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PDS Congratulates 2016 Pharmacist of the Year

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Jason_Foil.jpgThe Pharmacist of the Year is selected annually based on their commitment to the well-being of their customers and local community and contributions to the independent pharmacy profession. Essentially, this is someone who is known for their committment to moving the profession forward in a positive way.

Jason Foil of Lumberton Drug Company in Lumberton, NC is a true innovator! He holds an Elite Level PDS Membership and has been part of our PDS Family since 2012. One of the reasons he is being recognized for this honor is his robust list of accomplishments and tremendous growth and profit for his three stores.

How did he achieve these phenomenal results? Here are a few highlights:

  • His pharmacy offers a unique synchronization program called Home Rx that takes the enrollment process direct to patients’ homes or facilities. In 2015, he and his team expanded the Home RX program and doubled enrollments from 245 to 500 patients (a 1.8 x return on investment).
  • He worked with his team to develop a Diabetes Care Club to monitor patients’ A1C numbers and to track and measure the impact of their program on their patients’ health. The Diabetes club has also attracted new patients to the pharmacy.
  • He focused on building relationships with doctors in their community to look for opportunities to integrate the needs of the community with the pharmacy’s offerings.
  • He focused on his own growth by participating in several PDS trainings including, the Advanced Leadership Program and Dare to be Free. He joined the PDS Board of Directors Group which he says provided him a network of contacts across the country and new opportunities, along with a peer group that held him accountable.

Congratulations to the PDS 2016 Pharmacist of the Year, Jason Foil of Lumberton Drug Company!

If you would like to reach this level of pharmacy achievement, it is never too early or too late to get started. Many of the most successful pharmacists we work with begin by focusing on one specific program like synchronization or compounding. Jump start your success by downloading your copy of our free ebook, Generating More Pharmacy Customers with Compounding, where you will learn how to launch your own compounding niche and get more customers in the door immediately.

 

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PDS Announces 2016 Pharmacy Entrepreneur of the Year

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Pharmacy Entrepreneur of the Year

Amina-726532-edited.jpgAt the annual PDS Super-Conference, we take time to recognize the exceptional achievements of industry leaders from the PDS community. This year, we presented awards for Pharmacist of the Year, Entrepreneur of the Year and Pharmacy Team of the Year.

The Entrepreneur of the Year is selected annually based on their dedication to the growth of their team, their business and the pharmacy industry as a whole. While we know that all PDS Members are dedicated to leading their pharmacy and the entire industry forward, this year’s winning pharmacy owner stood out from all the rest.

Amina Abubaker of RX Clinic Pharmacy has been part of the PDS family since 2012. She is a passionate and knowledgeable pharmacist who is very active, has received several accolades from pharmacy industry leadership organizations and is a true innovator, known for taking ideas and concepts and turning them into realities. She also does a great job of empowering her pharmacy team to help her achieve success.

Her list of accomplishments is very long, but here are a few highlights:

  • Last year she focused on becoming a URAC accredited pharmacy
  • Due to her ability to build relationships, the compounding business has grown enough to hire another pharmacist and technician
  • Through her work with a primary care physician and an infectious disease PA, she helped create the first “one stop shop” for HIV care in North Carolina
  • Her Clinical Pharmacist, alongside a physician and a PA, bill Medicare for annual wellness visits as a revenue stream for the pharmacy
  • She launched a new PGx product called RxIGHT which is available to consumers, yet uses pharmacists as primary service providers for testing and counseling
  • She enabled the pharmacy to be hand selected for a grant to provide specialized MTM services to help Medicare and Medicaid patients
  • She added Rodan and Fields skincare lines as profitable revenue streams to the pharmacy

Amina’s achievements are extremely impressive, but it all started with just one step. One of our favorite quotes here at PDS is,

“A year from now, you will wish you had started today.”

In what area of your business can you initiate improvement right now?

Get started immediately by downloading your free copy of the ebook, Generating More Pharmacy Customers with Compounding, where we reveal important tips including:

  • How pharmacy compounding drives business revenue
  • How compounding ensures a steady flow of new customers
  • What resources and trainings are available for compounding and much more

Learn more, launch your own compounding niche and get more customers in the door now! Before you know it, you could join the ranks with pharmacy industry leaders like Amina.

 

Happy Patients and Better Profits – Benefits of Offering Compounding

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Revised: 4/6/16

As we mentioned in our blog post Compounding: An Introduction and Getting Started, compounding used to be the primary function of pharmacists. They provided customized medication for patients, tailoring formulas to individual needs. With the advent of mass drug manufacturing, the role of compounding declined and pharmacists were seen more as drug dispensers than anything else.

However, recent technological advancements and increased innovation has again enabled modern pharmacists to revisit customized medications through compounding.  This makes exploring the benefits of compounding as timely and a true differentiator in your local market that will help your pharmacy stand out.

For instance, when a patient is unable to take a commercially available drug or they require a medication that has been discontinued, a licensed pharmacist can recreate that medication via compounding. Other times, patients don’t respond to the traditional forms of treatment, or they simply need their medication in a different form. By offering compounding, you fill the need for a customized solution at your pharmacy.

Not convinced? We’ve detailed 5 key benefits of pharmacy compounding so you can learn how it can boost your business and help your patients live a healthier and happier life.

  • Providing Access to Discontinued Medications

At times, pharmaceutical manufacturers discontinue production of certain drugs due to low demand. In doing so, they make it difficult for the patients who still need these medications to fill their prescriptions.

Today, compounding pharmacies have access to the highest quality pharmaceutical ingredients and can fill the prescription, using the latest research, quality control process, and techniques.

Compounding pharmacists like you play a pivotal role in providing access to these medications by recreating pharmaceutical-based ingredients to get patients exactly what they need.

  • Making Medication Easier to Take

Let’s face it: Some medications have an unpleasant flavor, making it hard for the patients to take them as directed, which decreases the likelihood of compliance.

A compounding pharmacist can customize the prescription with the patient’s flavor of choice. This is especially handy when dealing with patients who may refuse medication, like young children, elderly patients, or even pets! Your patients will thank you once their medications become more tolerable. . Plus, they’ll tell their friends, family, and coworkers about you because you took away one of their “headaches” – administering medication to their child or elderly relative.

  • Offering Alternative Dosage Forms

For patients who have trouble swallowing pills, having the capability to provide an alternative form of the medication (such as a liquid, cream, or gel) is a convenient and appealing service.

  • Making Allergy-Sensitive Medication

Some patients cannot take mass-produced medication due to an allergy, a sensitivity, or intolerance of dyes, lactose, gluten, alcohol, fillers or preservatives contained in certain medications. A compounding pharmacist can make it possible for the patient to get the treatment they need by recreating the formula for that medication without the offensive ingredients.

  • Offering Unique Services that Set You Apart from Competition

Offering compounding at your pharmacy can set you apart from your competition. It allows the pharmacist to use their extensive drug knowledge to help the patient and prescriber create a truly unique treatment plan.

You are able to ask your customers about the side effects they’re experiencing and what questions they have about their medication. Then, you can start developing a new product catered to their individual needs – something chain pharmacies don’t do.

Compounding pharmacists are often able to offer treatments for unusual or resistant maladies that traditional allopathic medicine can’t help with or has failed.

Should You Offer Compounding at Your Pharmacy?

Consider this scenario: The average pharmacy with 100 patients per day can easily have 5 patients who will benefit from compounding products. With an average $50 spent per prescription, this would add $77,500.00 per year to your gross profit.

Compounding allows you to increase revenue while offering your patients and physicians alternative targeted solutions for their healthcare needs.

Still need more information? Download our free eBook! Generating More Pharmacy Customers Through Compounding and read more about how other independent pharmacy owners have succeeded by adding this profitable niche

 

Pharmacy Times] Important Technology Trends Independent Pharmacists Should Know

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Dan Benamoz, RPh, President and CEO of Pharmacy Development Services, discusses the technology trends that independent pharmacists should endeavor to familiarize themselves with.

This video was recorded at Pharmacy Development Services’ 2016 Super Conference in Orlando, Florida.

 

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Independent Pharmacy’s Competitive Advantage Over Chains

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Independent Pharmacy’s Competitive Advantage Over Chains

Dan Benamoz, CEO and Founder of Pharmacy Development Services, always says that the main competitive advantage independent pharmacies have over retail chains is the ability to “turn on a dime.” While chain pharmacies are mass merchandisers, independents are not and should not try to be. Instead, independents should focus on innovation. PDS_284.jpg

When an independent pharmacy owner identifies the innovative new program or technology they want to implement, they should focus on getting it done as quickly as possible. According to Dan, the public perception is that independent pharmacies are behind on technology, but that should not be the case. Independents have no bureaucracy, no attorneys, and no corporate red tape to get through when a new opportunity presents itself.

Here is what Dan Benamoz said on the subject in his February 2016 interview with Pharmacy Times:

 

The Little-Known Pharmacy Advantage

3 Ways to Identify New Opportunities for Independent Pharmacies

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Niche is a buzzword we love here at PDS. Of course, niche typically refers to specialty services, but at PDS we see niches as opportunities to stand out and dramatically improve your bottom line. The independent pharmacy landscape has shifted dramatically in the past few years and one of the biggest changes is in how pharmacists turn a profit. Now more than ever, independent pharmacies need to identify new programs and implement them quickly to stay ahead of competition.

How will you identify profitable new niche opportunities for your pharmacy?

1. Attend industry events with an open mind.

Industry events like the PDS Super-Conference are an incredible place to source new ideas for your business. In fact, we recently received this note from pharmacy owners who attended the 2016 event in Orlando:

“Dan, I would like to thank you for opening up our eyes to think out of the box and to learn how to work smarter, not harder. You have helped us to begin to change our thinking by not looking at the smaller picture but to look at the bigger picture. We were looking at the money we were losing on a product and not at what we could make in the long run. You gave us a starting point with ideas we will put in place. We want to be an elite pharmacy to help patients no matter what ailment they may have.” -Rudy and Dawn Letellier, Waveland Pharmacy

Although the note doesn’t make it clear which specific ideas, niches and programs were most impactful to them, we’re willing to bet that the ideas Rudy and Dawn picked up at the PDS Super-Conference have the ability to improve their company culture and increase cash flow.

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2. Join a community of industry leaders.

We caught up with PDS Member, Angela Stokes, who raved about the benefits of PDS Membership and talked about the importance of identifying and implementing new programs.

“I could stand here and name programs probably for an hour, that we created and absorbed, and it revolutionized our pharmacy. I don’t even know if we would be in business today if it wasn’t for what PDS gifted us with.”

PDS Members form a unified community to share ideas and learn from each other’s successes and failures. They attend numerous pharmacy-specific trainings and work with best in class Subject Matter Experts, Business Coaches and Performance Specialists to identify and implement the best new programs faster than their competitors.

Watch the video to hear what Angela had to say:

3. Tap into online resources.

At the very least, digital resources like blogs, ebooks, webinars and message boards can help you stay informed. Enter your email address on this page to subscribe to the PDS blog and receive ideas, inspiration and updates tailored to the pharmacy industry. On the Industry Message Board (PDSAdvantage), you will have the ability to connect and converse with thousands of pharmacy professionals on a daily basis.

Time and again, we hear from pharmacy owners nationwide, who say that customized services like compounding, bedside delivery and SyncRx+ are the answer to obtaining new pharmacy customers and increasing profitability.

So what are you waiting for? Download your free copy of the ebook, Generating More Pharmacy Customers with Compounding, where we reveal important findings and tips including:

  • How pharmacy compounding drives business revenue
  • How compounding ensures a steady flow of new customers
  • What resources and trainings are available for compounding and much more

Learn more, launch your own compounding niche and get more customers in the door now!

 

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3 Pharmacy Programs Millennial Parents Will Love

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Millennial_Parents_Blog_PDS.jpgMillennials are the young adults born between the early 1980s and the year 2000. They account for a large part of the American population and they are now having children. With trillions to spend on themselves and their kids, companies are starting to take notice of these millennial parents. We find that millennials are looking for a home pharmacy that really cares about the family. Easily attract business from millennial parents by promoting family-friendly programs and services.

1. Flavored Medications

Liquid medication is typically best for children. You can take an extra step in assisting parents by making the medicine go down even easier. Use sweeteners with bubblegum or chocolate flavoring to mask bitter medications and to increase a child’s willingness to take it. It will certainly taste better than unflavored medicine, and your millennial parent customers will be very grateful.

2. Free Children’s Vitamin Program

There will always be new parents in your community and devoting resources to attract them will pay off. Implementing a free children’s vitamin program is an excellent opportunity for your pharmacy to reach young parents, especially those who may be struggling financially. Not only does this type of program help families focus on better nutrition, it also boosts brand recognition and word-of-mouth marketing for your pharmacy. You will easily become the pharmacy of choice when patients can receive free vitamins, as well as paid prescriptions for additional family members, in one location.

3. Rewards Program

Reaching adulthood in a U.S. economy that is less than optimal means that millennials are often more financially cautious than prior generations. Therefore, they love and appreciate a good rewards program. Your pharmacy can implement a simple, inexpensive rewards program that will make customers feel appreciated and motivated to visit your store again and again.

As one of the largest generations in history, millennials are vital to the United States economy. Spending $1.3 trillion annually, they are equipped with exceptional buying power and will command significant changes within all industries as their incomes and families grow. Get ahead of your competition by implementing programs to gain their trust and you will enjoy their repeat business for a lifetime.

If you are interested in finding new ways to stay ahead of your competition, download our free eBook 3 Innovative Ways to Compete in the Pharmacy Market.

 

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Implement a Pharmacogenomics Program

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bigstock-One-female-scientist-researche-94624232-1.jpgAs we begin another year in independent pharmacy, it is time to set forth a plan that will bring greater success than any year prior. In order to meet revenue goals in an increasingly difficult landscape, it’s critical to think outside the box – searching for cutting-edge tactics, strategies and programs. With the potential to bring limitless growth to your pharmacy, pharmacogenomics is one of those programs. When looking at your professional New Year’s Resolutions for 2016, implementing a pharmacogenomics program in your pharmacy is certainly something to consider.

What is Pharmacogenomics?

In recent years, personalized medicine has become increasingly popular by allowing doctors to tailor their medical decisions, services and products to each individual patient. Appropriate therapies are determined by a patient’s genetic content or other molecular or cellular analysis. Pharmacogenomics is the study of the role of genetics in drug response.

With the knowledge gained from scientific research, we are able to predict whether a medication will be effective for a specific patient and whether it will cause side effects. Based on this insight, pharmacogenomics allows customized treatment for a wide range of health problems, including cardiovascular disease, Alzheimer’s disease, cancer, HIV/AIDS, and asthma.

The Opportunity for Independents

Independent pharmacists can serve an integral role in applying pharmacogenomics to their practice to improve the quality and safety of healthcare using medication therapy management (MTM). Pharmacogenomics is also a method for strengthening patient-doctor relationships, increasing patient safety and reducing costs.

We truly believe that pharmacogenomics is the future of medicine. Being one of the first pharmacies to bring pharmacogenomics to your area is a great opportunity to attract new business and differentiate your pharmacy from the competition. At the very least, do your research and update your staff on this new opportunity sooner rather than later.

Ready to Get Started?

PDS Members, log into PDSadvantage and search “PGx” to access a seven-step implementation manual, webinar, a project plan and turnkey templates that outline how to…

  1. Provide the most comprehensive care to your community
  2. Choose a reputable lab
  3. Sell your PGx and MTM services
  4. Collaborate with doctors
  5. Seamlessly integrate PGx into your workflow
  6. Properly train your team
  7. Add $25,000 to your bottom line!

Not a PDS Member? Watch our free webinar for a thorough introduction now.

Whether you are a PDS Member or not, you will have the opportunity to learn more at PDS 2016! The 12th annual Independent Pharmacy Business Growth Super-Conference is where our nation’s most successful and up and coming pharmacy owners unite year after year to learn compelling solutions and new executable ideas, like pharmacogenomics, that will set the stage for continuous growth. If you’re interested in implementing new programs, this is the best place to learn how to accomplish your goals.

During the conference, you will hear from dynamic speakers like Kevin O’Leary from ABC’s Shark Tank, watch engaging and interactive presentations, network with fellow pharmacy owners and learn about new tools and programs for growing and differentiating your business. Time is running out. Reserve your seat now!

PDS 2016: Learn More & Register Now!

 

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7 Simple Steps Any Pharmacy Owner Can Take for a Happier, Healthier Life

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Running a successful independent pharmacy certainly isn’t easy, but choosing to maintain a positive outlook in good times and bad can make a huge difference. While there are many factors outside of your control, you can always manage your own attitude. Here are seven simple ways any pharmacy owner can choose to maximize happiness and healthiness right now.

Resist the Allure of Business

Staying busy is not necessarily the recipe to success or happiness. Whether you choose to meditate or take daily quiet time for yourself, allowing time to be still may help you embrace important moments and develop a new appreciation for the positive elements in your life. You will feel recharged, refreshed, and ready to tackle your daily tasks after taking a break.

Spend Time Outside

Get outside. There’s nothing better than a walk around the block or a full-fledged hike to remind yourself that there’s more to life than what happens with work. Not only will you get the endorphins flowing, you may be blown away by the relaxing power and beauty of nature. Embrace the outdoors to clear your mind.

Release the Past

Don’t waste precious time or energy holding on to past difficulties. Whether you have negative feelings toward a competitor taking business, or an ex-employee who didn’t work out the way you had hoped, let it go. Holding on to anger or a grudge can be harmful in the long run.

Catch Some Z’s

Don’t feel guilty about catching a few extra hours of shut-eye. A tired pharmacy owner will be unable to lead the business at maximum potential. Sleep boosts your mood, improves your memory, sharpens your focus, and even helps you maintain a healthy weight. The health benefits of a good night of sleep will improve your quality of life well beyond keeping you at your peak for work.

Unplug Technology

Put away the cell phone, turn off the television, and shut down the computer. Constant exposure to technology can overwhelm your nervous system. Take a few days, or a few hours, to live life without these distractions. You might be surprised at how nice it is to relax without noise and interruptions. Instead, take the time to sit and read a book, participate in a creative activity like painting, practice a new hobby, or exercise

Avoid Negativity

When necessary, reframe your view of the world. Determine that you will think of your to-do list like an adventure, not a chore, and be resilient when things don’t go as planned. This will pave the way for you to have a more positive outlook on almost everything you have to do.

Do Something Nice for Someone Else

Every day, make an effort to do something nice for someone else and expect nothing in return. For example, pay it forward by buying someone’s coffee in line behind you. Compliment a stranger. Hold the door open for a stranger and always thank the person who holds the door for you. Make a point to smile as often as possible.

It’s been proven that happy people are more productive, sleep better, and are more successful. Leading a life that is excessively busy and stressful is not healthy for anyone, but how else can you simultaneously manage your personal life and a lucrative independent pharmacy business?

Believe it or not, there are thousands of pharmacy owners who face the same challenges you do, and they overcome the daily stress by tapping into a community of pharmacy professionals who share ideas and help each other year-round. This group of highly successful individuals meets annually at the PDS Together Toward Tomorrow Independent Pharmacy Super-Conference, and you are invited! Click here to learn more and join us in February. 

 

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5 New Year’s Resolutions for Pharmacy Owners in 2016

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Happy_New_Year_from_PDS-1.png2015 was another transformative year for independent pharmacy. From increasing DIR fees to increased competition from e-commerce and large national chains, pharmacy owners faced both familiar and brand new challenges nationwide. As 2015 comes to a close, it is time to develop a strategic business plan for 2016. While you may be able to slack off on some of the typical New Year’s Resolutions like joining a new gym, your independent pharmacy business is one area that deserves your energy and attention.

What do you really need to guarantee that your business will boom in 2016?

You already know how to be a great pharmacist, but is every available tool on how to be an outstanding business owner already in your toolbelt? The strategies and knowledge that have gotten you this far will not be able to drive your business into the future successfully. Here are the top 5 New Year’s Resolutions that every pharmacy owner needs to dominate in 2016.

  1. Implement a Pharmacogenomics Program

Pharmacogenomics is one of the key aspects of personalized medicine, which focuses on how genes affect the way people respond to medications. We first started talking about it this summer on the Pharmacy Business Advice Blog and have consistently recommended it as a profitable method for expanding your business and staying relevant. We truly believe that pharmacogenomics is the future of medicine! Being one of the first pharmacies to bring it to your area is an opportunity you do not want to miss. Click here to learn more and access our free webinar, Introduction to Pharmacogenomics.

  • Make Networking a Priority

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. By investing the time and money to attend industry events, you will generate new ideas, gain emotional support and acquire valuable business advice. Just because you own your own business does not mean you have to “go it alone.” Make 2016 easier and better by networking and spending time with other independents who understand and support you.

  • Use Smarter Tax Strategies

Make 2016 the year that you stop giving the government more money than you have to. There are countless ways to save money on taxes that you don’t even know exist. For example, you can charge your business to hold meetings in your home up to 14 times each year. This creates a deduction on the corporate or business side while creating income that you do not pay taxes on. What other tax strategies are you missing? Start saving money now by watching our free webinar on pharmacy tax reduction.

  • Identify New Ways to Compete in Your Market

Competing against large national chains and mail-order pharmacies is one thing, while becoming the best pharmacy in your own community is another challenge altogether. How will you set yourself apart from local competitors in 2016? Pharmacogenomics is one method of business expansion we will promote in the year ahead, but what else should you be doing? Make it a priority to identify a few new innovative methods to help you compete in your local market this year.

  • Embrace New Opportunities with an Entrepreneurial Spirit

Pharmacy has entered a new Golden Age of Opportunity. The most entrepreneurial, creative pharmacy owners will actually have fun expanding, diversifying and dramatically growing their pharmacy businesses in 2016, while those who fear and loathe adventure, innovation and dynamic change will be stifled. As an independent pharmacy owner, you are now a target, whether you realize it or not. Make it a priority to identify the new opportunities that are available to you, and embrace the changes we will continue to face as an industry with an open mind. Get started by downloading a copy of our free report, “How to Unleash Your Entrepreneurial Power: The Reinvention of Your Independent Pharmacy

What other steps can pharmacy owners take to make 2016 the best year for independent pharmacy?

Believe it or not, these 5 New Year’s Resolutions are just the tip of the iceberg. At the PDS Together Toward Tomorrow Independent Pharmacy Business Growth Super-Conference, more than 1,000 pharmacy owners will come together to discuss key business concerns and learn new easy-to-implement solutions that will expand independent pharmacies nationwide. If you haven’t already reserved your space, you are missing out. This conference is THE BEST place to find out what you should be doing to grow your business now. Click here to learn more and register. We look forward to seeing you in February.

PDS 2016: Learn More & Register Now!

 

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