PHARMACY CASE STUDY

Creating New Revenue Streams

Kirkwood Pharmacy Group

Multiply PDS Investment, Making Life Easier, Business More Valuable

Location: 16 locations throughout Missouri, Illinois, Indiana
Years in business: 17

2

Years with PDS

PDS Training
Attended


The ABCs of PBM Billing
Sync Rx

PDS Strategies Implemented


Analytics
Clinical Services
Diversification
Team Engagement
Board of Directors

I think we have to think about ourselves as not just a dispensing box but a healthcare provider and retailer. That mindset shift is a big one. We are more than just ‘here’s your prescription; have a nice day.’

Eric Schreiber
Owner

  • Controlling Margins with Analytics

    When Eric Schreiber first came on as owner in August 2017, he started looking for ways to control their own margins. As a guest of the 2018 PDS Super-Conference, Eric saw a huge opportunity with Analytics and took it. He became a member in July and now Kirkwood has ways to control their margins and find higher-margin drugs, higher-margin substitutions, and add-ons to enhance the margins. When you look at the PDS membership investment, they’re delivering an 8:1 ROI. “It’s definitely paid for itself, and it’s helped improve or hold our gross profit margin.”

  • Creating Competency to Enable Capacity

    The Kirkwood Group spent a lot of time getting their pharmacists to start looking at opportunities. They wanted them to understand they are responsible for the bottom line. Eric credited their PDS Coach, Elaine Ladd, on assisting with the coaching of pharmacists on the right behaviors that will unlock their ability to reach their goals. They focused on items such as; what’s taking up a lot of time? Where are the inefficiencies? How do you engage your staff? Now, each store is aware of expectations and what they are working towards.

  • Moving Beyond Dispensing

    The Kirkwood Group is creating a guided path into non-payor revenue streams. Close to 98% of their sales are tied to PBMs and prescriptions. They plan to focus on bringing new non-Rx profit opportunities to the stores but realize you must first listen to the pharmacists, then train and educate before rolling out new initiatives.

    Eric feels that Kirkwood will need to rely more heavily on things such as nutrient depletion and CBD oil. Just recently, they launched CBD across all stores and held a holiday competition of who can sell the most between black Friday and Christmas Eve, creating sales and team engagement.

“I think within Analytics is where you can get your ROI. I think there’s a lot more to PDS membership, all of which I’ve been super impressed with, but I see Analytics as the bread and butter.”

“PDS has had a positive impact on our culture. People want to know what is expected of them and I think our teams enjoy working together to meet their goals. Everyone is engaged, and they are having some fun doing it. We have an amazing team that works their tails off. I am lucky to work with each one of them.”

Ready to discover new opportunities like Kirkwood Pharmacy Group did?

Let’s talk about how PDS can help.