Through a unique blend of business coaching and training, Pharmacy Development Services has a track record of producing some of the most groundbreaking and results-driven pharmacy teams in the industry. In fact, the average new member sees a 12.1 return in their PDS investment by implementing just one or two of our profit-focused programs.
In an industry where many pharmacy owners are discouraged by shrinking margins, increased competition and legislation, PDS Members are excited for the future. They’re investing in their businesses, and especially their teams, to gear up for significant growth.
In fact, PDS Members…
- Practicing Bedside Delivery report earning an extra $85,000 in annual profits.
- Synchronizing just 100 patients are increasing their annual fills by 2,000, which is an average annual profit of $20,000 (PDS Members average 350 SyncRx patients
- Performing 10 Annual Wellness Visits per day for two days a week for 50 weeks a year is adding $175,000 in revenue annually.
- Selling high-end supplements average $18,000 in front-end profit annually.
But they’re not just implementing a task list given to them by their PDS Business Coach and Performance Specialist. From pharmacy leadershipfront-end salesfinancial literacy, they are also investing in trainings for themselves and their employees.
Do those results sound irresistible to you? We thought so. The good news is that we have a handful of trainings on the schedule that you can attend! We asked PDS’ VP of Training and Development, Kelley Babcock, to tell us her top training picks for the Summer and Fall 2017.
Kelley Babcock’s Top 4 Pharmacy Training Courses for Summer/Fall 2017
My recommendations truly depend on your goals as an owner for 2017. You want to make your training decisions based off of your store’s vision and objectives. Trainings and workshops are powerful tools to aligning your team with the culture you desire and synergistic in achieving your store’s overarching goals.
Clinical Services Profit IgnitorIf one of your key focuses within the business is to generate increased profit, I would highly recommend the Clinical Services Profit Ignitor training that’s happening on October 27 – 28, 2017. Our trainers will show you how to integrate your clinical pharmacists into physicians offices so you can generate additional revenue from the visits alone, plus offer upsolutions and drive new business to the pharmacy. You’ll receive all the tools and resources need to set up shop in the offices immediately.
Advanced Leadership and Leadership 3.0
(August 25-26, 2017). We’ve seen hundreds of owners benefit from our leadership trainings by not only attending themselves, but especially with their mid-to-higher level team members.
Advanced Leadership focuses on self-awareness skills that will transform the way managers lead their teams, how to implement change effectively and maintain sustainability for positive, long-lasting results. Leadership 3.0 is the next level to Advanced Leadership and focuses on inner trust, followed by trust with your team and customers. Studies have show a correlation between low trust and a high cost to business and your bottom line. Leadership 3.0 is where you will learn to make business decisions with confidence!
With their newly-trained senior staff, owners can begin to feel confident about handing off tasks that usurp their time and can then focus on other areas of business growth, without their focus being scattered across many different programs.
SyncRx+ Intensive and Synchronization Bootcamp
If your team hasn’t started a medication synchronization program yet, or isn’t seeing the results you hear other pharmacy owners discuss at trade shows, the PDS SyncRx+ IntensiveSynchronization Bootcamp is your catalyst to quick implementation and getting 300+ patients enrolled.
During the two-day SyncRx+ Intensive (September 15-16, 2017), you will receive the training, policies, procedures, and templates to implement a robust and successful synchronization program in your pharmacy. We will cover the best practices in performing the SyncRx+ process and MTM opportunities. You are given everything you need to get this program up and running in your pharmacy.
With each training of SyncRx+ Intensive, course facilitator, Jason Turner, PharmD, has identified what pharmacists and technicians need the most to implement a synchronization program successfully. Incorporating slides, activities, and videos into the training are all key elements, but the lynchpin to achieving the greatest level of success is watching the process live in a pharmacy. At the SyncRx Bootcamp, Jason invites attends to step into his pharmacy to see the Synchronization process and his two-workflow system in action with the goal of each pharmacy learning how to process 50-60% of their prescriptions through synchronization.
Register Your Team for Pharmacy Trainings Anything is possible with a properly-trained team. Even with the best business plan and intentions, a pharmacy cannot be run by one individual – it takes a team. And wouldn’t you rather have a strong and truly engaged superstar team firing on all cylinders versus stagnant results?
Review all of the PDS Training programs and register at www.PharmacyOwners.com/Training.
Or, if you’re still not convinced in the impact pharmacy trainings can have on your pharmacy’s bottom line, download our new eBook: Pharmacy Training – A Practical Guide to Creating a Superstar Team
In this FREE eBook, you’ll learn about…
- Employee engagement and the impact it can have on your business
- Identifying key characteristics to build a superstar team
- Disengaged employees, the key indicators, and the negative impact on your business performance, profit and the connection between the two
- Leveraging professional training programs
- Training courses, workshops, and webinars exclusively available to the pharmacy industry
Lack of patient adherence is a struggle for many pharmacies that rely on dispensing medication to improve their customers’ health and keep the lifeline of scripts flowing. But there are ways to flip the tables on the conventional dispensing model and build a reliable return.
If you attended PDS 2017, you may remember a presentation from PDS Member, Jason Turner, about the substantial benefits of implementing a synchronization program for both patient and pharmacy. The program he presented will significantly impact adherence to deliver better care and help with the CMS Star Ratings system.
Jason recognized a need for enhancements when he noticed that with his existing SyncRx program, he saw significant improvement in adherence quality measures but only saw limited improvement in ACE/ARB and high-risk medication quality measures, which are core components currently in the Star Rating System.
He responded by creating an add-on to the SyncRx program that enables a quarterly Comprehensive Medication Review (CMR) for each SyncRx patient. This identifies intervention opportunities and creates better patient outcomes all while developing the clinical abilities of the pharmacy team.
Today, he is the leader and developer of PDS’ SyncRx+ Program and activist in patient care and outcomes. His MTM-focused enhancement to SyncRx into a full-blown, turnkey SyncRx+ program is available to any pharmacy who is interested in implementing this successful service.
Sync or Sink
If you’re interested in learning more about the program that’s so important, it is one of our few open enrollment training courses, you’ve come to the right place! Now you can watch an Insider’s Guide on-demand session that gives you the run-down on the program and benefits. It is facilitated by Jason Turner and Dr. Nicolette Mathey, PDS’ resident Clinical Services Director.
Watch the On-Demand Webinar by clicking here or below.
Anyone who manages an independent pharmacy knows how intractable the challenge of inventory management can be, whether perpetual or not. Cycle counting, managing C-II logs, order point adjustments, and tracking expired stock are among the labor intensive processes that can drastically impact the profitability of your business. How can a pharmacy with competing demands on technician and pharmacist labor keep perpetual inventory without a significant time investment?
You can hit a “profitability home run” by maintaining accurate perpetual inventory that can reduce the overall inventory carry, minimize stock-outs, and enhance the overall standard of patient care. The problem is one of automation—how can a pharmacy with competing demands on technician and pharmacist labor keep perpetual inventory without a significant time investment? How does a pharmacy balance profit vs. cashflow?
The current model for keeping perpetual inventory should be well-known to anyone who manages daily operations in an independent pharmacy:
Manual Perpetual Inventory Management Cycle
The end result of these processes is, hopefully, accurate perpetual inventory. But the major drawback is the amount of time investment required to have someone cycle count, manage par levels and reordering, check in totes against a manifest, and physically place bottles on shelves. And if someone calls in sick, or it’s a busy Monday and there’s no time, or a technician forgets to cycle count, it can quickly become extremely difficult to keep up with the management cycle. The result is often the “garbage in, garbage out” problem, which is the tendency of manual inventory systems to drift over time, leading to inaccurate data, which in turn causes stock-outs, incorrect order quantities, and ultimately poorer customer service this crushes cashflow and suppresses profit.
Automating the cycle eliminates the problems inherent in the manual process, and is now finally achievable with the introduction of the RxSafe 1800.
Automated Perpetual Inventory Management Cycle
With the RxSafe System, manual processes are replaced by automation, and stock bottles are actually stored in native packaging. This video explains the basic functionality of the system in more detail. Essentially, the RxSafe system is completely unique to the marketplace and shifts the focus of pharmacy automation from vial filling to inventory management, control, and efficiency. The time you save will allow you to pay closer attention to money-making opportunities, adherence programs, pharmacy services, and patient consulting, to name a few.
Add Datarithm to your RxSafe and realize the complete automated perpetual benefit from the cloud! Datarithm’s innovated features include: automated demand forecasting, order point updates, inventory returns and transfer recommendations, along with advance analytics in easy to understand reports. Datarithm’s customizable inventory solution adapts as your business changes ensuring you have what is needed, in the proper amounts, secured in your RxSafe!
Check out our FREE webinar with RxSafe to learn more about what automation can do for your pharmacy’s inventory. Being able to get a handle on this vital side of the pharmacy business will pay dividends down the road.
Your Roadmap is Waiting
When you attend our Super-Conference, you’ll notice that one of our beloved traditions is to recognize the PDS members who have shaken the ground in their success in the last year. These are pharmacy owners who, in one short year, have claimed their success over a variety of struggles. Be it cashflow issues, cultural deficits, financial decline, stagnation — you name it, these owners have come out on top.
Have you ever wondered how successful pharmacy owners have managed to bet against the house and win? Well, we have your roadmap, and it’s easier that you think! You just have to come and sit at the table.
Hundreds of your peers can attest to the success they’ve achieved. We have proof in what your peers are saying and in hard numbers. This is the real deal and we have a guarantee to back it.
If you want to learn more about the PDS Super-Conference, watch the video below as our very own Nicolette Mathey, PharmD and Pharmacy Expert shows real success from real pharmacists… and how their success is your gain!
Watch the video below!
The PDS Super-Conference is the pharmacy event of the year that is guaranteed to change the way you run your business. Join us for the next event in February! Click below for details.
Exceptional customer service is essential for customer satisfaction and retention in any industry, and it holds especially true for pharmacies. While many of the national chain pharmacies offer the same services as you do, your pharmacy can provide your customers with more. Your pharmacy should be more than a place where you fill prescriptions, it should be a place where your customers know they are your neighbors and feel valued. Having a well-defined customer service strategy in place can not be an afterthought if you want to stay competitive.
Here are a few simple ways to ensure your customers are receiving top-quality service:
Tip #1: Train Your Employees
Your customer service process will never succeed without good people behind it. Hire talent with great people skills and help them improve through ongoing training. Employees that are personable, positive, friendly and have the right skill set will take your company further than you can imagine.
Tip #2: Listen to Your Customers
Excellent customer service is more than what you say and do for the customer. It also means giving them a chance to make their feelings known. With today’s technology, this can be easier than ever. Listen to what your followers are saying on social media and respond accordingly. If you’re getting more than one person with the similar comments, chances are many of your customers may be feeling the same way.
Tip #3: Admit Any Wrongdoings
Going above and beyond to resolve an issue is especially important when a customer has a complaint or a problem. There are many ways of showing the customer you care. When a prescription has been delayed, what should you do?
- Call the customer personally with an update on the status of the order and expected completion time
- Offer a small discount
- Send a note apologizing for the delay after they have picked up their medicine
- Include a gift card for an over-the-counter purchase
Tip #4: Show Your Customers That They are Valued
Nowadays, customers have more choices than ever for where to get theirprescriptions filled. Automating the “thank you” process using email and other digital message delivery systems is certainly easy, but it lacks the personal touch of a birthday card or hand-written message your customers appreciate. This is an excellent way to differentiate your independent pharmacy from big corporate giants.
Customer service is an integral part of owning a pharmacy and should be seen as a key component of running your business. Your most vital assets are your customers, and there are countless ways to provide them with extraordinary customer service.
Prescriptions may be the number one reason customers come into your pharmacy, and they are definitely one of the biggest revenue sources, but it’s vital for your business to boost non-prescription sales as well. In recent years, the profit margins of prescriptions across the industry have been dropping while margins for non-prescription or front-end products remain consistent and strong. Non-prescription merchandise can be an important source of revenue and maximizing your retail sales might be just as important as selling prescribed medications. Here are seven strategic ways to entice customers to make non-prescription purchases and ultimately boost your pharmacy revenue.
1. Study Market Research
Just because you like a particular product doesn’t mean everyone else does too. Don’t rely on your intuition to figure out the best ways to grow your non-prescription sales. Review data and research to determine which over-the-counter and retail products are hot. A study by Hamacher Resource Group (HRG) found that pharmacists assumed that diabetes products ranked as the fourth most-shopped non-prescription category, but point-of-sale data revealed that diabetes products actually ranked 15th. Also, review your sales figures to see which product categories are most popular with your customers and take steps to make these products easier to locate in your pharmacy.
2. Use Your Pharmacy’s Floor Plan to Your Advantag
The layout of your pharmacy can impact how to most effectively display your retail merchandise to generate more sales. Some areas of your pharmacy probably receive more foot traffic than others. For example, areas next to the prescription counter and aisles leading to the checkout registers tend to be higher in traffic. Rotate products in and out of these areas and at the end-of-aisle displays to determine which items see increased sales in these highly visible locations. Testing different floor areas will give you a good idea about where your pharmacy’s prime real estate is located. Moving merchandise around will also help keep your store fresh and current for your customers.
3. Train Your Team to Cross-Sell and Upsell
Your pharmacy staff is your most important asset. Coach them to both build relationships with customers and make relevant product suggestions. Train your staff to be helpful and ask customers what products they are looking for so they can easily find what they came into your store for. Your team might be able to recommend alternative or complementary products. It can also be helpful to hold weekly team meetings to inform your staff what inventory needs to be moved, marked down or removed.. Perhaps hold a contest and reward staff members that upsell the most products each month. For more information on upselling non-prescription products please read our blog post, 7 Ways to Upsell Your Pharmacy Customers
4. Build Strong Customer Relationships
According to HRG research, consumers who have established good, trusted relationships with their pharmacy are more likely to return compared to visiting stores where they don’t have a personal connection. Your talented team is capable of creating an atmosphere of comfort and trust so be sure to train them to engage with customers and establish personal relationships whenever possible. .Guide your staff to recognize repeat customers and greet them by their first name or ask questions about their families, work or pets. Everyone appreciates a personal touch.
5. Stock Related Products Closely
Knowing how products relate to each other can help your pharmacy increase retail sales. For example, people who are looking for a knee brace may find it helpful to also purchase joint cream or customers with a cold might be looking for a box of tissues. Display related products next to each other, so your customers can easily find what they are looking for. And don’t forget to use your pharmacy floor plan to help you determine how to position related products for maximum sales impact.
6. Be Your Own Secret Shopper
Forget everything you know about your pharmacy and walk through the doors as a secret shopper. Walk the aisles with a fresh eye and ask yourself if things look inviting. Would you continue to shop in this store? If you are hesitant, it may be time for some changes. Updating your decor, brightening the lighting, or adding a fresh coat of paint will go a long way in providing your customers with a pleasant shopping experience.
7. Service That Sizzles
It doesn’t matter if you run a pharmacy or a ditchdigging company, everything begins and ends with customer service. Offering truly exceptional service is one of the best ways you can boost merchandise sales at your pharmacy. Ask the question, “Is there something we could do to improve your shopping experience and if so, what would it be?” This not only shows that you care what they think, but also allows you to get direct feedback to inform your team and implement changes.
A pharmacy is so much more than just a place to fill prescriptions. It’s a place where people can find convenience products, supplements, food, souvenirs and other household items. Knowing the most effective ways to increase sales of these items will pay off with a healthybottom-line for your independent pharmacy.
Looking for more ways to stand out from the crowd? Download our free eBook, 3 Innovative Ways to Compete in the Pharmacy Market
Last night I saw something truly frightening on TV. It wasn’t a scary movie or even something terrible on the news. It was actually a commercial. A commercial where a drug company was touting their new program allowing patients to fill their prescriptions online, directly through the manufacturer’s website. One more facet of competition for independent pharmacies already fighting to thrive in an environment where they already face competition at every turn.
Of course, I mulled over this different form of competition all evening, wondering if this will become a major trend and pondering how an independent pharmacy can effectively combat drug manufacturers trying to take a bigger piece of the pie. I tried to think about how many people would actually use a service like that, rather than going to their local pharmacy. I suppose only time will tell whether this is a trend that will catch on or whether it will eventually fizzle out but personally, I think that there are a number of things that give independent pharmacies an edge, not only in this situation, but over box stores, chain grocery store pharmacies and many more forms of competition.
The most successful independent pharmacies that I have had the opportunity to work with seem to embody everything that box stores aren’t. Here are the three top things I notice about some of RMS’ most successful customers.
1) Their patients are more than names on a label
Our customers are extremely busy during the day, so when I speak with pharmacies, I’m always conscious that I’m probably interrupting something. So I definitely don’t mind being put on hold for a while or the pharmacist setting the phone down for a few minutes to handle something else. More often than not, the pharmacist, pharmacy manager or technician will ask me to hold on for a moment, simply to greet a patient that’s come in. I hear them greet the patient by their name, ask how the kids are, or how work is. That personal relationship can help to solidify a customer’s loyalty to your pharmacy and it’s something no one is getting from the box store down the street.
2) They consider their patients overall health as their responsibility
Independent pharmacies are more than just a place to pick up prescriptions. It may be what gets a customer through the door the first time, but it isn’t what makes them stay. Successful pharmacies try to engage their customers to work with them on disease state management and be a part of their healthcare team, rather than assembly line prescription filling. Instead of hold music, I often hear custom greetings, inviting patients to take advantage of programs to better their health such as smoking cessation or weight loss.
3) They use technology to its fullest advantage.
There are vast array of different technology solutions out there to allow pharmacies to achieve their goals. Being aware of and comfortable with new technology options for pharmacy systems, point-of-sale systems, robotics, IVR and more makes sure that your pharmacy stays on the cutting edge and helps you project a modern, professional and efficient image to match the above and beyond service that your pharmacy provides. In 15 years working exclusively with independent and institutional pharmacies, we’ve found that the right technology can make the difference and truly help a pharmacy to thrive.
While these 3 qualities are by no means all-encompassing when it comes to what makes a pharmacy successful, they definitely are a key component of that overall success. What do you think? What helps your pharmacy to flourish with every increasing competition?
While upselling is often perceived negatively, it can make a whole world of difference when making your pharmacy extremely profitable. Upselling shouldn’t be seen in the same light as a shady used-car salesperson, it should be perceived as a way of giving customers additional solutions that help them solve for their needs. Yes, upselling is designed to give your pharmacy a boost in sales and, if implemented correctly, it will also help your customers.
The goal should be to always help the customer find a solution to their shopping and pharmacy needs. Here are 7 upselling tips your pharmacy can utilize to help customers and boost your revenue. Continue reading “7 Ways to Upsell Your Pharmacy Customers”