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Expanding Your Pharmacy’s Reach Through Point-of-Care Testing

May 11, 2022/in Featured, Pharmacy Growth Strategies, Pharmacy Staff Development/by Cynthia Jean

Pharmacies were at the forefront of getting communities tested and immunized through the pandemic. Through this initiative, patients and communities saw that pharmacists’ impact on health and wellness goes beyond the pill bottle. Unfortunately, pharmacy-related COVID-19 revenue is expected to decline over the next year by 60%-70%. It’s imperative to remember that Point-of-Care Testing (POCT) opportunities are not limited to COVID-19 tests. As the industry moves forward in 2022, independent pharmacies can maintain momentum by expanding into other POCT services.

In the past, many pharmacy owners have been reluctant to expand for a variety of reasons:

Fear of how expanding services could affect relationships with providers
Doubts about patients’ willingness to pay out of pocket
Uncertainty about logistics involved in implementation

“We live in a time where there is a high demand from patients to find out what’s going on with themselves. The reality is that many primary care practitioners are struggling to meet that demand,” states Nandita Koodie, PDS Patient Care Services Program Manager.

The Impact of Point-of-Care Testing

Implementing patient care services allows your pharmacy to become a healthcare destination. A comprehensive POCT program allows patients to come into your pharmacy for a test and get help with prescriptions or other OTC solutions.

Impact on Your Patient

Establishing a comprehensive patient-care business model creates the opportunity to shift one-time customers to lifetime patients. The key is connecting through health and wellness solutions. In a 2020 retail health and wellness study, JD Power found that 75% of patients will utilize a service if their friends and family recommend it. Patients will return to your pharmacy establishment year after year for sniffles, upset stomachs, and earaches. Each time you help them, it’s likely they will tell their friends and family about your pharmacy.

Impact on Your Pharmacy Team.

Successful implementation of POCT services can’t be accomplished alone; you must lean into an empowered pharmacy team. Historically, independent pharmacies have offered scattered services. This approach results in overextended staff, an inconsistent customer experience, and inefficient workflows. Want to create an environment where employee engagement thrives? Train your staff to support and provide POCT services, and lean into your team to create workflows and systems that make sense for your operation.

Benefits of empowering your pharmacy staff include:

Techs will have an expanded role and scope in the pharmacy business
Front end workers will be more knowledgeable about OTC offerings
Pharmacy staff will be proactive about identifying patients that can benefit from services

Eventually, your staff will be the driving force that brings your vision of a comprehensive POCT program to life.

Impact on Your Pharmacy Business

Pharmacists can do more than fill prescriptions. When you are thoughtful and selective, your POCT services can become a niche that differentiates your business. Showcase your clinical strengths and customer services to attract patients.

Your goals should be:

Creating a more sustainable means for generating revenue
Shifting from volume or product-focused to value-based care
Differentiating your business by creating a solutions niche

What’s Involved in Implementing Pharmacy Point-of-Care Testing

PDS has done the heavy lifting to identify areas you need to consider as you establish or expand your POCT offerings. A properly designed program can improve the lives of your patients and create a lasting partnership with the medical providers in your area.

Pharmacy Workflow – Getting Efficiencies in Place

Implementing a new initiative in your pharmacy means organizing new workflows to maximize the strengths of you and your team. You’ll have to consider a process for patients to fill out paperwork and shift to a more appointment-based pharmacy model for some of these services. As you develop workflows to expand, consider the following questions.

How will you manage walk-in patients?
Do you have a system to make appointments?
Where will patients wait?

Community Health and Wellness Needs

Start by focusing on your customers. The key to successful expansion is finding your pharmacy niche. Look for demographic-specific patients to serve through comprehensive care services. You can begin to identify opportunities by using any data in your pharmacy system, or by even asking patients.

Possible Partnership Opportunities in Your Community

Community partnerships can help to drive new patients to your pharmacy. You can also leverage community practitioners’ patient networks to grow your pharmacy business.

See it in Action: Comprehensive Diabetic Care Services

When your pharmacy implements a comprehensive care model, you will be able to thoroughly impact your patients’ health. Patients with diabetes, for example, may also need help controlling their cholesterol and blood pressure. It would also benefit a diabetic patient if you provide education on nutrient depletion and make recommendations for corrective measures. To illustrate, we’ve listed the comprehensive services that can be offered to a patient with diabetes below.

Diabetes Patient Care Track

Screening & Assessments
Continuous Glucose Monitoring
Medication Therapy Management
Compliance Packaging
Diabetes Support Services
Blood Pressure Monitoring
Grocery Walk-Throughs
Diabetic Shoe Fittings

Pharmacists, by nature, are problem solvers, and POCT allows for a more streamlined approach to resolving the health problems in our communities. If you are struggling to set up a plan, the PDS webinar on Strategic Planning along with the Patient Lifecycle Resources can help you get started.

Additional Resources to Streamline Your POCT Program

PDS offers access to various partners that can help you establish a POCT program.

Cerascreen® offers a wide variety of at-home, point-of-care test kits such as Cholesterol, Vitamin D, blood sugar, food allergies, and more. Take Cerascreen® tests at home or on-site, and the collected samples are shipped via pre-paid envelope to CLIA-certified partner labs. The test results are available online within 24-72 hours. In addition, these tests allow patients to take a proactive approach to their health by discussing test results and treatment options with their pharmacists.

Physicians 360 is a telemedicine and rapid testing company that strives to empower independent pharmacies with the tools needed to offer clinical services. In addition, this platform allows local independent pharmacies to level the playing field as more chain pharmacies begin to add in-house clinics.

Other resources available to help your pharmacy expand its POCT offerings include our Point-of-Care Testing Webinar.

Expanding your pharmacy’s Point-of-Care Testing does not have to be daunting. Planning out your POCT program with these considerations in mind will help you pinpoint your ideal patient population and which tests to offer. With the help of your PDS Business Coach, you can also use this information to begin developing an implementation strategy. It’s best to start with one or two programs and then expand. Then, as you and your staff get the mastery of new tests along with treatment recommendations, you can begin adding other tests to your list of POCT services.

Four Strategic Trends Independent Pharmacies Need to Implement in 2022

April 18, 2022/in Featured, Pharmacy Growth Strategies, Pharmacy Staff Development/by Cynthia Jean

Everyone at Pharmacy Development Services (PDS) is grateful for our conference attendees and exhibitors in Orlando this February. The last two years have brought about many lessons and takeaways. During his conference presentation, PDS CEO Chip Phillips outlined the importance of focusing on what’s next. As a result, we identified four strategic trends that you have an opportunity to embrace and use to drive your business forward in the coming year.

Strategic Trend # 1 – Overcoming the Great Resignation

Visual Great Resignation Strategic Trend You have felt the pressure of high employee turnover and burnout set off by the pandemic and The Great Resignation. In a survey of independent community pharmacists conducted by NCPA, 80% say they are having a tough time filling open positions. The first step to taking control is by creating a performance-based culture in your pharmacy business. When your team feels respected, engaged, and sees opportunities for professional development, they truly become your most impactful competitive advantage.

Attracting and Retaining Top Pharmacy Talent

PDS is working hard to address the challenges you’re facing regarding team engagement, hiring, and retention. We have partnered with key industry organizations to bring you meaningful solutions.

The Oval Group offers talent management solutions with valuable and actionable employee insight.
National Healthcareer Association® (NHA) has a suite of products designed to help pharmacy technicians and pharmacists work better together.
Parata provides automated filling options that can scale to fit pharmacies and teams of various sizes and capacities.

Taking advantage of these resources means your current staff will not be overwhelmed with pharmacy operations tasks, and you can attract more new hires that will stay.

Strategic Trend #2 – Connecting with Patients Outside of Your Four Walls

The second trend you should consider is enabling customers to do business with you whenever and wherever they choose. Consumer and shopping behaviors are changing rapidly:

Increased use of mobile and digital platforms
Higher reliance on reviews and recommendations
Shifts in healthcare access during the pandemic

Every major drug retailer has accelerated its strategy toward an omnichannel presence. It is time for independent pharmacies to do the same and allow for the patient’s experience to exist outside the four walls of the pharmacy.

Meaningful Digital Marketing Presence – Omnichannel Strategies

A well-curated digital presence must be established and maintained for your patients to engage with your pharmacy online. You may even be closer than you think. If you have a website and social media pages, congratulations – you’re headed in the right direction. PDS can work with you to expand your presence in several ways; we can:

Work with you to improve your current marketing through tips and recommendations from our pharmacy experts.
Do it for you, if you don’t have the bandwidth – we can create an effective digital marketing strategy.
Show you how to do it yourself by providing templates, best practices, and guides.

Consumers today are informed and empowered. Highlighting your pharmacy as a community healthcare destination is a non-negotiable in today’s market. Start building patient loyalty by empowering your team, personalizing customer experiences, and letting your customers be your guide.

Strategic Trend #3 – Expanding Patient Care Services

“Even with the accelerant of the pandemic, the evolution and adoption of new care delivery models is a marathon, not a sprint.” – Chip Phillips, Pharmacy Development Services CEO.

COVID-19 increased independent pharmacists’ recognition as the most accessible healthcare provider and opportunities to have a more clinical focus. Coupled with the shift from volume-based to value-based patient care, this is the time to create the healthcare destination your community needs. The strategic trend of expanding into patient care services is indisputable.

Consumers want the convenience of retail care
Practitioners recognize the potential impact on patients
Pharmacists are creating new systems and business models

Once you’ve adopted the mindset that this change is non-negotiable, the next steps are clear. Continue to nurture the core business of pharmacy, dispensing revenue – while building new revenue streams such as point-of-care testing and collaborative care practices. Your dispensing business creates opportunities to interact with patients seeking services beyond just prescription filling. With those patients, you have a captive audience to promote your clinical and patient care services.

Do-It-For-You Pharmacy Solutions

PDSconnect is a new turnkey program that creates meaningful and profitable partnerships with community health practitioners. Begin your expansion into offering patient care services and creating sustainable revenue streams outside of dispensing.

Strategic Trend #4 – Navigating Uncertainty in an Evolving Industry

Dealing with the unknown is the biggest challenge of all. The pandemic dramatically changed our industry and the impact is still unclear.

Missed immunizations and medical misinformation
Delayed care and foregone wellness visits
Changes in patient and practitioner communication
Decrease in COVID related revenue

Navigating uncertainty is a two-pronged approach. First, you must take care of your core pharmacy business. It is your foundation for building clinical offerings and nurturing patient relationships for future growth. Second, it is important to create a roadmap for improvement by leveraging your pharmacy’s performance metrics.

PDS offers an array of long-term and fast-acting solutions for key areas of your business.

Start creating a strategic plan for your pharmacy >>
Learn more about important pharmacy key performance metrics >>
Improve cash flow through effective inventory management >>

PDS is Here For You

The daily challenges of new competition, disappearing profits, and accelerating change force a critical decision: Will you compete? Or simply hang on until you either close or sell? We work with owners who decide to compete.

Discover:

How to leverage pharmacy data
A clear path to improve performance
The power of proven best practices

No longer are you going to wake up each morning worrying about cash flow, wondering if you’re missing opportunities, or hoping for the business to improve. With PDS in your corner, the game changes. You’ll take control, move forward with clarity, and win with confidence.

Inspiring Speakers | PDS Super-Conference

September 17, 2021/in All, PDS Super Conference/by pdsmarketing

February 2022 is fast approaching, and next year’s back-in-person Super-Conference is one you won’t want to miss. Join us on February 17-19, 2022, for three inspiring days focused on providing actionable solutions to the actual pressures you face every day running your pharmacy. Our inspiring speakers over the past 17 years is just part of the reason why this event needs to be on your calendar for 2022.

Revitalize and Inspire Your Team
Improve Pharmacy Profitability
Learn About the Newest Patient Programs
Connect with the Most Innovative Minds in Pharmacy

The Annual PDS Super Conference is the most actionable and impactful pharmacy business conference you can attend, so don’t miss your opportunity to realize your pharmacy’s full potential.

Note that the Super-Conference is not for everyone. For the past 17 years, we have built the premier event for independent pharmacy owners committed to growing their business through actionable content, inspiring connections, and pharmacy experts. If you’ve found yourself backed into a corner in your independent pharmacy but you’re determined not only to stay in business but to see your pharmacy thrive, then the PDS Super-Conference is for you.

As a Super-Conference attendee, you’ll be privy to exclusive independent pharmacy success strategies shared by industry and thought leaders from across the country. You’ll also hear from other independent pharmacy owners just like you who have turned their businesses around using a PDS-supported approach and the dedicated PDS coaches who work with owners and their teams to implement targeted strategies.

As we look forward to another year of growth for our community of independent pharmacy owners and their teams, we would like to highlight some of the motivational speakers we’ve had at PDS Super-Conferences in the past.

Inspiring Speakers from Past Conferences

John Maxwell

#1 New York Times bestselling author, coach, and world-renowned leadership expert John Maxwell took the stage in 2018 to talk about the Five Levels of Leadership. His thoughtful leadership principles were skillfully translated into valuable insights that helped attendees become stronger leaders in their pharmacies.

Amanda Gore

We were honored to have leadership, communication, and relationships expert Amanda Gore present in 2019. Amanda taught Super-Conference attendees how to develop a modern sales mindset, what it means to listen properly and create non-verbal connections, best practices for operating in your role as a cornerstone in the community, and how to overcome challenges and roadblocks with non-traditional revenue streams.

Tom Wheelwright

Tom Wheelwright, CPA is the CEO of WealthAbility. As a returning speaker at the Super-Conference, he advises pharmacy owners on all things tax. He discussed the new tax law and how it affects independent pharmacy owners. Tom also helps identify important tax deductions most pharmacy owners overlook.

These relevant and inspiring speakers all left an incredible mark on our audience. In fact, attendees were so captivated that 91% said they are extremely likely to attend the 2022 PDS Super-Conference to see what remarkable strategies and outside-the-box thinking the next event will bring.

All of the PDS Super-Conference keynote speakers must have an innovative mindset with the heart of an independent pharmacy owner. We seek out the best of the best with industry knowledge and expertise that translates directly into building cohesion, driving sales, and improving your pharmacy’s community reputation.

2022 PDS Super-Conference

Of course, we know the proof is in the pudding. If you’re on the fence about registering for the 2022 PDS Super-Conference, then we invite you to listen to emotional success stories from some of our members. You can access these PDS member testimonials here. The independent pharmacy owners we’ve acknowledged here have applied PDS strategies to transform their pharmacies from a place of minimal profit or deficit to a thriving community healthcare hub. You’ll hear more stories like these at the Super-Conference.

We’re currently finalizing our list of 2022 keynote speakers and we can’t wait to share them with you very soon. In the meantime, secure your seat at the 2022 PDS Super-Conference here. Tickets are on sale now so don’t wait.

Marketing Your Pharmacy: Four Steps to Get You Started

May 8, 2020/in All, Pharmacy Growth Strategies/by Marie Wilda

5 Key Takeaways from PDS 2019

April 13, 2019/in PDS Super Conference/by pdsmarketing

Every February, the most progressive pharmacy owners from across the country arrive in Orlando to spend an intensive three days working on their business. We like to say that the PDS Super-Conference is where passion meets innovation. Attendees bring the passion for providing patients with exceptional health care, and PDS brings the innovative strategies that empower owners to adapt and overcome the challenges they face in today’s marketplace, so they can best serve their communities.

This year was packed with incredible information that attendees and members are already leveraging to change the trajectory of their year. For those that weren’t able to attend this year, we have summarized the 5 Key Takeaways from PDS 2019 in this blog and in our latest on-demand webinar with VP of Business Development, Dr. Lisa Faast. Want to get ahead of the curve? Register today for PDS 2020.

Key Takeaway #1: Brand Identity for Independent Pharmacies

2019 is the year for independents to own our ‘Why.’ Pharmacy owners need to brand ourselves differently.

Consider the following questions posed by PDS founder, Dan Benamoz at the Super-Conference:

Why should people choose us over their other options?
What do we provide that is more valuable than convenience?
How do we stand above what has become the status quo, public acceptance of mediocre health care?

How patients experience your pharmacy, the recommendations they get from you, and their other healthcare providers all play a significant role in their decision to stay loyal and come back. Independents must find a way to differentiate themselves from the competition.

Most patients don’t understand (or care) about the complex ecosystem of insurance and PBMs. They do understand the importance of an informed pharmacist that provides solutions to their specific healthcare needs without breaking the bank. This is the core of PDS’ Pharmacy Brand Promise; you can download your copy HERE, hang it proudly in your store to let your patients know that you’re here to support their needs. Already a PDS Member? Ask your Performance Specialist about access to the print-ready, customizable ads for you to use in your pharmacy today.

Key Takeaway #2: Professional Selling for Independent Pharmacies

Most of us have a vision of a typical salesperson; someone shamelessly pushing you into purchasing products you don’t want or need. In 2019, PDS is challenging pharmacy owners to change this view. The fact is that independents offer critical services and bring valuable knowledge to the community they serve.

We can only impact the health and wellness of our patients if we can communicate what we offer effectively. The ability to communicate and sell your services is critical to the success of your business and the industry. At the PDS, Super-Conference, we brought in three speakers to highlight different ways for attendees to improve their professional sales skills.

Amanda Gore – The Neuroscience of Sales

Your most effective sales tool is connection. Communication and performance expert, Amanda Gore, presented actionable strategies to build relationships and improve communication with your patients, your pharmacy team, and your family. Learn more about leveraging the science of the heart (yes, your feelings) and emotional intelligence to make an impact in your pharmacy and personal life.

Karl Scheible – Minding the Gap, Creating a Great Initial Conversation

We have to sell to do what we love, help people. Success in sales is a direct result of creating alignment between your attitude, behaviors, and technique. Get rid of your self-limiting beliefs, create new actions that empower you and develop a process that you can practice and scale to achieve results.

Dr. Robert Cialdini – Effective, Ethical Influence

Widely regarded as the ‘Godfather of Influence,’ Dr. Cialdini covered the specifics of the Six Universal Principles of Persuasion. Learn more about the principles that help your patients to overcome uncertainty, build relationships, and understand why they work. This knowledge empowers pharmacy owners to read situations and identify the best technique to convey your message.

Members-Only Training

In addition to the conference presentations, PDS has created a 2-day boot camp, led by sales expert, author, and keynote speaker, Karl Scheible. Learn how to more effectively communicate with prescribers and practice managers and change the trajectory of your business and the quality of care for your patients. Professional sales skills are incredibly important as the landscape of our industry continues to evolve. Don’t be left behind; you can learn how to ethically and effectively have more influence in your business.

Key Takeaway #3: CBD – Cannabinoids

CBD has been around for a few years now, but questions still linger around the product and the legality. Dr. Alex Capano, Medical Director of Ananda Hemp, presented the facts about the potential impact of this soon to be multi-billion dollar industry. It was an informative session that covered the emerging therapeutic potential of CBD and the multiple ways pharmacy owners can leverage this product to expand healthcare services and increase profits.

Key Takeaway #4: Pharmacy Financials

With the multiple hats pharmacy owners wear, managing your financials on top of everything else can seem daunting. At PDS, we think that understanding the financial status of your business is critical for an owner to manage your assets effectively, make data-driven business decisions, and grow your business. If you don’t know the terms, you can’t understand the game.

PDS is now offering an expert pharmacy accounting service. Receive customized reports, traditional bookkeeping that provide unique insight on how to improve your pharmacy. Enjoy the confidence and clarity you get with PDSfinancials.

Key Takeaway #5: Go-To Plays of Successful Leaders

Leadership is learned and earned. Our final keynote speaker, Peyton Manning spoke about creating a positive culture in your pharmacy and developing leadership skills. What got you here won’t get you success at the next level; this is true in sports and in running an independent pharmacy business. Manning shared personal insights from both on and off the football field that resonated with anyone looking to grow as a leader.

Learn what 1,600 thriving independent pharmacies already know; get the impactful insights and scalable strategies to win in 2019. Attending the PDS Super-Conference is a critical component to the success of our industry; for 15 years we have unveiled innovative programs and ideas that have changed the way independents run their business. The above 5 Takeaways are a small piece of what attendees get from the conference. Don’t miss out on another year – register today and start seeing the impact PDS can make on your independent pharmacy.

Click HERE to watch our on-demand webinar with Dr. Lisa Faast as she covers more information about the 5 Key Takeaways from PDS 2019.

How to Use Persuasion to Increase Patient Buy-In

December 3, 2018/in PDS Super Conference, Pharmacy Growth Strategies/by pdsmarketing

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 Annual Pharmacy Business Super-Conference with three days of actionable content. Independent doesn’t mean alone. Gain the knowledge and strategies shared by 1,600+ thriving pharmacy owners.

NCPA & Arkansas Pharmacists Association Update

March 5, 2018/0 Comments/in All/by pdsmarketing

Our friends at NCPA are making great progress in their never-ending efforts to advocate for the independent pharmacy industry. In this newsletter from NCPA’s CEO, Doug Hoey, they are highlighting some great work done with the Arkansas Pharmacists Association (APA) in the battle against Pharmacy Benefit Managers (PBMs). Great job, Arkansas!

Dear Colleague,

Sometimes it’s hard to believe your own eyes.

That had to be the reaction from many in the room at a press conference held by the Arkansas Pharmacists Association this week when they heard of a $484 difference between what a Caremark-administered plan paid a community pharmacy for a 30-day supply of aripiprazole versus what it paid itself!

For years, community pharmacists have suspected that chains, especially CVS/Caremark (since it is a price giver and a price taker as a PBM and drugstore chain), are reimbursed more for prescriptions than community pharmacies are. The example shared with Arkansas legislators, patients, and pharmacies this week was eye-popping even as it verified our suspicions, and mind-boggling for the legislators and patients in the room who, directly or indirectly, are paying that whopping difference.

The aripiprazole example wasn’t an outlier, either. Scott Pace, the APA Executive Vice-President, and CEO held up a folder with 270 more examples of self-dealing. On average, he said, those examples showed a difference of over $60 more per prescription being paid to CVS than was being paid to community pharmacies!

So far, there is no word from Caremark on these payment discrepancies. And, no word from other mega-PBMs so far suggesting that they don’t follow the same practices.

Arkansas has an active state association, very active pharmacist members, and has historically been very politically active, making sure to sustain relationships with their local legislators. Couple those strengths with the extreme payment cuts to local pharmacies and this new information about inflated payments to out-of-state competitors, and you have a firestorm.

Local news stations covered the press conference, and the entire event was posted on Facebook. The governor has called a special session, and Arkansas Attorney General Leslie Rutledge is investigating the low reimbursement rates:

“The change in reimbursement rates by the Pharmacy Benefit Managers has hurt Arkansans in every community across the state,” said Attorney General Rutledge. “Local pharmacists are critical members of Arkansas’s communities. Due to these changes, pharmacists are facing tough decisions because the reimbursements do not cover the actual cost of the medications. When public health is threatened, all Arkansans suffer.”

Even before these latest examples, evidence has been piling up indicating that PBMs are contributing to the increasing costs of prescription drugs rather than saving their customers (employers and local, state, and federal governments) money. I’ve written here about this issue a couple of times already this year (Jan. 19, “A Coincidence That May Not Be a Coincidence,” and Feb. 9, “Let the Sun Shine In”). These revelations coming out of Arkansas show a proverbial henhouse that is being raided rather than guarded.

The payment discrepancy information revealed at this week’s press conference will reverberate through many state houses. It looks to any reasonable person that local pharmacies are being forced to subsidize higher payments to CVS pharmacies. Couple that with solicitations from CVS to buy the same pharmacies they are reimbursing below the cost of the drug, and it paints an ugly picture that should be of great interest to federal and state legislators and regulators.

Arkansas isn’t the only state where pharmacies—at least community pharmacies—are seeing extreme cuts in prescription reimbursements and are responding with legislative action. In fact, almost every state has introduced PBM legislation this year. The new, specific information about the yawning gaps between payments to community pharmacies and to CVS should make those statehouse debates even more compelling.

Pharmacists in Arkansas have joined hands and raised their voices. If you have been quietly rooting your own state on, now is the time to stand up, take part, and open the eyes of your state officials.

Best,

Pharmacy Owners: You can join the conversation and connect with like-minded independent pharmacy owners in our industry only message board. Click and be a part of the elite knowledge-sharing culture that has become synonymous with Pharmacy Development Services.

Click HERE to access PDSadvantage.

6 Ways to Gain the Trust of Your Pharmacy’s Millennial Audience

December 16, 2016/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

Millennials, defined as those born between the early 1980’s and 2000, are an extremely brand-loyal generation. Developing relationships with this demographic should be a major goal for your pharmacy. One of the best ways to gain the business of this 80-million member group is to gain their trust. You will be well on your way to securing millennial supporters if you adhere to these six easy tips:

Maintain an Authoritative Online Presence

Their ability to find information about you and your products is crucial. If you offer a service at your pharmacy, like a medication synchronization program, put it on your website and publicize it. Millennials did not learn computers and internet skills later in life like older generations – internet access is all they have ever known. They are the first generation to grow up in a digital world and simply will not trust a business without a quality website and reasonable social media engagement.

Engage with Them

It’s not enough to just have a website and social media accounts. They want to engage with brands on social networks. 62% of millennials say that if a brand interacts with them on social networks, they are more likely to become a loyal customer. This obviously requires more labor on your part, but will be well worth it when your business expands as a result.

Don’t Ignore Their Complaints

Some sociologists refer to the millennials as an entitled generation. What this means for your pharmacy is that ignoring their feelings is a sure way to lose their business. When problems develop, do not avoid them, make excuses or place blame. You should immediately fix the issue. In a millennial’s eyes, the customer is always right and keeping them happy is your responsibility.

Never Misrepresent a Product or Service

Remember, this is the group of people most likely to engage with their peer group over social media. Never misrepresent the features, advantages and benefits of a product or promise anything you can’t deliver. One millennial who feels they have been lied to can easily alert hundreds or even thousands of others within seconds, which will cause big problems for you. On the other hand, millennials can serve as irreplaceable ambassadors if they are happy with your business.

Let Them Help You Plan

Millennial customers are the future, so why not let them help plan that future? When determining upcoming services or goals, let a group of millennials help you decide on the next big steps. In a Forbes survey, 42% said they are interested in helping companies develop future products and services. Typically, companies create products and hope that their target market will consume them. Millennials don’t like this traditional mindset – they want to be involved with products from the beginning of development. If your pharmacy enables them to be part of your brainstorming, the whole process will be more successful.

Donate or Volunteer Locally

Millennials want to stay loyal to a brand that gives back to society. In the same Forbes survey, 75% said that it’s at least somewhat important that a company gives back instead of just making a profit. Millennials love brands that support their local communities and would rather purchase from them than corporate competitors. Your pharmacy can do this easily by rolling out a free children’s vitamin program or other services to benefit underprivileged youth.

If you want to build trust and credibility with your Millennial customers and hold on to them for life, you can easily get started today by watching our free webinar, 5 Ways to Attract, Engage, & Delight Millennials.

Social Media Can Help Your Independent Pharmacy

July 25, 2016/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

As social media becomes increasingly effective as a marketing tool, it is little wonder that small businesses and independent pharmacies are starting to take advantage of this convenient and cost-effective medium. Without a huge brand name or giant marketing budget, independent pharmacies need to get creative in engaging with customers and social media can be a great way to keep the relationship going beyond your store’s four walls. However, many independent pharmacy owners and managers, find the thought of tackling social media confusing and overwhelming. Pharmacy marketing doesn’t have to be intimidating and in fact, here are a few suggestions on using social media for pharmacy owners.

Create a dedicated Facebook page for your pharmacy

By creating a simple Facebook page online, you will be able to post helpful information for your store, such as business hours, dates you will be closed, special events, disease-specific information, tips and more. Simply think of this as a modern day interactive phonebook, where people can look you up and stay in touch. You can post messages, answer questions and interact with customers and patients to help them find what they are looking for. Facebook provides easy instructions and best practices for getting started on their site.

Consider setting up a Twitter account for your pharmacy

Pick an easy to identify Twitter handle (account username) for example @A1Pharmacy, which can be really effective for driving awareness to your store. Twitter is an easy and simple way to communicate with customers and prospects in real time. It can be a great tool to spread “short and sweet” messages about sales, vaccination clinics, CDC updates, awareness campaigns, educational seminars and so much more. Twitter can also be utilized for sharing information or suggestions either “live” or prescheduled at a later time that you designate. For example, you might tweet (a “Tweet” is a Twitter message in 140 characters or less) “Stop by our store today to get your flu shot before the season kicks into high gear.”

Regardless of what social channel you use, remember to create posts that lead to conversations rather than simply provide information. Negative comments should also be addressed on social media quickly and honestly. Complaints are a part of any business, but managing the issue and repairing your pharmacy’s brand with quick explanations or apologies will go a long way in increasing customer loyalty.

Providing critical information to customers on your website

Although Facebook and Twitter can be easy ways to engage in online conversations, it is equally important to provide helpful information to customers via your website and follow-up with social media posts. This can include policy changes, medication recalls, emergency information after a natural disaster, job openings, disease education, government regulations, vaccine reminders and other important details about your pharmacy that customers should know and be able to learn about quickly. All information should be presented in a professional and knowledgeable manner, representing your pharmacy’s brand. Simply think of this method as another tool to engage and delight customers and reach those people who may not be responding to traditional direct mail or advertisements.

Both your website and social channels should be activated for promoting sales, seasonal events, invitations to customer appreciation days and other local community events.

Finding new methods to drive awareness to your store may seem challenging, but using a combination of traditional and new media marketing methods, will help your independent pharmacy thrive and grow.

How to Leverage Big Box or Chain Store Closings

May 2, 2016/0 Comments/in All, Pharmacy Growth Strategies/by pdsmarketing

If you have been paying any attention to the headlines, you know that Walmart recently announced the closing of 269 stores worldwide, including 154 stores in the United States. Stores began shutting down just two days after the announcement and have continued over the past few weeks. If one of the store closings is in your area, you have an opportunity to gain a huge amount of new business in your pharmacy, and acting quickly will be critical to your success in this area. Many PDS Members have reached out to ask for our recommendations and assistance in leveraging this opportunity.

1. Contact store management.

Pharmacy staff members at your local Walmart may be concerned about the well-being of their patients after the store closing. Take time to get in touch with them and offer your services to take care of their patients. Provide some flyers or business cards to be kept at the pharmacy counter.

A personal visit is worth 1,000 phone calls! As a pharmacy owner, you will be amazed at the results if you are able to build a strong relationship with big-box staff members before the store closes. You may gain insider information and they may be willing to distribute or display a letter on your behalf. Pharmacy staff will feel compelled to send dozens of patients to your store if they know you personally.

2. Recruit pharmacy talent.

Ask about top staff members that will soon be without a job. Excellent pharmacy staff can be difficult to find, so don’t miss the opportunity to recruit excellent talent with prior pharmacy experience in your local area.

3. Use traditional marketing techniques.

Radio, newspaper, TV and direct mail can all be great avenues to reach Walmart customers. Target your message to the Walmart audience and make them aware that their friendly local pharmacy is ready and willing to take over their healthcare needs.

4. Offer incentives.

Provide an in-store coupon for all former Walmart customers. You can make this coupon available on your website and in local newspapers. The Walmart coupon should be applicable to any customer transferring prescriptions. You may also choose to provide incentives or a contest for staff members who bring in the largest number of prescription transfers from family, friends and strangers alike.

5. Use social media marketing.

Create an advertisement for Facebook. You will have the ability to target cities where Walmarts are closing and select “liked Walmart” as a criteria for the audience who sees your ad. For only $5 or $10, your advertisement will be viewed by thousands of people on Facebook.

6. Implement a referral program.

Make a coupon for existing patients to share with family and friends. When they bring in a former Walmart patient, a discount is provided on any purchase for both the new and existing patient.

In any communication with Walmart patients, it may be productive to emphasize the importance of their health care and the fact that you have been and continue to, serve the community, offering pricing that is comparable and often times cheaper than local big-box stores. The message is that their neighborhood pharmacy is still eager to meet all of their health care needs. The local independent pharmacy is still their premier, reliable healthcare provider. Now is the time for independents to make it known that you can and will compete with out of pocket costs, and have been for many years or decades.

When an opportunity like this presents itself, time is of the essence. Independent pharmacy owners must be prepared to act quickly and effectively. That’s why it is so important to have a team of experts behind you. When news of Walmart closings became apparent a few weeks ago, PDS Members immediately worked with their Business Coaches and Performance Specialists to develop a plan of attack. Our members are already beginning to transition patients from local Walmarts into their pharmacies.

With PDS support, our members are able to move faster and more effectively than other independents. If you’re interested in learning more about how PDS can help you, like we help hundreds of other independents nationwide, sign up to speak with one of our Business Advisors. The conversation will be quick, easy and hassle-free.

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