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

 

Skyrocket pharmacy growth with #PDS2017 and Live Oak Bank

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There is no shortage of options for owners looking to impact pharmacy growth. Successful independent pharmacy owners must maintain a balance between growing profits, investing in the business, and managing operational cash flow. This formula is not new. However, in light of significant industry shifts and stringent regulations; the balance 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 successful programs and unlock capital for your pharmacy.  

In an industry where large competitors have unlimited access to funds, and you need capital to implement essential profit programs; where do you start?

Step 1: Know Your Pharmacy Market

Understanding where your profits are coming from is the first step in taking your business to the next level. Passively waiting for the next prescription to walk through the door does not work anymore. The waiting game 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 changes.

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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 cash flow will limit 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.

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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 owners with the tools and solutions to establish a solid foundation, kickstart pharmacy growth, and provide ongoing support you navigate the industry in the coming year.

Learn More About the PDS Super-Conference

PDS Super-Conference


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 Owners: Would you walk away from these profits?

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We tell every pharmacy owner that we meet that pharmacy profits ARE good right now. The truth is that many don’t know how good it can get for independents. All it takes is a shift in thinking. Changing the way you see the profitability of your independent pharmacy is the first step to growing pharmacy profit margins.
Focusing on external factors that are beyond your control doesn’t help any aspect of your business. It certainly doesn’t help when it comes to you increasing your pharmacy profits. Independents need to start focusing on optimizing what is working in your business. 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.

pharmacy profits

 

 

[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

3 Independent Pharmacy Lessons from The Walking Dead

Adapt or be left behind

Adapt or Be Left Behind (1).jpgThe 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”

3 Surefire Ways PDS 2017 Will Add Value to Your Pharmacy

PDS 2016

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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”

Your Independent Pharmacy Can Win in an Unfair Game

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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.

 

 

 


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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.

 

How to Maximize Your Pharmacy Team’s Performance and Boost your Top & Bottom Line

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 Written by Steve Graham, The Oval Group, a PDS Recommended Vendor

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Every Saturday morning for the past year, I have been reviewing the Wall Street Journal’s summary of the week’s best-belling books, as reported by Nielsen BookScan.

Many bestsellers have come and gone over that time period, but what continues to endure, is the type of books found on the Hardcover Business list. They are not about hidden business secrets or a recently discovered financial formula that will guarantee millions of dollars overnight. Most of these books that endure on the list are largely about the people – the life blood of all businesses

They are about understanding yourself, others or the characteristics of successful people.

They are also about improving skills for:

  • Leadership
  • Forming effective teams
  • Building a winning culture
  • Developing people

I have often asked myself why this is the case? Why are all of these books about the people within a business context?

According to Deliotte’s 2015 Global Human Capital Trends report, companies are struggling to attract, retain and develop leaders at all levels within their companies, yet they are largely unprepared to address these issues. In fact, according to the report, culture and engagement was rated the most important issue overall across a multitude of industries.

Furthermore, Gallup consistently reports on the dismal levels of employee engagement not only within the U.S. but reports even worse numbers worldwide. In fact, Gallup estimates that lost productivity due to actively disengaged employees cost U.S. businesses $450-$550 billion each year.

So why is it that so many companies are willing to invest in new equipment, technology, assets and systems that help to improve their business performance, yet they are often reluctant or ill-prepared to invest in tools and systems that focus their people? These issues are typically viewed as “squishy” and therefore hard to define or repair. How do you measure success?

Well, it may feel squishy but there are very real and concrete success measures related to hiring, developing and retaining a strong team. Gallup among many others has recently reported that businesses who focus on and invest in talent selection and improving employee engagement show consistently improved top and bottom line financial performance.

The TTI Success Insights®, 2016 Trends Article, explains the use of talent assessments for selection dramatically improves a business’s good hire ratios. U.S. business spending in this category has consistently been on the rise. The Wall Street Journal reported that the percentage of large US companies that are using online assessment tools for talent selection has risen from 26% on 2001 to 57% in 2013. They project this will continue to increase to 75% by 2020. Talent selection is not just for big business. This “Big Data” approach adds value at affordable rates even for small and medium sized businesses.

These self-help business books only stay on the best seller list because people continue to buy them. It follows that people must be buying them to want to solve these problems within themselves. Business leaders and employees alike are looking for ways to improve their relationships with each other in order to drive more successful business outcomes. The next step is to make the right investments to improve company odds for realizing that success.

Are you ready to invest in your talent?

The Oval Group has been providing talent insight to individuals and business leaders for over 10 years. The Oval Group is an authorized supplier of TTI Success Insights® talent assessment, a world class developer of talent selection tools that have been proven to dramatically reduce bad hires and enable improved employee engagement.

Want more info on this topic? Watch the webinar with The Oval Group we recently hosted. You will learn…  

  • The true financial impact bad hires and disengaged employees can have on your Pharmacy
  • How to increase employee collaboration, engagement, and productivity
  • 5 key steps to diagnose and repair employee related issues
  • How some PDS Pharmacy member teams have benefited from one of the tools discussed
  • How using science can solve employee problems and grow your business

 

Independent Pharmacies Have Epi-Pen Alternatives

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In light of recent price increases of the life-saving device, Epi-pen, there are discussions happenings throughout the media and across industry message boards about lower cost or generic alternatives available to consumers. This situation puts independent pharmacies, as healthcare destinations, in a unique position to offer patients valuable information on Epi-Pen alternatives.

Patients that are lucky enough to have health insurance that covers the cost will likely never see the significant price increase, but those without coverage may have trouble affording $600-$650 prices of the Epi-pen. If a cash paying patient comes in and asks about alternatives or the reimbursement information for Epi-pen you have a few different options you can share.

  • Anaphylaxis Kit – This is a much cheaper alternative to auto-injectors, but the patient should receive a thorough consultation on how to properly use the kit, as this is an injection and vial solution. This will cost the patient about $35-$45 dollars.
    • Put the following items in a 5x1x3 box:  
      • 1 ml Adrenaline 1mg/ml
      • 1 ml BD syringe
      • 25g 1 inch needle
      • Sterile alcohol swab
      • Directions: For Anaphylaxis 0.3 to 0.5 mg (0.3 to 0.5 ml) undiluted. Administer the injection intramuscularly (IM) or subcutaneously and repeat every 5 to 10 minutes as necessary.
  • Epi-pen Savings Card – Some patients may be eligible for the savings program offered by Mylan, but there are restrictions, and the patient will have to fill out a form to determine assistance eligibility.
  • Adrena-click – This is a slightly lower-cost alternative, though not by much. The drug comes in 0.15 mg and 0.3 mg doses, similar to Epi-pen, but the switch has to be prescribed by the doctor and operating this brand is different from the Epi-pen so ensure your patient understands how the device works before they are in an emergency situation. Additionally, this is only recognized in a few states, for the time being, so you may not have this option for patients.  

Patients may feel that there are no options available to them, but this is where independent pharmacies have the opportunity to step up and bring value to the community. By making your pharmacy a healthcare destination, building a sense of reliability, and providing excellent customer service — you are creating an ambassador for your store. If someone was able to save you hundreds of dollars on a life-saving drug needed for yourself or your child and invested the time to show you how to use it, wouldn’t you continue to come back for other health care needs?


PDSAdvantage is a web-based app that allows pharmacy owners and employees to engage in one place. Our exclusive message board connects you with a network of pharmacy professionals from across the nation discussing everything from relevant industry topics and training to current events and ideas to help your store succeed. Click below to get your pharmacy team signed up for PDSAdvantage.