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. Nido Qubein, one of the keynote speakers at the 2017 PDS 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 PDS 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 HERE for details.
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 Analytics For Pharmacy owners
We have said this countless times before; pharmacy owners play an unfair game. This isn’t just a maxim we tout to tug at your emotions. The unfair game is the core of why we wake up every day to champion pharmacy ownership. If you think you’re doing okay or getting by just fine, check out some of our pharmacy owners who are nailing data analytics among other strategies and winning the game.
Our winning strategy for lasting success is and always has been, an introspective one. The chances are that any deterioration on the outside will indicate a decay within. What is the first thing you look at when you start assessing your pharmacy business opportunities? Your team, customers, pharmacy data, financial statements, even yourself, should all be audited and tested to bat.
This is why our PDS2017 Keynote speaker is so relevant to our cause.
Paul DePodesta Has Made His Name Creating Actionable Strategies
Based on Data Analytics
During the show, he will get attendees to rethink how their system works by asking what Paul calls the naive question, ”If we weren’t already doing it this way, is this the way we would start?” By applying an analytics-driven mindset to common pharmacy issues, Paul will help PDS Super-Conference attendees rethink:
- The idea that prescription volume equals pharmacy profits. Would you rather fill 100 scripts at $5 each or two scripts for $250?
- The tools of the trade. Would you rather keep guessing at who your best customers are or experience tools that will revolutionize the way you visualize your data to target your plan?
- The resolution that pharmacists must accept any customer and prescriptions that walks through the door. Wouldn’t you rather control where you get your profits instead of being at the mercy of the cash register?
For those unaware of why Paul is a results-driven analytics titan, he is the inspiration for the Moneyball Methodology used in the major motion picture “Moneyball,” starring Brad Pitt. Sound familiar?
He served as Assistant General Manager of the Oakland Athletics from 1999 to 2003. At the time of his hire, Oakland was one of the worst teams in the league, coming off of six losing seasons while posting one of the lowest payrolls in baseball. In an industry entrenched in ingrained thinking and outdated systems, the stagnant team needed the unique management and creative approach that A’s GM Billy Beane and Paul DePodesta brought to the table.
By Paul’s final four seasons in Oakland, the A’s won more regular season games than the New York Yankees, who during the same period spent $350 million more on player payroll than did the Athletics. By his unique approach and commitment to leverage data to maintain a level of unimagined success, he and Billy Beane revolutionized the way baseball teams are built. His work has been recognized by various publications, including Fortune, who named him one of the Top 10 innovators under 40.
At PDS Super-Conference, we’re not just going to make you more money. We’re going to revolutionize the way you see your pharmacy to get you fast results you have never dreamed were possible. Pharmacy data analytics is available to the independent industry and PDS is helping owners stay competitive in an increasingly challenging business landscape.
The hundreds of pharmacy owners and staff members who graced the stage and sat in the audience sharing ideas and plans are what made PDS 2016 unforgettable. Our growing network of leaders in independent pharmacy is powerful enough to transform the industry. Our award winners, Showcase of Success presenters and panels of experts shared success stories related to everything from synchronization and pharmacogenomics to clinical services and team management. Continue reading “3 Takeaways from the 2016 PDS Super-Conference”
PDS Announces All-Star Lineup for 2016 Business Growth Conference in Orlando
Every year, PDS visionary, Founder, President and CEO, Dan Benamoz, personally selects the most impactful keynote speakers, topics and exhibitors to join us in Orlando for the annual PDS Super-Conference. The 2016 lineup is our best ever with business gurus and trailblazers slated to speak on topics like team leadership, pharmacogenomics, wealth management, pharmacy sales and marketing.
A special invitation from Kevin O’Leary of ABC’s Shark Tank:
Independent Pharmacy’s Premier Event
Every day is filled with difficult choices, but choosing which industry event to attend should be easy. The 12th annual Together Toward Tomorrow Independent Pharmacy Business Growth Super-Conference is right around the corner. From February 25-27, 2016, our nation’s most successful and up and coming pharmacy owners will come together to learn compelling solutions and new executable ideas that will set the stage for continuous growth in the year ahead. Today, more than ever before, we must possess the ability to foresee and welcome industry changes as they come – armed with the solutions that will help us win. With that in mind, here are ten reasons you should attend pharmacy’s main event, PDS 2016.
1. Three Eye-Opening Days
The 2016 Super-Conference is unlike any industry event you’ve ever experienced. For three days, you’ll step into a space that will give you the right tools to generate ideas and strategically plan your business operations in a way that can’t be done anywhere else. We will dare you to think bigger and better than you ever have before, to seek opportunities and challenge the status quo.
2. Ready to Implement Ideas
What small change can you make that can pay huge dividends right now? The concepts presented at this event will teach you how to operate your business from the position of clarity and control. Our speakers will share their strategic leadership, business management, finance and marketing tools to set the groundwork for your very own robust business model. They will inspire empowered financial decision-making through every stage of the business life cycle.
3. Inspirational Speakers
We’re bringing luminary speakers from pharmacy business management and beyond to inspire you, help you infuse new ideas into your business and provide insight into how you can keep your money where it belongs – in your pocket! Click here to learn more about the 2016 lineup of keynote speakers, which includes Kevin O’Leary from ABC’s Shark Tank.
4. No Clinical Programming
We know that you don’t need another course on diabetic footwear. At the PDS Conference, topics include wealth management, pharmacy leadership, employee development, customer service and culture, increasing pharmacy sales and pharmacy marketing… just to name a few. If you don’t walk away with at least five executable money-saving and money-making ideas, you weren’t listening.
5. Leading Industry Vendors
Connect with the 100+ world-class exhibitors who will deliver state-of-the-art automated pharmacy systems and services that will refine your operations and propel your business into the high-quality profit machine you have always envisioned. Each vendor is cherry-picked for quality and has the PDS stamp of approval.
6. The Best Networking in the Industry
You are the company you keep. Interact with the top 20% of pharmacy owners in the country and connect with the most progressive minds in the business. Year after year, participants have said that the value gained from lasting connections alone justifies the trip. You will learn what other pharmacy owners have been doing to become more profitable. Plus, who can resist a chance to unwind and socialize in Florida’s warm weather?
7. Access to Competitive Strategies
The pharmacy industry is ever-changing, from health care regulations to public opinion. In a world in which knowledge is power, what you don’t know CAN hurt you. The 2016 PDS Conference will unravel key data points that will show you how to drive your strategy, soothe your fears about the future, and give your pharmacy a competitive edge.
8. PDS Membership Test Drive
PDS16 is your chance to get up close and personal with current PDS Members and learn about Members-only programming. PDS Performance Specialists and Business Advisors will be giving demos, sharing tips and answering questions. The PDS team will be delighted to share the mechanics behind our unique training programs and the secret sauce that has caused our Members to earn up to 70 times return on their membership investment.
9. Online Speaker Sessions
Over the past twelve years, our keynote speakers have made dozens of groundbreaking presentations. As an added bonus with this year’s Conference registration, you will gain access to 10 brilliant speaker sessions from year’s past. In the weeks leading up to the event, you will have the opportunity to jumpstart your progress by listening to these sessions online.
10. Free Companion Pass
We encourage conference attendees to help spread the word about amazing innovations available for independent pharmacies. Each ticket includes an extra admission for anyone who is interested in gaining a better understanding of the nature, goals and challenges of our industry ($1,795 value). Bring another pharmacy owner and help us move Together Toward Tomorrow.
What changes will threaten your business this year and next? What new revenue and profit opportunities are you missing out on? There is only one way to make sure you are in the know. Register for the most crucial event you will ever attend for your business. Still on the fence? Contact us with your questions.
Never underestimate the power of networking! It may sound too good to be true, but investing the time to speak with like-minded professionals truly has the power to transform your business. That is why Make Networking a Priority is number 2 on our list of 5 New Year’s Resolutions for Pharmacy Owners in 2016.
Take PDS President and CEO, Dan Benamoz, for example. He attends industry events year-round and always comes back overflowing with new ideas from presentations attended and friendships formed. Whether it’s a profitable new business relationship or a revolutionary program for motivating staff, the benefits of networking are endless.
Why Does Networking Matter for Independents?
When you spend time with industry leaders, you have the opportunity to eliminate trial and error by hashing out your plans with those who have already implemented similar concepts successfully. Taking advantage of the opportunity to network with other pharmacy owners could save you countless dollars and hours. When done properly, you will build a supportive community of professionals who provide motivation and encouragement when you need it most.
Here are three easy tips to help you get started right away.
- Develop a Strong Introduction.
Be prepared to deliver an elevator speech that is impactful and concise. You will want to communicate who you are and why you are at the event, with enough information to keep the conversation flowing. You may also want to prepare a few questions you can use as conversation starters.
- Manage Your Expectations
When it comes to networking, a little preparation can go a long way. Before heading to the main event, take time to find out who will be in attendance and establish reasonable goals for yourself. For example, plan to meet ten new people and distribute five of your own business cards. Don’t forget that one high-quality conversation is more beneficial than twenty brief introductions.
- Practice Often
Networking is a skill that improves with experience. Even the most outgoing pharmacy owners can be slightly nervous when testing out a newly crafted elevator speech. The more you network, the easier it gets, so get started now and practice often. Attend pharmacy trainings in your area, get involved with your state association and register for the most impactful industry conferences.
The #1 Networking Opportunity for Independent Pharmacists
As an independent pharmacist, it’s easy to discount the fact that you are part of a large, impressive community, which is why networking with peers has proven to be an invaluable tool for thousands of pharmacy owners just like you. Make 2016 easier and better by spending time with other independents at the 12th annual PDS Conference. It is a ruthlessly fact-based, what’s-really-working-now event exclusively dedicated to building strength and security in your business and for us all as a collective, today and tomorrow – in a fast-changing healthcare, retail, and e-commerce environment, where the “slow” will die fast!
Business achievement often comes down to focusing on your strengths, while working to improve your weaknesses. If you happen to be more shy or introverted than the typical charismatic entrepreneur, don’t worry! Whether you enjoy it or not, networking is vital to the success of your independent pharmacy and with a little practice and preparation, you can become a networking guru. If you’re nervous about an upcoming conference, lunch meeting or party, experiment with these tips.
Manage Your Expectations
Rather than approaching your next social event with fear, manage your expectations by planning ahead. Before heading to the main event, establish reasonable goals. For example, you may determine to meet ten new people and distribute five of your own business cards. Remember that one high-quality conversation is more beneficial than twenty brief introductions.
Practice Your Introduction
Shy people have a more difficult time starting conversations with strangers, but a small amount of preparation can make a big difference. Develop a memorable introduction, also known as an elevator speech, to describe who you are and why your pharmacy is special. You may also want to prepare a few questions you can use as conversation starters. Research the event to find out who will be there and what their interests are, so you will be prepared to discuss relevant topics.
Set a Time Limit
If you are especially nervous about a particular event, plan to stay for a short time only. Instead of planning to stay for the duration, start small by committing to one hour. Showing up is the first step. You may surprise yourself by decidingto stay longer.
Networking is a skill that improves with experience. Even an extrovert can be slightly nervous when testing out a newly crafted elevator speech. The more you network, the easier it gets, so get started now and practice often.
Introverts draw energy from being alone, so taking breaks can help immensely. Next time you feel drained at an industry event, return to your hotel room, go for a walk outside or find a quiet spot in the lobby to decompress. No matter what, do not let a fear of networking hold you back. For introverts and extroverts alike, the advantages of networking far outweigh the risks.
Every year, pharmacy owners of every kind attend the industry’s main event and report that it’s the most valuable thing they do for their business all year long. Don’t miss the opportunity to network and learn from America’s best pharmacy owners at the Independent Pharmacy Together Toward Tomorrow Conference. Tickets are now available.
At Pharmacy Development Services, Thanksgiving is an action word. In this time of gratitude, we are thankful for so many wonderful things!
First and foremost, we are thankful for the great opportunity to lead our devoted community of pharmacy members on their path to success. As John Quincy Adams once said, “If your actions inspire to dream more, learn more, do more, you are a leader.” We truly appreciate our members and the confidence you have placed in us.
We are thankful for our team. Throughout the years, we’ve developed strong bonds with each other and in this process, we have grown tremendously – both professionally and personally. By organizing priorities, setting realistic goals and motivating each other, we’ve developed a strong sense of accountability and created a great culture that inspires and leads independent pharmacy owners across the country.
We are thankful for the leading industry partners that propel our members’ businesses into successful, high-profit organizations, capable of implementing solutions to better serve their communities and reap the rewards of pharmacy ownership.
We are thankful for the economy that continues to improve, allowing pharmacy entrepreneurs to have the ability to pursue their dreams, which not only supports our efforts but also the economies of many local communities that our members serve.
We are thankful that the pharmacy industry continues to motivate us to be the best in our field by continuously evolving and presenting challenges that help us determine successful business strategies that propagate success for many independent pharmacies.
We are thankful for you, the Pharmacy Enterpreneurs who inspire us every day to forge the change needed to keep the industry moving. Through your courage to wake up every day to serve your communities, you keep us striving to fight for an industry that we want, rather than the industry that is given.
Together, we can make 2015 the best year of pharmacy and together, we can pave the way toward tomorrowWe wish you a lovely Thanksgiving and a joyous holiday season!
What are you grateful for this Thanksgiving? Let us know in the comments!
Interested in learning more about how we can help your pharmacy grow? We are happy to offer an advice!
Today’s pharmacies are at a significant crossroads between the conventional drug-dispensing identity of the past and a pioneering clinical role with health care provider status. For the past several decades, the concept of “provider status” has been tossed around at every pharmacy school, pharmacy association meeting and pharmacy work site. Provider status is frequently discussed at networking events, so you may be asking yourself “Is it really vital to our profession’s survival?” The answer is a definitive yes.
How will your pharmacy practice evolve to meet the needs of the 21st-century health care system? Pharmacists’ services have begun to grow well beyond functions tied only to dispensing medications. Many of today’s pharmacists also provide such advanced patient-centered services as:
- Coordination of medications (also known as a med-sync program)
- Medication management
- Comprehensive medication reviews with ongoing medication monitoring
- Chronic disease management
- Disease education
- Prevention and wellness services
- Patient education
For patients to achieve the full benefit of their medications, pharmacists must be an integral part of the health care team. Why is it so important for your pharmacy to achieve provider status?
Help the Economy
Improving quality of life and overall health in a cost-effective manner are important goals for everyone. Proper use of medications is essential to meeting that goal, particularly for those with chronic conditions requiring complex medication therapies. According to a 2009 study, the treatment of chronic diseases costs the U.S. health care system $1.7 trillion annually, accounting for about 75% of healthcare expenses. Even a small improvement in chronic disease management would result in substantial savings for your patients. As millions of Baby Boomers age into retirement, the opportunities to decrease costs are even more important to the economy.
Keep Your Customers Healthy
The impact of medication misuse is staggering. Each year, there are more than 1.5 million preventable medication-related adverse events in the United States alone. Furthermore, the health care system incurs nearly $290 billion dollars annually in mostly avoidable costs to treat issues that arise from inappropriate medication use. Non-adherence alone results in $100 billion each year in excess hospitalizations. Pharmacists like you bring comprehensive knowledge on the useof medications for the treatment, management and prevention of diseases to the health care team. You care about your customers, so achieving provider status is just one more way to give them the best care possible.
Improve Customer Satisfaction
If your pharmacy reaches provider status, your patients will no longer need to make an appointment with their primary care doctor for simple tests related to chronic diseases, patient assessments, and disease management. Your patients will maintain their health, have a better understanding of their medications and save money. If you can provide these additional services, patients will be increasingly loyal to your business.
When pharmacists are involved as active members of the healthcare team, patient outcomes improve, they report higher rates of satisfaction, and overall health care costs are reduced. Recognition and coverage of pharmacist-provided patient care services should create more incentives for pharmacy owners to expand the services offered and integrate these services into evolving business models. Understanding this and staying ahead of the competition is vital to your pharmacy’s success.
Pharmacy ownership is constantly evolving and the best way to make sure you remain ahead of the curve is to attend the industry’s main event. You will network with like-minded industry professionals and learn about every significant change to pharmacy ownership at the PDS Together Toward Tomorrow conference.