You are here: / Independent Pharmacy

Posts

Diversify with Supplemental Oxygen

/in , /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Boost Oxygen. Read on for their sponsored blog post about how supplemental oxygen can be a unique way to diversify your revenue.

Supplemental Oxygen Can Be A Profit Center For Your Independent Pharmacy

The human body needs three things to survive:

Nutrition

Hydration

Oxygenation

We can survive without food for 3-4 weeks. We can survive without water for 3-4 days. But we can only live without oxygen for 3-4 minutes. There are thousands of products available that address nutrition and hydration, but up until a decade ago few pharmacies offered oxygen-related products, besides the bulky tanks for medical-grade oxygen therapy.

The general public is learning more about the benefits of supplemental oxygen as an all-natural respiratory support product for athletes, senior citizens and people visiting or living at higher altitudes or in humid weather who experience shortness of breath, fatigue, headaches or dizziness due to oxygen deficiency.

Supplemental oxygen has recently become more important to offset the symptoms of facemask fatigue as people wear protective masks for longer periods at work or outdoors. Facemask fatigue can be compared to the effects of hypoxia as masks can restrict your normal oxygen intake.

Why Pure Supplemental Oxygen is so Important

Most people aren’t aware that the air we breathe contains only around 21% oxygen. At higher elevations, that number can be much less. That’s also not taking into account any pollution in the air. The majority of air is comprised of 78% nitrogen. Oxygen is vital for our cells to produce the energy to power our organs, and when you become oxygen deficient you can experience the symptoms of hypoxia.

Now, think about how much regular air you breathe when you’re outside exercising or working out. Every cell in your body is designed to burn oxygen – it’s the basic fuel for cell metabolism. Cut back on oxygen and all of those cellular processes become sluggish… you start to feel fatigued or short of breath. Less oxygen equates to cells losing the energy they need to repair DNA. Your immune system begins to weaken. Your risk of becoming sick escalates. Imagine how much the body could benefit from supplemental oxygen?

The Advantages of Offering Supplemental Oxygen in Your Pharmacy

For pharmacies that fill prescriptions for bulky oxygen tanks, there is often little or no profit margin. The pharmacy owner is often just providing a basic service with no benefit to their business. However, providing portable supplemental oxygen for your customers creates a new profit center. From the consumer standpoint, not everyone qualifies for or needs to be on continuous prescription medical-grade oxygen, but many would like to increase their oxygen level and experience the benefits of supplemental oxygen for many reasons.

The Advantages of Supplemental Oxygen VS. Other Supplements

Supplemental oxygen is all-natural, unlike the stimulants and energy drinks you see at a gas station or grocery store, which promise a quick fix for drowsiness. What they contain are caffeine, sugars, carbs and calories that can be harmful to your health or cause you to crash after their effects expire – forcing you to drink even more to avoid that crash. The same can be said about the effect of coffee on your body. Supplemental oxygen has no caffeine, sugar, carbs, or calories. There is no sugar crash with oxygen. Supplemental oxygen is completely natural and more relaxing and restorative than energy drinks or coffee.

About the Author

Boost Oxygen provides 95% pure “Oxygen To Go” all-natural respiratory support in convenient and portable canisters for your pharmacy customers, no prescription needed. To learn more about Boost Oxygen, visit BoostOxygen.com. For info on carrying our Boost Oxygen products in your pharmacy, email info@boostoxygen.com or call (877) 375-2500.

Creating A (Successful) Virtual Event For Your Pharmacy

/in , , /by

2020 will be remembered for a lot of things. Staying apart, coming together, learning a new normal. Pharmacies have found innovative ways of keeping their businesses moving and operating efficiently – including an abundance of virtual communication. We are going to take it a step beyond virtual meetings and talk about virtual events in your pharmacy. This could be a product or service launch, a grand opening, a community event, etc. Big or small, there is a real advantage to hosting a pharmacy event virtually. 

Why Should You Host a Virtual Event?

The advantages of a virtual event don’t just apply during times when it has to be done, when we are all socially distanced. You can reap the benefits of a virtual event even when you can host an in-person event because it expands your reach.

Key Benefits of a Virtual Event

  • Engage with an entirely separate audience (along with your community AT the event).
  • Your content can be used to promote your pharmacy long after the event.
  • Save time and money; virtual events will cost you less of both.

How to Get Started

The first step to hosting a virtual event (or any event!) is to decide when you want the event to take place. Even though its virtual, it will be live, so you need to decide on a date and time that will work for your audience. 

Next, you need to decide on a platform. The easiest option for a virtual event is Facebook Live. This allows you to share the experience in real-time with your audience. It won’t be perfect (it’s live, so you can’t edit), but it will be authentic, and that’s what matters. Live streams are available to viewers with or without a Facebook account. Viewers without a Facebook account just need the live stream URL. Facebook has an easy outline that talks about the technicalities of how to set this up. We are going to focus on how to promote your event and some tips and tricks to help it go smoothly!

Promoting Your Virtual Event

Just as with a regular, in-person event – you have to let people know about it or they won’t show up. At least with this, you don’t have to worry about ordering the right amount of food! So, what are the best ways to generate interest for your virtual event?

  • Schedule the Live Video – Let your fans know when you’re going live! Facebook sends a notification to your followers when your stream begins.
  • Create a Facebook event – Publicize the event details and invite your network.
  • Promote on Facebook – Create a buzz with organic posts and paid advertisements. Think beyond just posts – include photos and videos for interest.
  • Promote via other social channels – You don’t have to limit yourself to Facebook, post on Twitter, Instagram, LinkedIn, etc. and include the link to the Facebook event.
  • Send direct mail / invites – They don’t have to be fancy (or expensive). A simple, handwritten note (copied and printed) will do just fine! Send to your patients, your community, and your broader network.
  • Promote via community channels – Think about the boards you sit on; the community organizations are you involved in. Can they help promote this to their extended networks as well?
  • Promote via email – Do you already have a database of email addresses? Send the invite out via email and include the link to the Facebook event.
  • Utilize your colleagues and friends – Have guests, employees, friends, etc. share with their networks to broaden your reach.
  • Send out a press release – If you can get local press to attend (in-person or virtually), they will help to spread the word and gain publicity for your event.

Planning is Key

Now that you have spread the word and generated interest, you need to organize the event. A virtual event isn’t the same as an in-person event. You need to be able to engage your attendees even when you’re not face to face. A well-developed plan and a smooth-running event will help you do just that. There are technical considerations you need to make as well, but we’ll talk about that in a moment.

Start with the Goal in Mind

When you start developing a plan, first define what the goal of the event is. Once you have your goal in mind, you can plan out what you need to do to achieve that goal. Do you want people to know about the excellent patient care you offer? Do you want to drive patients to a new location? Are you trying to increase awareness about a new product? Each of these examples will have a slightly different plan.

Lay out the Logistics

Take a look at the length of your event and break it out into beginning, middle, and end. Depending on what your overall goal is, set up the plan for the event. Some ideas may include a virtual tour or a look behind the scenes, a promotion for participants, a ribbon cutting ceremony, a giveaway, a speaker, etc. Each portion of the event should be engaging for viewers. Unlike an in-person event, you don’t need time built in for mingling or networking. Be thoughtful, keep it concise and keep your viewers in mind.

Add a Little Incentive

While many people will attend just to support you, you can also use incentives to entice more people. Offer something to everyone who joins the Facebook Live (a gift, discount, etc.). If you promote this ahead of time, it will increase the number of viewers and it will also help to drive business following the event. You can also design a more significant contest or giveaway that you can promote and then announce a winner during the Facebook Live.

Tips and Tricks for a Seamless Virtual Event

A virtual event does involve technology, so it’s important to be prepared. Here are just a few pieces of advice that will help ensure your event goes smoothly.

  • Stick to the plan (generally) – It’s live so you may go off script a bit, but in general, if you stick to your plan you will feel more prepared and your confidence will come across to the audience.
  • Use a tripod and mic – Nothing is more frustrating than bad audio or visual when you are trying to watch something virtually. Invest in some equipment (you can get them inexpensively on amazon)and test it beforehand.
  • Make sure lighting is good – See above. You want people to see what you are showing them.
  • Make sure bandwidth is sufficient – You’re depending on the ability to stream your event. Make sure your connection is reliable.
  • Make sure the background reflects the brand – We all know people stage photos (eh-hem, you who just took a photo of your kids and your house looks spotless, meanwhile there is a pile of unfolded laundry in the corner). Same concept. Show the viewers what you want them to see (even if you have to stage it!).
  • Use a horizontal frame – This will give viewers a more comprehensive view of the pharmacy or location and allow them to feel like they are part of it.
  • Interact with the viewers – Pretend you are in the same room. Acknowledge people who join, give people shout-outs, encourage questions, address comments, etc.
  • Have back-up – Backup might include a person – someone to help with the technical aspect or problem solve any issues that may arise. That also includes backup equipment (computer, phone, etc.).

That’s a Wrap. Now What?

You’ve made it through your event with minimal footage for the blooper reel and you’re feeling good. It’s not time to sit back and relax just yet. Following your virtual event, there are steps you will want to take to maximize and repurpose the content.

Once you complete the Facebook Live and post it to your page, you will want to add some context around it. Edit the post with a brief and actionable summary about the event and tell people why they should watch. You can also add closed captioning to the video since many videos on Facebook are listened to without sound.

Once your video is cleaned up, you will want to address comments and answer questions that you maybe didn’t get to during the live broadcast. This will continue the conversation and the engagement with your audience. Continue to keep an eye on the post in case questions and comments come in from people who didn’t watch it live.

Finally, don’t forget to repurpose the video. Post it on your website, on other social channels, create a blog about it, etc. The create thing about a virtual event is that it doesn’t have a hard end time. You can extend the shelf life of the video and reach more people by continuing to push it out to your network. Think “In case you missed it” or “Did you miss our grand opening? Check it out now for a special discount code.”

Don’t Stop There

Your pharmacy deserves to thrive and there are many (both traditional and out-of-the-box) strategies you can implement today to make that happen. For more marketing ideas and advice to help grow your pharmacy, check out the webinar – How to Market Your Pharmacy During COVID-19, our Podcast – Marketing Strategies for Your Pharmacy and the blog – Marketing Your Pharmacy: Four Steps to Get You Started.

supply chain

Protect Your Supply Chain from Shortages

/in /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Datarithm®. Read on for their sponsored blog post about how to protect your supply chain from shortages.

The coronavirus (COVID-19) outbreak highlights potential vulnerabilities in both drug supply chain and clinical infrastructure. What are the ways you can protect your supply chain from shortages? 

Improve Transparency in the Supply Chain

To improve transparency in the supply chain and to ensure contingency plans are in place to mitigate disruptions that can result in drug shortages, the following solutions from the American Society of Health-System Pharmacists (ASHP), enable safer and more consistent drug manufacturing: 

  • Require manufacturers to provide the Food and Drug Administration (FDA) with more information on the causes of shortages and their expected durations and allow public reporting of this information 
  • Require manufacturers to publicly disclose manufacturing sites, including use of contract manufacturers, and sources of active pharmaceutical ingredients (APIs)  
  • Require manufacturers to conduct periodic risk assessments of their supply chains and establish contingency plans to maintain the supply of a drug in the event of a manufacturing disruption 
  • Require the Department of Health & Human Services (HHS) and the Department of Homeland Security (DHS) to conduct a risk assessment of national security threats associated with the manufacturing and distribution of critical drugs 
  • Incentivize domestic, advanced manufacturing capacity

The Independent Pharmacy’s Role

Although these solutions highlight the needs of the federal government to safeguard drug supply, how can you as an independent pharmacy prepare for COVID-19 and the impact on the supply chain? You can help soothe their fears by making sure your shelves are fully stocked and shift your inventory to their current and future needs. Click here for the complete list of current and resolved drug shortages and discontinuations reported to the FDA and the full list of drug shortages. For the most current supply information, contact the manufacturers. Then think to yourself if your pharmacy is prepared to handle the high demands in today’s current environment. Maintaining your pharmacy inventory, keeping the right medications in stock, and being prepared for the future is more crucial now than ever.  

About the Author

Datarithm® is dedicated to helping independent pharmacies reach their full potential by optimizing their largest investment and biggest expense. Contact our team and learn how our cloud-based inventory management software can help you streamline operations, reduce expenses, increase profits, and improve cash flow and liquidity for your pharmacy. Invest in Datarithm® today. 

The Pharmacist eCare Plan: Expanding Patient-Centered Care

/1 Comment/in , /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce PioneerRx. Read on for their sponsored blog post about the importance of the Pharmacist eCare Plan.

As some of the most readily accessible health care providers, community pharmacists can capture crucial details about a patient’s health care journey that may often be overlooked. They can help in understanding the full picture by analyzing factors like demographics, socioeconomic status, education level, and access to health care. The Pharmacist eCare Plan is a vital tool used for documenting these insights and sharing them with members of a patient’s health care team.  

Why Use an eCare Plan?

Pharmacists can identify a patient’s health barriers outside of just the numbers shown on a screen. An eCare Plan compiles these factors into a concrete set of goals and actions to improve a patient’s overall health outcome. Using eCare Plans streamlines communication by collecting this data in a standardized format that can be easily shared between health care providers. This way, everyone who interacts with a patient will know their full health story and be able to make more informed decisions. 

eCare Plans are crucial for keeping track of a patient’s progress as part of the Pharmacist’s Patient Care Process – a method for providing patient-centered care through collaboration, communication, and documentation. The cycle flows through 5 steps:

  1. Collect: Gather objective and subjective information on a patient including medical history, current prescriptions, lifestyle habits, and other social determinants of health.
  2. Assess: Analyze the information to determine the effectiveness of any current medications and identify any gaps in patient care, such as opportunities for vaccination or other preventative health services. 
  3. Plan: Create a personalized plan of action by outlining a detailed list of Care Goals for the patient.
  4. Implement: Take concrete steps to work towards achieving the patient’s goals and document all Care Actions that are taken.
  5. Follow-Up: Monitor and evaluate the effectiveness of the plan and modify it as needed. 

Benefits of eCare Plans

Utilizing care goals and care actions in a pharmacy is important for providing a holistic, personalized level of care. In addition, pharmacies who submit eCare Plans to CPESN can be reimbursed for their value-based clinical services. Properly documenting and tracking all the steps taken to reach a patient’s health goals makes it easier to demonstrate the true value of the additional services provided. Each eCare Plan includes a payer section that acts as a means of claims submission for the pharmacy. 

The benefits of implementing eCare Plans in a pharmacy setting are valuable for both the patient and the pharmacy. Expanding the use of eCare Plans will help to improve patient outcomes and reimburse independent pharmacists for practicing value-based care. 

About the Author

PioneerRx is committed to saving and revitalizing independent pharmacy. With unmatched customer support and continuous updates, PioneerRx Pharmacy Software equips pharmacies to thrive in a clinical, patient-centered future. By implementing suggestions from users and paving the way for leading industry trends, they empower pharmacies for continued success and improved patient outcomes. See why PioneerRx is the most installed independent pharmacy software: 

Additional note from PioneerRx:  eCare Plans are built into the PioneerRx software. You can document Care goals and actions, and then the software will automatically create an eCare Plan for you to submit it to CPESN from within your patient profile. 

Don’t Undersell Your Value

/in , , /by

Here at PDS, we take pride in highlighting some of our incredible partners. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce RxGenomix. Read on for their sponsored blog post about the importance of solution selling and showing your patients how much you have to offer.

Do you  provide value for your patients? Do you save them money? Do you make your patients’ lives better? I’m sure you do. Your pharmacy services and medical knowledge are valuable. But do you enjoy selling your services to your patients? Probably not. Very few pharmacists do, but for pharmacists to advance their standing as healthcare providers, they may need to do just that. But how?

Stop Underselling Yourself

The personality of a pharmacist is rarely that of a salesperson and, unfortunately, that results in a lack of awareness of the value pharmacists bring to their patients. Value has been underappreciated and squeezed out in today’s pharmacy models, so we need to be looking for new ways to apply this value.

In Solution Selling: Creating Buyers in Difficult Selling Markets, a book by Michael Bosworth, the author points out how we can identify a latent pain in an individual and provide a vision for a solution based on our capabilities. Now, not everyone will be looking for a solution to a problem, so the key lies in identifying what services you offer that may not be well understood by your patients (MTM, durable medical equipment, pharmacogenomics, etc.), recognizing who might be in need of a solution to a problem, and starting the conversation.

Connect with Your Patients Through Solutions

Bosworth lays out a grid to help structure a conversation that starts with diagnosing the reasons for the pain (which, in our case, could be actual pain or a negative condition such as high blood pressure). Once you can identify what causes the pain, your conversation with the patient can move into exploring the impact of the pain, how others are affected and how that pain changes the patient’s life and the lives of those around them.

  • Is it costing them money and causing financial stress?
  • Is it affecting their quality of life?
  • Does it limit their activity and their ability to be present and active at work or in their family life?

Finally, once the scope of the pain’s impact is clearer, the pharmacist can match their expertise to the pain and present some potential solutions. This kind of structure can help you clarify your patients’ pain, allow them to see its real impact and then present some possible solutions tied to your capabilities. It turns selling into a simple conversation initiated by a healthcare provider that has something valuable to offer.

Be Prepared, Don’t Get Discouraged

Everyone has their own process for making decisions about buying something new, so don’t take it personally if you meet resistance to something new, especially as the price tag goes up. It may take multiple attempts or offerings. You should also be aware that a buyer’s anxiety will go up the closer they get to making the decision, so don’t let that discourage you from trying to work toward a solution. And, finally, believe in yourself as someone who has something valuable to offer. Successful salespeople aren’t just smooth talkers; they are prepared. You have been preparing to help your patients from the first day of pharmacy school. Believe in your ability to make it happen and show your patients just how much you have to offer.

 

About the Author

Written by Cari Lalande, PharmD, Director of Clinical Pharmacogenomisc. RxGenomix is a comprehensive pharmacogenomics (PGx) solutions company created to empower pharmacists to apply PGx in their practice to improve patient care while reducing overall costs. RxGenomix provides the education, training, materials, research, in-depth analytics, connective technology, delivery tools, and laboratory support needed to easily access and effectively apply PGx testing to pharmacy practice.

Telemedicine, Point-of-Care Testing, and Your Pharmacy

/in , /by

Here at PDS, we take pride in highlighting some of our incredible partners. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Physician 360. Read on for their sponsored blog post about the importance of telemedicine and point-of-care testing.

With the recent outbreak of COVID-19 (the global coronavirus pandemic), telemedicine has seen a surge in both popularity as well as deregulation. As Americans, and the majority of the world, are all practicing social distancing in an effort to “flatten the curve,” telemedicine has been given a chance to prove it’s utility to a record number of consumers who may previously have been reluctant for any number of reasons.

Telemedicine

Telemedicine is the use of telecommunication and information technology to provide clinical health care from a distance. Telehealth is an umbrella term that includes, but is not limited to, telephone calls, remote patient monitoring, video consults and store-and-forward imaging (capturing an image or video for review by a healthcare provider at a later date). The global telemedicine market was valued at $40.11B in 2018 and is expected to reach $148.32B by 2025. While the number of patients using telemedicine services is rising, only about 8% of the US population has ever tried it. With 92% of the market still untapped, the potential for telemedicine is immense. Below are some of the many benefits of using telemedicine:

  • Increases access to care – Distance and travel time between patients and care providers can limit access to care. Telemedicine can overcome geographic barriers to healthcare and be particularly beneficial for patients in medically under-served communities or rural geographical locations where clinician shortages exist.
  • Reduces healthcare costs – Telemedicine can increase efficiency of care, reduce expenses of caring for patients, and can even keep patients out of the hospital.
  • Improves patient engagement and satisfaction – Telemedicine makes it easier and more convenient for patients to stay healthy and engaged in their health care. Patients love the convenience and flexibility with their providers.
  • Improves provider satisfaction – Telemedicine can improve job satisfaction by making it easier for providers to meet with patients. This makes it easier for them to balance their work and family life.

Point-Of-Care Testing (POCT)

“Point-of-care” testing, also known as remote testing, rapid diagnostics, near-patient testing, and satellite testing, is any kind of medical test that is not done within a laboratory setting. Point-of-care testing might be done at a health clinic, at home, in an ER room, in an ambulance, at an accident scene, on an airplane…or most importantly, at your pharmacy! Many point-of-care tests can give a patient results (and in some cases diagnoses) in very little time so that treatment or a consultation can be provided quickly.

Your independent pharmacy is the perfect place to offer these point-of-care tests, as patients will often visit their local pharmacy at a time when they are symptomatic and need care the most.

POCT and Your Pharmacy

Pharmacists interact with patients more than any other stakeholder in the healthcare system and in many cases, you are the healthcare safety net for your community. Therefore, it is very important to provide the services and guidance that your patients need and deserve. Point of Care Testing kits are top of mind and Physician360, has a wide array of testing kits you can offer your patients. The latest news is their flu telemedicine kits now come with a complimentary COVID-19 screening to patients during their flu consultation. Patients get 2 in 1: a full evaluation for flu AND a screening for coronavirus (COVID-19) during their telemedicine/video consultation.

Physician 360 now offers a Rapid COVID-19 Test for the qualitative detection of IgG and IgM antibodies to SARS-CoV-2. A member of your pharmacy team can perform the simple finger-stick test for your customers, then walk them through connecting to a Physician 360 medical provider, who can interpret their results during their telemedicine consult.

With the COVID-19 pandemic your patients may also be experiencing other ailments such as Strep, flu, UTI and anemia all of which have available test kits that come with telemedicine consults. At a time when your patients are social distancing and can eliminate one more trip to a provider’s office, these test kits are an excellent solution.

Thank you for being on the front lines and serving your community passionately in a time of need. Now is the time to add to that excellent service with point-of-care testing and telemedicine.

 

About the Author

At Physician 360, we are working tirelessly to provide your pharmacy with the tools you’ll need to weather this global storm. Partnering with Physician 360 allows your pharmacy to increase access to care, reduce healthcare costs, and improve patient engagement and satisfaction. You can completely rebrand your pharmacy as an urgent care equivalent all while making your community healthier and happier. By joining efforts with Physician 360, you can provide your customers with telemedicine, point-of-care testing, and convenience all in one. If you haven’t already, join us on the front lines of this telemedicine revolution!

How to Create a New Habit

/in , /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Optavia. Read on for their sponsored blog post about creating new habits.

Why are your habits important? The answer is self-evident. We are the product of our daily choices that over time, become our habits. The accumulation of our choices and habits determine not only our health trajectory, but the trajectory of our life as well. Never were habits more important than in these turbulent times when we have been challenged to learn new ones that can be life-saving.

We can change if we want to, by learning new choices and habits. The power is in the choices we make: the fully conscious choices that serve our best interest. Importantly, we will only make new choices and create new habits if we want to. We begin by asking ourselves what we want and then making what we want a priority.

This sounds simple enough so let’s use an example of creating a new healthy habit: Taking a walk for 15 minutes a day. To create anything new it is essential to do four things and write them down! This is how you keep yourself accountable.

Steps to Creating a Healthy Habit

First: my Current Reality (CR) which in this case is no daily walks.

Second: my goal or Desired Outcome (DI) is to walk for 15 minutes a day, before work.

Third: the choices I will make, the Action Steps I will take to reach my goal.

Fourth: A timeline. The time I give myself to reach my goal and that can vary of course depending upon the goal. In this case, you may start with walking for 5 minutes. This is what my plan would look like:

Desired Outcome: Walk 15 minutes a day before work

 

Timeline: 1 week

Action Steps:

Head out the by 6:10 and walk for 15 minutes

Put sweatpants and sweatshirt in bathroom

Put walking shoes by my bed (this is a cue, a reminder)

Set alarm for 6:00 am

 

Current Reality: I’m not taking walks currently. I usually get up at 6:30 am, get ready and go to work.

This is called a Structural Tension Chart (we’ll explore this more next time!). It can be very helpful to help you prioritize what it is that you want to achieve or create.

When you are clear about your current reality, what you want to create and know the action steps to take to reach your goal, you can. Whether that goal is walking more, losing weight and creating a healthier life and strengthening your immune system or creating more revenue options for your pharmacy that are independent of PBMs and ICD-10 codes, you can reach those goals by creating new habits and using structural tension to help you.

About the Author

Dr. Mark Nelson & Dominic Tarinelli are PDS Partners and share a virtual (no contact) evidence based weight loss and wellness program that creates health for your patients and revenue and profits for your #pharmacy. No PBMs, no billing, no ICD-10 codes, and no inventory. Our program and business are done completely virtually, without in-person patient contact. While at home, patients lose weight, improve their overall health and strengthen their immune system. Our program is evidence-based, and meals and program materials are delivered to your patients’ door. Learn more at pharmacywellbeing.com.

You can also check out the latest podcast featuring Dr. Mark Nelson on Optimal Health Life Transformation.

pharmacy team

Build and Sustain an Effective Pharmacy Team in a Tight Labor Market

/in , , , /by

Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce Oval Group as they focus on something so important to PDS – TEAMS. Read on for their sponsored blog post about building and sustaining an effective pharmacy team.

Pharmacy teamTalent is a scarce commodity. We predict this will continue to be the new normal for pharmacies. Staff turnover is expensive, unproductive, and can deliver a devastating blow to morale. The companies who are winning the war for talent are not only recruiting people who are the best fit for their business but are working hard to develop and engage their current pharmacy team so that they will remain and grow from within.

First, some facts:

  • January 2020 US Bureau of Labor Statistics results share that over 2 million new jobs were added in each of 2019, 2018, and 2017. Future indicators based on recent trends and the projected population of available workers predicts a global labor shortage over the next decade.
  • A recent study conducted by Korn Ferry Institute, predicts that by 2030, there will be a global human talent shortage of more than 85 million people, which could result in about $8.5 trillion in unrealized annual revenues.

Many of the articles and studies on this topic focus on the need to develop “Knowledge Workers” – people who can keep up with technological developments and be sufficiently agile to develop new skills and talents to keep up with changing business needs. The most successful companies are facing this shortfall head-on and investing in their talent by providing opportunities for continuous training and development.

We offer a simple framework from which to start to develop your own successful talent strategy.

3 Steps to Build Your Dynamic Pharmacy Team

Step 1: Create a compelling message – articulate the Vision, Mission, and Core Values that resonate with like-minded people.

    • Vision – a clear picture of where your business will be at a specific point in the future.
      For example: “By 2025 we will be the number one provider of alternative healthcare options in Busyville, USA, generating $5 million in annual revenue.”
    • Mission – your purpose for being in business.
      For example: “We improve the lives of every customer or patient we encounter.”
    • Core Values – the driving forces you espouse that your employees or customers can expect to experience in your business.
      For example: “We find new and creative ways to help others daily. We respect each other’s perspective while fostering an environment of continuous learning to solve the problems and concerns of our constituents.”

Our own research and experience have shown that the connection between an employee’s values and the requirements and rewards within a role is the most important predictor of employee engagement and effectiveness. A person, who can’t wait to get out of bed in the morning to get to work, will be more productive and will remain in the role longer than one without passion or purpose.

Provide an employee survey for your pharmacy team

Provide your team members with an opportunity to share their wants and needs. A third party employee engagement survey, where employees can be candid, coupled with feedback and follow up from management can go a long way to improving employee morale. Employees want to feel heard and acknowledged. If you want them to take ownership at work, it’s important to help them feel that they have a say in impacting their work environment.

After conducting an employee engagement survey, there are two important steps you must take. Number one is to share the results. Then ask and respond to input on changes they believe would improve the environment. You don’t have to agree to all employee requests, especially if they don’t make economic sense. But the requests you can accommodate will tell your employees that you care about their opinions and respect their needs. Plus, learning that they can have meaningful impact on their environment will build loyalty and trust.

Does your staff have a clear set of business goals and strategies?

Defining your goals and strategies will naturally help you identify the talent profiles you will need to fulfill those goals. Also, by sharing your goals with your team, you have an opportunity to solicit input on how they can assist with achieving those goals. The ability of your team to achieve results may surprise you. Of course, if your team has values that are aligned, you will be in a much better position to create meaningful incentives that will motivate the behaviors you seek.

You may find that you’ve identified skill gaps within your team needed to achieve your goals. The good news is that skills are trainable and offering developmental opportunities for your team to build the skills required for business success will engage them and help your business.

Step 2: Seek talent who shares your team values, and hire the candidate who best fits the profile of the open role.

Once you’ve established your business culture and core values, don’t compromise those values by hiring skilled talent that does not fit your culture. Skills can be learned and even behaviors can change with effort. Values (the driving forces that get us into action) change very slowly, if at all. Look for candidates who match your business values and have a shared passion around similar drivers.

We recommend developing a role benchmark that clearly spells out the ideal candidate profile, identifying those factors that will lead to success in a specific role. Then use gap assessments for applicants that tell you how close a candidate under consideration matches your ideal profile. The best way to build your new applicant pipeline is to build a strong team and culture of employee development and empowerment. Social media and word of mouth rule the day. Happy employees will post positive comments on social media sites and will talk amongst their friends.

Some of the best sources for new hires can come from your own internal staff. Since they know the jobs and the business culture best, they can recommend others who fit the criteria. Job applicants will scour social media sites looking for comments about what it is like to work in your business. If the comments are negative, the best candidates will not apply.

Step 3. Develop a consistent culture of continuous learning and development for your pharmacy team.

Given the tight labor market we face today in this country, finding good talent will inevitably get much more difficult before it improves. That means for those managing a workforce, the biggest challenge will be to keep the good talent and take action to undermine those who wish to poach your best employees.

Keeping good talent is not simply about erecting barriers (real or virtual) to prevent access. Rather it requires a strategy aimed at making your workplace so attractive that your employees are truly not interested in considering other options. Once you have articulated and shared your business Mission, Vision, and Core Values, plus built a team that is aligned with your direction, you need to foster an environment that lives your promise.

If your team is excited to come to work, charged up by their daily roles, fulfilled in their achievements, and happy in the environment you foster, there is only one thing left to do. You need to provide ongoing opportunities to learn and grow at work through continuous improvement, embracing reasonable change consistent with your plan, and seeking ways to reward and reinforce your company values.

About the Author

The Oval Group LLC (Oval), established in 2003, is a talent management solutions provider specializing in talent assessments and services that enable business owners and corporate executives to make informed strategic decisions about their unique business and the people who hold the keys to its success.

Three Tools that Lead to Smarter Decision Making in Independent Pharmacy

/in , /by

When a methodology works for everyone, it gets its own name. Take Pearson’s Law, for example, which has helped everyone from basketball coaches to restaurateurs see better results. The rule says that “everything measured improves; everything measured and reported improves exponentially.”

In short: looking at your data leads to smarter choices. This is certainly true for pharmacy owners, who can find some of their most useful data in just three routine financial statements and gain the clarity and confidence to move their pharmacy forward.

Pharmacy Finances: If It’s Not Broke, Why Fix It?

Pharmacy owners don’t think about diving into their finances because that’s not what they studied to do (outside of a one-semester business class, maybe). Pharmacists are in the business of helping people, not balancing books – which is why they tend to be content as long as they’re in the black.

But the pharmacy world is fluid and increasingly suffocating, and without strategic financial planning, big moves (like opening a second location or taking on an esteemed hire) may not be feasible. Not being savvy with the financial basics and being unaware of the ins-and-outs of pharmacy performance data to make smart decisions — can cost your pharmacy businesses plenty.

In this blog, we’ll take a look at three financial statements, how to decode them, and what information you can get to develop the future of your pharmacy.

Get Your Footing with a Balance Sheet

Your Balance Sheet is a simplified overview of your current financial situation. It should be used to make budgetary decisions – similar to how you check your bank account balance before saying “yes” to that new car purchase.

The balance sheet lists everything in your pharmacy as either an asset or a liability for providing a comprehensive financial snapshot. Here are some quick tips for getting more out of your Balance Sheet:

  • Determine your accounting method. Ask your accountant whether he or she uses the Cash Method (working with money already in the bank or register) or the Accrual Method (popular with most pharmacies, it works with all money, including revenue still pending from insurance companies). As tax laws change, have discussions with your accountant about which method is best for your business.
  • Diagnose your pharmacy’s health. One of the most important figures here is the Retained Earnings, which is the go-to gauge for the health of your business. To find it, take your assets and liabilities (see the totals on the left- and right-hand side in the above example?) and add invested capital. The larger the difference, the healthier your pharmacy is.
  • Distinguish what you can (and would) invest. Know what you have in the bank to reinvest (e.g., “Current Assets”), and what is untouchable (e.g., “Payroll Account”). Determine what you feel comfortable with moving when considering what to spend. For example, what can you liquify from your Fixed Assets, like office equipment? To find out what you really have to work with, subtract the depreciation figure from your total fixed assets.
  • Work the ratio. The golden ratio for pharmacy owners is a different figure from that of Ancient Greece: for a healthy and robust pharmacy that is seeing positive growth, you want to have a 2:1 assets-to-liabilities ratio. This ratio is known as the quick ratio and can be an early indicator of financial trouble.

For more balance sheet hacks (and how often you should generate one), download our eBook or get in touch with us.

Income Statement = Outgoing Investments

An Income Statement is a two-page document that goes into further detail than the Balance Sheet. It will provide more insight around trends in your spending (where is the money pit?) and the performance of different revenue sources (like prescriptions vs. over-the-counter items). It’s also an excellent resource for comparing how your business has fared month-over-month or year-over-year.

     

It shows financial data current to the month, and data from the same time the year prior. Your revenue (income) should exceed costs (your spending). You’ll want to figure out the following using your Income Statement:

  • Find your hotspots. Even if your profits are stable, the sources may not be uniform; a few items could have wide profit margins while others really don’t, and this is certainly something to consider when deciding how to grow your business. The key lies in percentages. To find your gross margin, divide the gross profit by total revenues. To see your profit margins, divide net profit by total revenue.
  • Understand the outliers. Numbers don’t lie, but they don’t always tell the whole story. There are unlisted factors that pharmacy owners should consider when examining their Income Statement, such as depreciation. Using a car analogy, your new car lost some value as soon as you drove it off the lot — the same can apply to office equipment but it doesn’t affect cash. A good accountant will advise a pharmacy owner on how to work these factors into the equation.

For more information on this, read about additional influences you should consider when planning your pharmacy’s long-term success.

Go With The Cash Flow

A partner of the Income Statement is the Cash Flow Statement and is a bit of a fortune-teller. Instead of the retrospective that an Income Statement provides, the Cash Flow Statement gives pharmacy owners an idea of what to expect next.

The more pharmacy owners understand how to read this document; the more accurate their assessments will become over time. Here’s where to find some clues hidden in your Cash Flow Statement:

  • Ask for the time. While every business has a Cash Flow Statement, this document is especially valuable to pharmacists whose revenue is tied up with third-party payers. It’s difficult to accurately project future cash flow if you’re unsure of reimbursement time frames. To determine the gap, look at the difference in monthly revenue vs. cash sales (copays, OTC goods, etc.). Then add up the percentage of cash in Accounts Receivable that came from prior months’ sales. This will give you an idea of how much of your monthly cash flow relies on earlier transactions and how much available equity you shouldn’t expect to receive from your sales from month-to-month.
  • Play it safe. Always err on the side of underestimating the cash you expect to come in, and overestimate the cash you plan to spend, whether it’s due to surprise DIR fees or flood damage. Plus, ending up with more than you planned for is always a great way to operate!

Working With Your Accountant

Financial statements are interdependent, and you need both the parts and the whole to understand how you’re doing. Now that you’ve got the basics down for a better understanding of how your pharmacy is performing, it’s time to make informed, strategic decisions. This is a little harder to come by. And admittedly, even with a better understanding of these three financial statements, pharmacy owners have too much on their plate to stay on top of intelligent accounting choices. That’s why it’s crucial for pharmacy owners to partner with accountants who deeply understand the industry. Anyone can produce a Balance Sheet, but unless those numbers are examined in the context of the pharmacy industry, it’s easy for even the best accountant to miss key data (for example, taking DIR fees, 340b contracts and clawbacks into consideration). For a checklist of questions to ask your accountant in addition to tips for accounting software users, download our eBook. Are you interested in working with us to make more of your pharmacy? Good, because so are we! Schedule a short call with our accounting team.

For PDS members, log into PDSadvantage to find the applicable pharmacy team resources in the Knowledge Library that can help you start making your finances work for you such as the Finances Peer Group, Budgeting Worksheet, Profit vs. Cash Flow, and many more.

About PDS

Company Overview
Our Team
Careers
Press / Media
Podcasts

For Members

PDSadvantage
Training

PDS Events

Pharmacy Webinar Series
PDS Super-Conference
PDSspeaks
Event Calendar

Recent Posts

View PDS Blog

Let’s Talk

Or Contact Us Here