Category: PDS Super Conference
The Annual PDS Super Conference is the most innovative and impactful pharmacy business conference you can attend.
How to Use Persuasion to Increase Patient Buy-In
Are you looking to increase your number of patient transactions? How about getting patients to take advantage of your unique products and services? The most straightforward and practical answer is to use the subtle art of sales.
There is often a negative association with the word ‘sales.’ Hearing the word ‘salesperson’ likely conjures up some particular images and ideas for most people. In the best light, they are of a typical salesperson, aggressive, pushy at one end, and ‘con-artist’ or manipulative at the other.
If you’re thinking that you’re ‘selling’ to your patients, frame it another way. The fact is that you’re doing a very important job in the community by helping them solve their health and wellness problems.
Imagine if your best friend tells you he’s struggling with a problem, and you have a solution, wouldn’t you speak up and say something about it?
If you have a product or service that can help others, it is your moral obligation as a healthcare provider to share it with them.
The rest of this post will cover how you can use Dr. Cialdini’s principles of persuasion to communicate new treatment options to your patients and increase sales.
Scarcity: Patients Love Limited-Time Deals (And Things They Have Less Of)
Leverage the emotional impact of FOMO (or the fear of missing out) to increase sales.
To apply this principle to your pharmacy business, offer limited-time deals for different audiences.
Scarce products and offers feel exclusive and valuable to consumers.
One way to showcase a limited time product is by placing it in a smaller end-cap area with signage that conveys urgency and scarcity.
When you’re discussing the product, highlight what they stand to lose by not taking action and speak to the specific issues the patient might be experiencing.
You can also experiment with offering exclusive perks reserved only for top customers. Once people realize that being a repeat customer comes with rewards, they’ll be more ready to act on purchases. In turn, you’ll increase revenue and often, your average transaction value as well.
Assure Your Patients You’re An Expert
Make sure you establish your credibility to your customers.
Why? Although we’ll never admit it, we want others to tell us exactly what to do. Especially by experts that we trust. You can do this by making recommendations, displaying your certifications where your patients can see them, and answering any questions your patients might have.
If you show that you and your team are trained experts, your patients will also be more willing to try new products or services that you recommend.
Offer events and classes that educate your patients, if you continually provide value around healthcare and wellness, your pharmacy will soon be known as a healthcare destination for the community.
People discuss excellent and awful experiences. If you’re providing great customer service, you can bet that you’ll start seeing the referrals come through the door. High patient satisfaction and experiences will ultimately drive more sales.
Consistency Is Key: Start With Small Commitments for Big Sales
When you’re selling something (especially if it’s a high-ticket item that people don’t buy on impulse), try to get your patient to commit to something small first.
As a pharmacy owner, this could be a free trial or samples of new products.
After they agree or “say yes” to you once, they’ll be more willing to “say yes” again to stay consistent with their previous action.
If you use this principle, you can break down many of the barriers your patients have when shopping, and over time, your patients will agree to bigger and more expensive recommendations.
The important thing to remember is to nurture your relationship with them and get several “yeses” first.
Influence at Work: Building a Better Pharmacy
Remember, using these principles to influence your patients isn’t wrong if you’re applying them ethically. Your mission as a healthcare professional is to help people who come to you with health and wellness challenges.
In fact, if you master ethical persuasion, you’ll be able to improve the lives of patients you wouldn’t have been able to otherwise.
PDS is proud to bring you the 2019 Super-Conference with three days of actionable content that’s never been covered in our industry until NOW. We are bringing in the experts to help you master the critical communication skills that will help you ethically and effectively influence your three critical audiences, prescribers, patients, and your pharmacy team. Join us February 21-23, 2019 in Orlando, Florida for the most important pharmacy conference of the year.
Employee Engagement: How to Effectively Influence Your Pharmacy Team
To increase employee engagement, it is critical to persuade or “sell” your vision for the company to your team.
A Familiar Scenario:
You’ve completed an intensive, week-long business boot camp. During the boot camp, you’ve learned a new marketing strategy to increase your independent pharmacy’s sales. You’re excited.
You can’t wait to use this new marketing tactic to grow your business.
You say to yourself, “I’m going to tell my team about this right away so we can see results fast.”
You call a meeting and tell everyone about your new idea.
But, you’re met with blank faces and reluctant nods from your team. In other words: you didn’t move them.
“This sounds good, but I’m not sure this will work,” or “This strategy is very different from what we’re currently doing. Should we risk it?”
Does this sound familiar? We’ve all been there.
You have two choices: you can try to do everything on your own, or you can learn how to use influence buy-in from your team to execute on the strategy. This post will explain how you can use the persuasion principles of reciprocity, likeability, and authority by Dr. Cialdini to get your team on-board with your ideas.
Using Reciprocity to Engage Employees in Your Pharmacy
In general, people feel obliged to give or agree to your request, if you gave them something first. You can use this in your business by giving your pharmacy team gifts and other incentives such as paid time off or bonuses.
This doesn’t have to be monetary; the aim is to provide value to the lives of your pharmacy employees. After all, people tend to do more when they feel appreciated.
Here are some ways to give to your employees without denting your wallet:
- Give advice or teach them something useful that they can take with them outside of your business.
- Take the time to highlight how a new strategy lines up with the mission and values of the business. This will give your team a sense of purpose and fulfillment.
- Instill a sense of autonomy and ownership of projects, whenever possible. This will give your employees a sense of control and accountability in their own work and in your company.
- Print out business cards for your employees. You will be surprised how this simple gesture boosts pride and work fulfillment.
Most of the time, your team wants the same outcomes you do; healthy patients and a thriving business. When your employees realize that you value and reward their work, they’ll be more willing to listen to your ideas.
Leveraging Authority in Your Pharmacy Business
People turn to experts for advice on what to do.
For example, patients listen to doctors’ recommendations and prescriptions because they view them as an expert on the subject.
In your pharmacy business, you’re the expert. You’re the authority figure that your pharmacy team should look to when figuring out what to do next.
Here are a few examples of how you can effectively communicate your authority and build trust without crossing the line into abusing your power.
- Present Yourself Well – Simply put, your appearance makes a difference. Small changes such as name tags or a uniform color scheme make a difference in the team dynamic. A great example is a uniformed police officer; a more subtle example is a waiter taking your order. Want your exceptional team to stand-out to your patients? Start with how they look when they come to work.
- Lead By Example – Your team is looking to you for cues on everything from how you communicate with a challenging patient, to how you follow up on tasks. Asking your team to do something you won’t do yourself signals a lack of respect in your team dynamic. Want them to enter data in a specific way or manage a critical workflow carefully? Don’t just tell them, show them, and reinforce it by recognizing and rewarding positive behaviors.
Be respectful and polite, but also, don’t let anyone undermine your authority.
Be firm but fair and soon, you’ll earn your staff’s respect and they’ll be more receptive to ideas you might have.
Using the Principle of Likability to Get Others to Follow You
Ruling through fear might get you loyalty, but it’s cheap. When it’s time to make big decisions, it’ll become clear that your team will follow the motions, but you won’t have their complete buy-in. You’ll feel as if you’re swimming against the current whenever you introduce something new.
Sharing basic similarities and views with your team boosts your likeability factor. Applying this principle isn’t difficult, and if you run a business, you leverage it more than you realize.
For example, smiling and maintaining eye contact when you’re talking to your team or patient.
Complimenting someone means they’ll be more likely to respond positively to a request.
A referral from a trusted friend tends to carry a little more weight.
Improve employee engagement and the time you spend together by building connections. Ask your pharmacy employees about their families, their hobbies, and even how their day is going. Then, share something personal about yourself.
Remember, it’s much easier to like someone if you know things about them.
Showing interest in your pharmacy teams’ lives and building relationships with them will give you more influence and benefit your workplace.
Making the Most Out of Time with Your Pharmacy Team
As the owner, you’re responsible for the success of your pharmacy business. Considering we spend a tremendous amount of time in the workplace, learning to make the most of your time and how to motivate your team effectively is critical. Your team is the most sustainable competitive advantage in your organization.
And it’s your job to learn what makes them tick.
If you use these persuasion tactics, you’ll be able to influence your pharmacy employees and try new things faster than before. But, to maximize your business’s growth in 2019, you also need to learn how to use the other 3 persuasion principles of consensus, scarcity, and consistency.
PDS is proud to bring you the 2019 Super-Conference with three days of actionable content that’s never been covered in our industry until NOW. We are bringing in the experts to help you master the critical communication skills that will help you ethically and effectively influence your three critical audiences, prescribers, patients, and your pharmacy team. Join us February 21-23, 2019 in Orlando, Florida for the most important pharmacy conference of the year.
Easy Ways Independent Pharmacy Owners Can Get More Referrals From Prescribers
Owning an independent pharmacy is easy, said no one ever. This is why identifying unique strategies to grow your pharmacy and improve your bottom line is vital. So how do pharmacy owners do this? Owners can achieve this in many ways, two of which are by increasing the amount and frequency of pharmacy transactions, in addition to driving new patients to your business. While increasing volume isn’t the only way to grow your pharmacy (so many options!), it is one effective strategy. In this blog, we’ll highlight one of the most effective and cost-efficient ways to drive new patients to your pharmacy, by building and maintaining strong relationships with prescribers and increasing patient referrals.
Read on to learn more about how to increase referral traffic from doctors and other health professionals in your area. Building and nurturing strong relationships with local physicians is critical to creating a steady flow of referrals and new patients.
Identify Prescription Sources
Pharmacy owners can easily identify which prescribers make up the bulk of their business. Leveraging this data allows owners to enhance the partnerships with prescribers that regularly send you patients. Pharmacy owners can also reach out to those who may benefit from the specific services offered by your pharmacy, but for some reason or another, aren’t sending referrals.
The role of the community pharmacist is expanding to include enhanced services such as annual wellness reviews, medication therapy management, pharmacogenomics, and other clinical services. The expansion allows for greater collaboration between prescribers and pharmacists. Treating the roles of pharmacist and prescriber as complementary is key to developing good working relationships and achieving the best patient outcomes.
3 Reasons Why Your Pharmacy Should Offer Annual Wellness Review Services
- Nurture Relationships with Physician Partners – Working in partnership with a physician for AWV is a great step to streamlining communication between the two offices. This will benefit your pharmacy when it comes to requesting medication switches as well as offering ancillary programs such as diabetic education and flu clinics.
- Greater Involvement in Patient Care – This is an opportunity to keep patient files up-t0-date and ensures you are offering the best standard of care. The face-time with patients allows for your team to ensure patients are following protocol and share information on new programs that would benefit patient outcomes.
- Grow or Start Your Medication Synchronization Program – Create a goal to educate and register your patients about the benefits of synchronization.
Give New Health Professionals in Your Area a Warm Welcome
Did a new pediatrician or nurse practitioner recently join your local health community? Introduce yourself as the local go-to pharmacy by sending them a personalized note or setting up a one-on-one lunch. Take the opportunity to see what they need and how you can help them meet the goals for their practice and their patients.
Lend your experience as a medical expert to help prescribers maintain medication adherence, and enhance their healthcare plan for the patient. Building trust with local health professionals and developing a relationship is beneficial for both parties as well as the patients you serve.
Build Relationships with the Entire Staff
The key to getting the doctor’s staff to recommend your pharmacy is by staying top of their mind. You can do this by engaging the doctor’s entire team. That includes the medical assistants, nurses, receptionists — everyone!
- Send a handwritten note, flowers, or tasty goodies on the appropriate health care appreciation day to show your gratitude. Assisted Living Week begins September 12th and Physician Assistants Week begins October 6. When you give people gifts, they’ll feel obliged to provide you with something in return. Dr. Cialdini calls this the “rule of reciprocity.” In this case, you’re positioning your pharmacy to be top of mind when they want to refer a customer.
- Stop by the clinic on a regular basis to chat with the staff. The key is to be likable and bring value to the conversation. Don’t be afraid to offer genuine compliments or share something personal about yourself. Look for similarities and point them out to build connections. Bringing pharmacy news, coupons, or samples of new products and services can go a long way.
- Invite the local health professional community to your pharmacy for a quarterly, after-hours networking event. The goal is for them to meet your staff and learn about the services you provide. Make the event fun by wrapping the refreshments around a holiday or theme (February – chocolate; May – margaritas, etc.). You’ll have the health community looking forward to your events and referring patients to your pharmacy in no time!
Position Your Business as an Authority on Health and Wellness
One advantage independent pharmacies have over national chains is superior customer experience. Simply put, people talk about great experiences and bad experiences. If the patient is referred to your pharmacy and walks away having a great experience, they are going to share that with the prescriber, who will, in turn, refer more patients.
Take advantage of this by educating and informing your patients about services, programs, and philosophies on which you’ve built your independent pharmacy. When you give your customers (and prescribers) valuable information for free, your pharmacy is reinforcing its position as an authority in health and wellness.
You can talk about:
- Solutions to counteract drug-induced nutrient depletion issues.
- Where to get free calcium, kids vitamins (Pediatricians), prenatal vitamins (OB-GYN) and diabetic medications.
- Type II Diabetes and how to prevent it. You can even teach your customers how to cook healthy meals at home.
- Products that prevent sports injuries (Chiropractor).
- And much more…
When you help solve patient’s problems, they’ll be more likely to accept your recommendations. If you start taking these steps today, you’ll notice doctors are more willing to refer customers to you. To maximize your pharmacy’s growth through referrals, you need to learn how to effectively and ethically persuade others.
PDS is proud to bring you the 2019 Super-Conference with three days of actionable content that’s never been covered in our industry until NOW. We are bringing in the experts to help you master the critical communication skills that will help you ethically and effectively influence your three critical audiences, prescribers, patients, and your pharmacy team. Join us February 21-23, 2019 in Orlando, Florida for the most important pharmacy conference of the year.
How to Create a Leadership Culture in Your Independent Pharmacy
How well you lead determines how well you succeed is not just a motto, but a truth that will dole out hard lessons if not thoughtfully applied in your business. Strong leadership culture is your pharmacy’s most sustainable business advantage. Read on to learn more about how to navigate the Five Levels of Leadership and create the culture you need.
At PDS 2018, John Maxwell, the New York Times best-selling author of The 5 Levels of Leadership: Proven Steps to Maximize Your Potential, discussed how to create such a culture in your independent pharmacy. It does not matter whether you are a seasoned entrepreneur or an inexperienced owner venturing into the industry. When you step in a leadership role, you become the most critical member of your organization. If your approach to leadership is anything less than earnest and informed your team and business results will be lackluster.
Level 1: Position
Leaders that operate on the first level use their position as a manager, owner, or executive to control their subordinates; without it, they would not have the support or the respect of the people that work for them. Pharmacy employees follow because they have to, not because they trust their judgment or believe in the mission. Moving beyond this level requires the demonstration of key characteristics that add value to the team and the business; achieved only by leveraging the talents and experience of the team.
- Focus on building relationships with your pharmacy team.
- Increase effectiveness by sharing knowledge and encouraging collaboration.
One way to know where you stand is by asking yourself, “If I didn’t have the position, would my team still be following me?” If the answer is yes, you’re on your way to creating a leadership culture.
Level 2: Permission
At this level, a leader becomes passionate about building positive relationships with employees. They listen to employee concerns, give constructive feedback, and are willing to do whatever it takes to help their team members succeed. As a result, subordinates follow them because they want to, not because their job depends on it. The formula to excel at the permission level consists of three simple steps: Listen, Learn, Lead.
Take the time to focus on…
- Building a culture based on trust and candor.
- Understanding employee performance goals and concerns.
Once a leader has earned the respect of team members, their focus should shift to the organization and its overall profitability.
Level 3: Production
Simply put, in level 3 things get done. In a leadership culture, team members follow because of the things that they have done for their organization, as opposed to personal relationships. Employees will learn how to create, set, and achieve goals that align with the company vision, so leading by example is critical to success in this stage.
- Work to establish and strengthen credibility.
- Translate ideas into action and align with the mission of your business.
Employees will hit their targets with encouragement and support, but they won’t benefit from your experience in the long run if they can’t produce results on their own. Investing and training team members will produce sustainable results.
Level 4: People Development
At this stage, people are following because of what the leader has done for them, personally and professionally. A level 4 leader must focus on developing new leaders and influencing success beyond what they can accomplish as an individual. Employees follow because they will learn how to lead, which is one of the most valuable incentives that a leader can offer their subordinates.
- Find, place, and train employees that want to develop leadership skills.
- Identify the strengths and weaknesses of their team members.
- Understand when and where those team members will produce results.
Level 4 leaders have already earned respect, trust, and loyalty of their pharmacy team. If you want to become a Level 5 leader, you should focus on the impact that your business will have on your city, your region, and the world.
Level 5: Pinnacle
Their reputation is what defines a Level 5 leader. They have earned the respect of their community, and they attract team members, customers, and fans who believe in the same values that they do. Their employees follow them because of the values that they represent and the impact that they have on others.
If you want to attain the highest level in leadership, you should take a look at the relationships that you have with your employees, customers, and neighbors. Think about the role that you play in each of their lives. Would they willingly follow you? Could you confidently lead them?
Independent Pharmacy Owners Deserve to Thrive
The PDS Super-Conference is unlike any other pharmacy conference in the industry. Over the course of our 3-day event, you will discover groundbreaking innovations, exclusive exhibitors, and keynote speakers that will empower and inspire the best in you and your team. Click below to learn more and reserve your place among the industry’s elite.
2018 is the Year of the Independent Pharmacy Owner
If you’re a pharmacy owner and you missed the 2018 PDS Super-Conference, you left vast opportunities to grow your pharmacy on the table. That is the truth, plain and simple.
There were over 2,000 in attendance including the most progressive owners and professionals in the independent pharmacy industry. All of them piqued and ready to engage in the knowledge-sharing culture that has become synonymous with Pharmacy Development Services. Let’s break down PDS 2018.
Who Attends PDS’ Premier Pharmacy Business Conference?
To sum it up, they are life-long learners. Registering for a conference is easy, showing up is the next step, but it doesn’t guarantee value for your investment. Pharmacy owners that leave with new business insight and a clear understanding of what needs to be done once back at the grindstone have a singular quality that makes the difference between being in attendance and being truly present and engaged.
In the words of our leadership keynote speaker; they are ‘Learn-It-Alls.’ Our most engaged attendees and successful members understand that…
- There is hope and opportunity to grow in the independent pharmacy industry. Owners get frustrated by challenges facing their pharmacies such as DIR fees, below-cost reimbursements, and PBM abuses. Through thoughtful and active participation, the learners quickly realize that there is a way to make those issues irrelevant. Opening up to a new way of thinking allowed them to leave the show understanding that opportunity is right around the corner (and ready for the taking) when they focus on the factors within their control.
- They are not the smartest person in the room. As Dan Benamoz is fond of saying, if he thinks he is the smartest person in the room, he’s in the wrong room! The people who attend are the top-performing owners in pharmacy who continue to climb because they know that they discover more growth by learning from each other. The PDS Learners ask questions, try new things, and empower their teams. The result is a thriving culture with an inspired pharmacy team operating at the top of their pharmacy license.
- There is no competition among independents. We have a culture within the PDS membership that no independent competes with another. The heart of our mission is the idea that we lift each other up to reach new heights of success. After all, the more we help others, the greater our success will be. This credo is palpable at the conference, with so many of our attendees connecting and fostering beneficial relationships with each other.
Who Was on the Stage at The PDS Super-Conference?
We’re just bursting at the seams with pride on the caliber of presentations that graced the big stage on all three days. We can’t go through all of them here, but check out some of the highlights of the show:
- John Maxwell | #1 New York Times bestselling author, coach and world-renowned leadership expert treated us to the Five Levels of Leadership. He was a huge crowd-pleaser and captivated the audience with crucial leadership principles every pharmacy owner should understand as they aim to grow into a better leader.
- J.R. Martinez | “We all grow up with goals for ourselves…but sometimes we can’t take the most direct path to our dreams.” J.R. Martinez talked about how to adapt and overcome anything that life throws your way with resiliency, determination, and a sense of humor.
- Earvin “Magic” Johnson | Wow, his presentation was “magic!” The attendees were riveted by his presentation on “The Winning Way,” where he taught us how to build and empower high-performance teams that support the vision of their pharmacies.
- Steve Gutzler | One of the nation’s top thought leaders on emotional intelligence, personal transformation, and leadership development. This interactive and engaging keynote walked our PDS learners through the ‘How-To’ of tapping into their full potential and performing at the top of their game under pressure.
- Jeff Philipp and Josh McJilton | Unveiling PDS’ new version of proprietary software, RxAnalytcs, Jeff and Josh revealed our show-stopper on stage. This new software will enable PDS members to truly get behind their business analytics to discover the clear path to profitable scripts. But you’ll have to be a member to test drive!
Don’t Just Listen to Us
The reviews are in! We’ve been fortunate to have a flood of positive feedback about PDS2018. Instead of us going on about it; we’ll let them tell you what they thought:
“You get so much out of being there and taking time to focus on yourself and your business. It is also great for networking and meeting like-minded people within our industry and learning new growth opportunities.”
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“It is a no brainer. My mistake is that I watched the free webinars for 5-6 years and didn’t join sooner. The cost scared me off for years. I didn’t think it could be ‘worth it.’ I was wrong. PDS helps your financials tremendously, but it changes your culture and your quality of life even more. As pharmacists, we all make a bunch of money no matter what. It isn’t about the money, it is about seeing the change in you, your staff, your patients and your family. Just do it. You will thank me later.”
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“Every independent pharmacy owner is leaving money on the table, and I believe the programs PDS has in place addresses that. “
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“Don’t wait around any longer and expect opportunity and success to trip and fall into your lap — get up, surround yourself with the best, and go find it.”
Special Edition Pharmacy Podcast featuring Highlights from PDS2018
Conference Guest Todd Eury, with Pharmacy Podcast, interviewed conference attendees and PDS Founder, Dan Benamoz, CEO, Jeff Phillip, and featured exhibitor Wellgistics.
- Hear more about why Bill Henning, Pharmacist and Owner of Giant Genie Pharmacy continues to not only invest in the PDS Super-Conference but has also started bringing key staff to attend as well.
- Cliff Holt of Hurricane Family Pharmacy has been attending for ten years, in spite of his initial plans to sign up for only one year. Once locked into PDS value, he realized that membership is a key investment he couldn’t afford NOT to make.
- Learn about the goal that PDS has to become THE catalyst for independent industry growth and how we will leverage the extensive network of independents and industry exhibitors to make 2018 the best year for independent pharmacy.
Listen below:
Watch it For Yourself!
Now you don’t have to leave profitability, stronger leadership skills, and an upshift on culture on the table. You can still watch the 2018 PDS Super-Conference from the comfort of your own home. We have the Livestream available for those who wish to purchase at a special price… and you can watch it with your team! But hurry, access to the Livestream ends on March 31st.
Click here to purchase the PDS 2018 Livestream!
[SMOKING GUN] You’re Right, PBMs are Duping Pharmacy Owners
What we’re about to show you will likely make your blood boil. It did ours. These are pictures you must see to affirm your sneaking suspicion that yes, you are in fact getting duped by PBMs, such as CVS Caremark.
The Proof
The images below were provided by a fellow pharmacy owner and were obtained during the process of filing a MAC appeal with the Medicaid HMO, Molina. Like many owners who bill to CVS Caremark, she noticed a consistent pattern of being underpaid on reimbursements. In response to the complaint, she received the following files which show the charges to Molina for the prescription, a stark contrast to what her pharmacy received.
| Prescription | Amount Submitted by Pharmacy | Molina Paid Caremark | Pharmacy Reimbursement | PBM Spread |
| Guanfacine HCL ER 2 MG tablets ER 24H | $320.00 | $121.55 | $7.60 | $113.95 |
| Neomycin-Polymixin-Hydrocor 3.5-10K-1 solution | $106.00 | $50.32 | $5.40 | $44.92 |
Images one and two show what Molina paid CVS Caremark for two prescriptions while images three and four show what the pharmacy was paid. This highlights the reality that pharmacies are regularly underpaid for prescriptions while the insurance plans are charged far more, and the PBM gets to keep a considerable spread of profits in their pocket.
We’ve also attached the documents for download here.
What This Means
There are approximately 22,000 independent pharmacies in the United States. If we looked at the Guanfacine prescription alone, the yearly payout to PBMs is $29,832,000 if the baseline assumption is that pharmacies nationwide fill this script once a month.
MAC list pricing by PBMs puts independent pharmacy owners at a considerable disadvantage. Adding insult to injury, the majority of the pharmacy owners on the PDSadvantage message board are in agreement that the appeals process is ineffective. A best-case scenario is periodic price adjustments depending on the appeal, which, in the long run, never affect changes in pricing for pharmacy owners as a whole. Overall, this process is designed to force busy owners to choose between below cost reimbursements or an endless cycle of appeals with little change in outcome. Many argue that the effort invested in submitting appeals isn’t worth it because the core of the problem isn’t addressed, and it takes up precious time that should be spent on growing the business, not in the pharmacy.
Fight Smarter, Not Harder
CVS Caremark and other Pharmacy Benefits Managment companies, such as the other 2 of the “Big 3,” OptumRx and Express Scripts, will continue to intentionally narrow the gap between reimbursement and acquisition cost while keeping the appeals process ineffective in the face of repeated price adjustments. This leaves independent pharmacies underwater. We at PDS don’t count ourselves among those who think fighting is futile. The answer is fighting smarter, not harder by making these issues and any other unfair regulations IRRELEVANT to how you operate your pharmacy business. Here and now, we can affect change that will make issues like unfair MAC pricing a blip on the radar. If we come together, our own collective and individual success will be exponentially greater than any threat the PBMs can sling. Filing appeals is a start, but alone it is not the answer. Informed pharmacy owners know that the focus should be on putting effort toward strategies that directly impact your bottom line.
Taking Matters into Our Own Hands, Together
There are over 1,800 pharmacy owners and professionals that know the value of fighting smarter with a proven plan, backed by a community that supports and stands with them. This gathering happens every February in Orlando, Florida.
Independent pharmacy owners just like you gather with the experts and titans of the industry to:
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Give owners proven, sustainable strategies that will pay immediate dividends
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Light the passion for pharmacy most owners lose in the landscape of this unfair game
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Give you the confidence to battle MAC pricing, DIR fees, below-cost reimbursements and any other obstacle in your way – and win
Find your people. Fellow owners that are walking the same path as you. The value of this support and knowledge-sharing is priceless. If you’d like to continue to file appeals and disputes on your own, we commend you. At least you’re doing something and making your voice heard, but that is not your only recourse.
Attend the PDS Super-Conference and see for yourself why we are so confident in our ability to change your life that we have a conference guarantee. If you don’t see the value of after the first day, we’ll reimburse your travel up to $500 and give you an additional $300 — no questions asked.
From Practice to Pro: Keep Your Pharmacy Winning
From Practice to Pro: Keep Your Pharmacy Winning
The road to achieving success is filled with hard-fought lessons, picked up along the way. Pharmacy school gave you formulas and drug interaction information, but left out the nitty-gritty of what you need to run a successful business.
This post won’t provide tips for filing claims or walk you through optimizing your pharmacy’s Comprehensive Medication Review template. Yes, that type of information is crucial to running a pharmacy business. However, we are focusing on some commonly overlooked pharmacy business principles from our keynote speaker, Earvin “Magic” Johnson that, if applied regularly, will keep your business winning in the game of independent pharmacy.
Continue reading “From Practice to Pro: Keep Your Pharmacy Winning”
{PDS 2018 Keynote #2} Business is a Team Sport
This is a philosophy I share with almost all pharmacy owners whenever we speak about employee performance. Why? While managing people is often labeled as daunting, everyone understands the fundamentals of sports.
From the players on your team to the programs, or plays, you implement on the “court,” the same mindset and skills required to craft the best basketball team can be applied to operating a wildly-success pharmacy business.
That’s why I’m thrilled to welcome Earvin “Magic” Johnson, one of the greatest athletes of all time, onto the stage at the 2018 PDS Super-Conference this coming February.
While he was a sensational talent in the 13 years he played point guard for the Los Angeles Lakers, what was magic about him, and still is to this day, was that he understood how to make his teammates look great. He was the consummate team player and understood that while individuals score points, teams win championships.
In fact, since retiring, he has translated that skill into the business world and has continually invested ownership in many lucrative businesses including movie theaters, urban real estate developments, restaurants, an infrastructure fund, EquiTrust Life Insurance Company, ASPiRE television network, professional sports teams and others. Recently, he was named the President of Basketball Operations of the Los Angeles Lakers.
And that’s exactly what I want him to share at the conference — that business is no different than sports. That if you look at your business as a game you want to win, you will see massive results in your business, bottom line, and, ultimately, your life.
While you should register for the PDS Conference immediately to see Earvin ‘Magic’ Johnson and our amazing lineup of speakers, here are a few of my favorite sports and business analogies:
- Your front line is your bottom line. The teams with the best players win. Every pharmacy owner wants a superstar team that will generate new business, solve problems and engage with the customers. But the downside is that high-performance people need to be surrounded by other rock stars. The question is… what are you going to accept or tolerate? As businesses evolve, so do the type of employees needed to execute the plan. Just because they were a great employee 15 years ago doesn’t always guarantee they are a high-performer today. You must continually evaluate your team and fill out the ranks with remarkable talent.
- Your Culture Is a Defensive Strategy. Just because you sell the exact same products to the exact same people doesn’t mean you’re in the same business. Your pharmacy’s culture – your team’s bond – is the intangible that’s driving competition wild. It’s almost as if they stick their head in and they look and see, “How much merchandise do you have? How is it merchandised? What’s the price?” Nobody considers “Wow, they make you feel welcome here. They’re knowledgeable. They’re trained. They’re personable. They care.” When you focus on fostering a stellar culture within the four walls of your pharmacy, it actually becomes both an offensive and defensive strategy. After all, your competition doesn’t steal your customers, you give them away.
- Be Coachable and Work the Playbook. Johnson and his team went to the NBA Finals nine of the 13 years he was on the team. They didn’t get there alone. They had numerous coaches with strategies that led them to countless victories. Not only do you need to have top-notch employees, you also need to work with experts who can look at your business from the outside and provide a roadmap to success, access to ideas and programs, that will turn your ideas into a reality and significantly add to your pharmacy’s bottom line. The amount of time you spend thinking about your business – identifying opportunities, evaluating weakness, etc – versus grinding away at your task list, should be just as much as an athlete practices. However, practice doesn’t make perfect, it makes permanent. Work with an expert who can see you shoot and fine-tune your skills along the way.
Simply shifting your perspective can change your reality. From innovative perspectives, extraordinary networking, data-driving solutions, this three-day event gives you the playbook to make you even more profitable. This is where the superstars of the independent pharmacy industry go year after year to continually improve and learn how to win championships. Our pharmacy programs are the industry’s best-kept secret. Come see for yourself why we are so confident in our ability to change your life and improve the profitability of your pharmacy that we have a conference guarantee. If you don’t see the value of the PDS Super-Conference after the first day, we’ll reimburse your travel up to $500 and give you an additional $300 — no questions asked.
Friday the 13th Rules for Pharmacy Ownership
Pharmacy ownership doesn’t have to be scary. Sure, the industry is filled with pitfalls and roadblocks, but there’s no need to fear! Here are four pharmacy rules to get you through this Friday the 13th and beyond.
You can survive and come out the other side with a thriving successful pharmacy.
Don’t Go Swimming
What does swimming have to do with running a successful pharmacy? What we’re trying to say is there is no need to jump into the deep lake in the woods when you don’t have the bandwidth or experience — aka if you aren’t ready to leave the pool you know. Focus on what you do exceptionally well and execute (chainsaw pun intended) to the best of your ability. Take the time to improve processes in your Synchronization program, create an excellent patient experience, provide the best customer service in town. Once you have mastered the skill of swimming in one pool, find yourself a new lake to conquer and repeat the process. Take on the lake of RxAnalytics or implement a Clinical Services program. Rushing to do more than what you are realistically capable of will only lead to trouble.
Don’t Run From the Killer if You Can Fight and WIN
There’s a lot of competition out there, but you can’t be scared to compete. The PBM’S, DIR fees, and big chain stores may be intimidating when they are staring you down, but there isn’t any reason for you to run. You have two secret weapons these competitors can’t offer and they will help you beat the competition every time. What is it that will help you succeed in the face of danger?
- SECRET WEAPON #1: You have a network of pharmacy owners out there just like you that are ready and willing to engage in a knowledge-sharing culture.
Our industry-only message board generates hundreds of posts a week that address everything from technical challenges, to the best kind of shoes to wear when working the bench. The PDS Super-Conference is an exceptional opportunity to engage with the industry elite in person. Many are willing to share their wins, losses, tips, and tricks if it means keeping the industry moving forward. - SECRET WEAPON #2: Your insider knowledge of your community.
You know the healthcare needs of your area better than any box chain ever could, and this information can be leveraged to impact areas like your profitability, team building, and implementing new revenue streams. Next time you’re looking at a scary competitor, reach for the tools you have to stand up to those that want to see you fall.
If You Trip, Get Up and Keep Running
You can’t just give up when you’re being chased through the woods. Running a business isn’t fool-proof, you will make mistakes as you go. Spending your time and efforts on building prescription volume when you could be leveraging the data in your pharmacy is a mistake, and most pharmacy owners have made it. Some just lay down and accept their fate, but those that see success are the ones who got up and figured out where they should be focusing instead.
Don’t Split Up
Power in numbers. This is true in the horror movies and in the independent pharmacy industry. Our members are the top 25% of the industry, the cutting edge when it comes to pharmacy operations and profitability. In fact, some of our members have become such rockstars in the industry, they are training facilitators for PDS to teach their strategies to other owners. Our RxAnalytics program not only looks at your specific pharmacy data but puts it into the context of other member pharmacies. Independent doesn’t mean alone, our network of approved vendors, subject matter experts, and ever-growing industry-only message board keeps independents engaged and connected for long-term success.
Running your pharmacy business should be fun, not scary. If it’s scary for you, that is a red flag. Talk to us! We can help you lay down a plan to navigate your business to make it through the woods. Or better yet, talk to your peers on the PDS Advantage Industry Message Board (it’s free to sign up and start connecting!). They’ll tell you what we already know — there’s nothing scarier than the unknown.
Join Us at The PDS Super-Conference
Come to the place where the industry meets. This 3-day event is the only event dedicated to pharmacy business growth. Our amazing Lineup of speakers, experts and vendors will blow you away — not to mention the lifetime connections you will make with your fellow attendees. What are you waiting for? Click below to save your seat before we sell out! Come see for yourself why we are so confident in our ability to change your life and improve the profitability of your pharmacy that we have a conference guarantee. If you don’t see the value of the PDS Super-Conference after the first day, we’ll reimburse your travel up to $500 and give you an additional $300 — no questions asked.
John Maxwell: Learn-It-All VS Know-It-All; Which One Are You?
As an owner, what is your first instinct when you stare headlong into another business challenge? Do you immediately lay claim to a solution and disregard input from others? Or, are you the type who treats challenges as an opportunity for growth and improvement?
FACT: No leader can solve every problem or claim to have all the answers.
What they can do is harness one of the most important, yet underestimated skills in any professional repertoire. This skill is the underlying current of PDS; it is what drives us to excel. Our most successful members have grasped this concept and continue to run with it to grow their businesses to reach unimaginable heights.
For 2018, we are focusing on one of the most important lessons every successful member knows, and every entrepreneur should learn: Stay Coachable.
What does all this have to do with announcing our first keynote speaker? Simply put, everything. The exceptional speaker we are revealing has been communicating this message for nearly 40 years as a leadership guru and international keynote speaker.
We are bursting at the seams to tell you that our first keynote speaker who will grace the big stage at the 2018 PDS Super-Conference is the legendary leadership extraordinaire himself… John Maxwell!
John has become a household name and has stayed at the forefront of transforming millions of people into exceptional leaders. The core of his message perfectly aligns with PDS’ mantra: it is never too late to start living up to your potential.
How do you recognize if you are keeping a coachable state of mind?
John Maxwell has identified a few key identifiers to help you understand what makes someone coachable.
- Coachable = Approachable | Someone that is coachable has to have a degree of openness and acceptance; they have to be willing to listen to things they may not want to hear, but they need to hear. They have to be willing to actively listen and apply knowledge without bias on where the idea came from.
- Learn-it-all’s, Not Know-it-all’s | As the saying goes, if you are the smartest person in the room, you’re in the wrong room. If you’re running your business without consideration to the type of value others can bring to the table you are missing out on a wealth of information. Closing your mind to the knowledge and ideas others bring is equal to shutting the door on growth.
- Shifting Gears: The Lynchpin of Leadership | The challenges will never stop, if you’ve been in business for more than a day, you’ve likely picked up on that lesson. What’s the key to managing it all? Shifting gears. Taking a critical look at yourself is just as important as taking an objective and analytical look at the situation. After all, is it possible that you could be the problem?
When we say that the PDS Super-Conference is the most important pharmacy business conference of your career, we aren’t exaggerating. The show we produce is a direct reflection of the PDS core values and is tangible in every aspect of our conference.
If you are a pharmacy owner, manager, employee, or in the pharmacy industry, you owe it to yourself to experience this conference that attendees have been calling year after year “transformational,” “magical,” “breakthrough.” You get the idea.
Don’t believe us? See the results yourself. Join us in Orlando, FL on February 21-23, 2019. You will not regret it!
Independent Pharmacy Owners Deserve to Thrive
The PDS Super-Conference is unlike any other pharmacy conference in the industry. Over the course of our 3-day event, you will discover groundbreaking innovations, exclusive exhibitors, and keynote speakers that will empower and inspire the best in you and your team. Click below to learn more and reserve your place among the industry’s elite.