will be in attendance, making it the perfect time to stop by their booth and learn more about their loan capabilities, low-interest rates, and equity requirements.
Pharmacy Profits You’re Leaving Behind
We tell every pharmacy owner that we meet that pharmacy profits ARE good right now, and the truth is that many don’t know how good it can get for independents. All it takes is a shift in thinking. This is critical to growing pharmacy profit margins. Stop focusing on what is out of your control and start focusing on optimizing what is working in your pharmacy market. Prioritize your efforts to work on items that directly impact your bottom line, and this will diminish the effect outside influences have on your pharmacy business.
What kind of results can you expect with this shift in thinking? Great question.
Below is a visual aid showing you precisely what you are leaving at the table if you aren’t a PDS Member. These results are real, from real pharmacy owners across the nation.
Ask yourself, do you want to walk away from these profits?
Save your seat for the most important pharmacy conference we have ever held here, where you’ll have a chance to listen to these same PDS members tell you EXACTLY how they generated millions in profits.
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”
From 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.
- 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.
- 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.
- 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.
- Tell your story, tell your journey. When you put the human element behind your message, it inspires others to take action.
- 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.
The Walking Dead (TWD) series has captured the dark imagination of TV audiences over the past six years, and fans (many of whom work at Pharmacy Development Services) are counting down for the season premiere this Sunday. We’ve identified the top three TWD lessons that independent pharmacy owners can apply to running their business.
You may be thinking, “What can a zombie show teach me about running a pharmacy?”
Ok, so you aren’t facing literal life and death decisions in a post-apocalyptic world, but pharmacy owners everywhere are facing significant changes in an industry that is fighting to survive and thrive — just like Rick Grimes and his team. Continue reading “3 Independent Pharmacy Lessons from The Walking Dead”
Attending any pharmacy conference is an investment that should be weighed against the potential ROI. Before purchasing a ticket, ask yourself if it is worth the time and money to attend and how the event will add value and increase profits for your independent pharmacy.
This is where the 2017 PDS All-Star Super-Conference comes in — finding value here is only limited by your willingness to implement with intent to win. The enthusiasm and energy of pharmacy owners while in attendance is a major reason why headlining sponsors keep coming back, year after year. Owners arrive ready to find solutions and make decisions. The relationships created between exhibitors, and business owners are invaluable when it comes to solving problems and driving profits for pharmacy owners. Continue reading “3 Surefire Ways PDS 2017 Will Add Value to Your Pharmacy”
Data-Analysis for Independent Pharmacy Owners
Are you the type of independent pharmacy owner who is content to drift along with the dated model of taking whatever business happens to walk through the door? Don’t settle for “business as usual” and “my pharmacy is doing just fine.” The unfair game PBM’s are playing won’t change until you start to look at your profitability differently. Discover where big money can be made in independent pharmacy–it’s right under your nose, and you don’t even know it.
Pharmacy Development Services (PDS), believes that the success of each independent pharmacy is a win for everyone and we are ready to show you the level of commitment we have to your success.