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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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What to Avoid at Business Networking Events

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A professional social event can be great for your success and your stress levels. Happy hours, mixers, receptions and other after-hours events are great opportunities to network, learn from your peers and have a good time. You should plan to attend them regularly, but be prepared to put your best foot forward. Maintain your reputation and get maximum benefits from the time you dedicate by following these tips.

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Don’t Drink to Your Limit

If you can normally drink three drinks before feeling intoxicated, stick with only two. Don’t push yourself to the limit, because many factors could be involved. For example, what you’ve eaten that day, nerves, or even the bartender pouring stronger drinks than you’re used to consuming. The risk of embarrassing yourself is not worth taking. Once you have a drink in your hand, sip slowly and pace yourself to make it last longer.

Don’t Arrive Without a Goal

Just because you aren’t over consuming doesn’t mean you’re networking correctly. It’s important to go into every event with a goal. If you don’t know why you’re attending this event, you won’t know what to do when you get there and you will wander aimlessly. Prepare yourself ahead of time by determining what you hope to achieve from the event, who you want to talk to, and how long you plan to stay. 

Don’t Take Photos Without Asking

Don’t be tempted to snap photos of others and put them on social media. Often, professional pharmacy gatherings have big-name players from the industry in the mix. It’s easy to feel a little star struck. Although this is true of any public event, it’s especially important at professional gatherings not to take candid photos on your phone. This is highly inappropriate and an invasion of privacy. Ask first, and be sure to let the person know if you plan to use the photo publicly.

Don’t Constantly Look for the Next Conversation Partner

Make the effort to establish a real connection with people during the mixer, instead of just throwing your business card at someone and moving on. While you may want to make as many useful contacts as possible, never look past the person you are talking to find someone better to connect with. This will come off as being extremely rude and will certainly not win you a stellar reputation if it happens often.

Don’t Spend a Lot of Money

Even though it is a business expense, there are many ways you can spend too much on a professional happy hour or reception. If the event is not affiliated with an industry conference, there may be a ticket charge to attend. If you are nervous and unprepared you may be tempted to spend excessively on drinks for yourself and others.

Your after-hours behavior can have a huge impact on your career, so make sure it’s a positive one. Happy hour is the “perfect storm” where you can make a lasting impression, in either a positive or negative manner. Remain professional the entire time and you will have nothing to worry about. These type of events provides a great chance for friends, colleagues, and industry professionals to meet and learn from each other in a relaxed, casual atmosphere.

The best event for socializing with independent pharmacy leaders and learning from your peers is the Independent Pharmacy Together Toward Tomorrow Conference. Attend this year’s event in Orlando, Florida and put your networking skills to the test. Click here to learn more and register now.

 

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3 Ways Pharmacies Can Market a Pharmacogenomics Program

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Are you thinking about launching a pharmacogenomics (PGx) program in your pharmacy, but aren’t sure if people in your community will pay for it? The answer is yes, they will! In fact, multiple PDS Members are selling numerous tests and clinical consultations per week for cash (often a $150 profit!) and are experiencing tremendous growth while branding themselves as the go-to resource for PGx.

As more labs go to market and pharmacogenomics – personalized medicine – becomes mainstream, people will seek a reliable source. Thankfully, when they think of medicine, they think of their pharmacist and will come to you first. However, neglecting to offer the tests could sadly result in losing patients to other local providers.

In a recent members-only Pharmacy Advancement Academy module, How to Create a Profitable Pharmacogenomics Servicewe worked with PDS Members Amina Abubakar and Olivia Santoso Bentley of Rx Clinic Pharmacy to outline the ins and outs of implementing a PGx program and adding $25,000 to the pharmacy’s bottom line.

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Throughout the how-to webinar, they shared their best tips for spreading the word throughout the community. To get your wheels turning, here are three of the seven marketing strategies shared on the members-only call:

Mine Your Existing Database

While traditional pharmacy models have you waiting for patients to come to you, we encourage PDS Members to create more opportunities by mining their existing databases and identifying and anticipating needs. When it comes to marketing your PGx services, there’s a wealth of opportunity with your current customers. Before you market to the masses, run reports on the following patient categories to identify which customers and specialized doctors to speak with first. These disease states will most likely benefit the most from PGx and quickly become raving fans and spread the word.

  1. Asthma
  2. Cancer
  3. Cardiovascular disease
  4. Psychiatric conditions
  5. Cholesterol
  6. Epileptic seizures
  7. Depression
  8. HIV/AIDS
  9. Hypertension
  10. Concierge medicine
  11. SyncRx patients

Bonus! Millennial patients – these patients spend money on themselves. In additional to healthy food and expensive exercise routines, many millennials invest in health apps, FitBits, etc. It’s likely that if they have to take medicine, they will want to see genetically what will and won’t work for them.

PDS Members: Want to learn which specific computer reports to pull to capitalize trends in your business, identify your most profitable customers train your team to switch low-margin prescriptions  to higher ones? Access the Pharmacy Advancement Academy module Profitability Pathways by searching “pathways” in the PDSadvantage Resource Library.

Tap into Lab-Provided Materials

The pharmacogenomics lab you partnered with to offer the tests in your pharmacy should be willing to provide marketing materials for patients and doctors. They are the experts in this

arena and have likely invested a lot of money in research, branding and marketing campaigns. Request to have their brochures and training materials customized with your logo and information and printed for you. Related: 9 Questions to Ask a Prospective Pharmacogenomics Lab

Present the Value with Interactive Presentations In the webinar, Amina and Olivia recommended two types of presentations – one for physicians that discusses the value of pharmacist-driven MTM and the pharmacogenomics test and the second for the community. For example, identify niche businesses where people pay extra money for a higher level of care. This could include adult day care centers and Parkinson’s groups, to name a few.

To help explain the process and value, offer the test for free to a doctor or administrator and with their permission, share the results and experience in the presentation.

PDS Members: search “PGx” in the PDS Advantage Library to access a customizable PowerPoint template for promoting pharmacogenomics in the community.

Want to Access ALL SEVEN Pharmacogenomics Marketing Strategies and Quickstart Your Program?

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. Pick 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? Speak with one of our Business Advisors today and immediately gain access to the PDS Resource Library with 100s of templates, tools and programs for growing and differentiating your business. You can also learn more by watching the free webinar, Introduction to Pharmacogenomics.

 

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4 Signs Pharmacy Owners Can Use To Determine It Is Time For Change

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Too many small business owners run their companies in a hesitant and tentative manner. While your tried-and-true methods may have gotten you this far, they are probably not the best way to maximize your pharmacy’s potential in the coming months and years. In order to determine whether it is time to make changes, begin by making some observations.

  • Are your employees happy?
  • Are your customers satisfied with their experiences in your store?
  • How do you feel about going to work each day?

When it comes to managing your pharmacy, being “good enough” is not actually good enough.  Remaining in the comfort zone can be very damaging to any business. Do not wait until your pharmacy is failing to take action. Here are 4 signs it may be time for a change.

You Wake Up Unhappy

If you are going to sleep anxious and waking up unhappy, it may be time to make changes. Most people have stressful periods in their careers and many will bring that stress home with them. Independent pharmacy owners are certainly no different, but if you are taking stress to bed every night and losing sleep, it may be time to rethink your current workload. Could you pass off some of your daily duties to a manager? Perhaps you are simply understaffed and need to hire more help. Sleep is crucial to your health and happiness, so losing sleep over work-related anxiety is a hindrance to your success.

If you are unable to remove responsibilities or immediately fix what’s troubling you, find an escape that relieves the pressure. Read a book, go for a walk, or start a new hobby. In order to prevent burnout, your life needs a healthy balance outside of the pharmacy.

You Are Only Concerned with Profits

Running any business, especially one as important as a pharmacy, should be about much more than making money. Money can help maintain a lifestyle, but rarely it is not the key to happiness. If you have lost focus on why you went into pharmacy to begin with, it may be time to rediscover that passion.

You Have Little Good to Say

Make a conscious effort to pay attention to your own words and actions. How is your attitude in staff meetings, on the phone, and when dealing with customers? If negativity is seeping into your daily interactions, your unhappiness will impact those around you. Do not let yourself be the reason that your staff is feeling down about the company they work for. Your leadership will set the tone for every area of the business.

You Don’t See the Light at the End of the Tunnel

When you try to imagine your pharmacy’s future, what do you see? What about when you think about your own future? Are you excited about upcoming events, like this year’s Christmas party or your vacation to Disney World next summer? Perhaps all you see is a long, straight road of the same old stress and misery. If you are afraid that pharmacy policies will remain the same, interoffice communication will be as dysfunctional as ever, and everyone seems complicit in maintaining poor customer service, you are heading down a bleak path. Fortunately for you, as the pharmacy owner, you’re the one who can change this.

Many people resist change, and it is easy to see why. Contemplating the unknown is scary, so many businesses stick with the status quo, even if it is no longer working. But those businesses will be far less successful than those who embrace the opportunity to evolve and improve. If you find that you are not happy, your staff is underperforming, or your profits are not increasing in the way you would like, it’s time to implement some changes. Getting started can be overwhelming, but there are plenty of resources available to help you.

Each year, thousands of pharmacy owners attend the industry’s main event, the PDS Super-Conference. They learn about industry changes and discuss new ways to forge ahead successfully. They leave the event feeling energized and ready to implement improvements in their business year-round. Don’t miss the opportunity to gain the support and direction you need for independent pharmacy success. 

Click here to reserve your seat before this event sells out!

 

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The Importance of Credit Card Security in Your Pharmacy

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bigstock-Consumerism-3151856.jpgIf you think your independent pharmacy is immune to cyber crime, you may need to think again. Unfortunately, an increasing number of cybercriminals are now targeting small businesses, due to the fact that security is typically weaker. A recent survey by Fortinet found that nearly two-thirds of consumers held merchants responsible for data breaches and 60% of small businesses that suffer a data breach are out of business within six months.Therefore, keeping your customer’s credit card information safe is crucial to your pharmacy’s future. In order to keep your customers guarded and your pharmacy secure, it is essential to understand these three significant concepts:

You Are At Risk For an Attack

If you think it can’t happen to you, you’re already giving the cyberattackers a leg up. Any small business that accepts credit cards is a potential target for a cyber security breach. As an independent pharmacy owner, never make the mistake of believing you are too small or located in a safe enough area that won’t be on the radar. Hackers are targeting small-scale businesses more often, because locally-owned, small networks are easier to hack, and they are not as regularly checked for compliance with credit card security standards. If your computer system is under protected, a hacker can inject malware onto your payment terminal from anywhere in the world to access customer information. Understanding that you are at risk is the first step toward protecting yourself.

You Are Held to the Government’s Standards of Security

If you accept credit cards, you are held to the same standards as larger chain stores, like Target and CVS. The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. When you initially set up your payment system to accept credit cards, you agreed to abide by the PCI DSS. Whether you swipe one or one million cards each year, you are legally required to keep your computer system as secure as possible.

This year, even more credit card security measures are being enforced. EMV (which stands for Europay, MasterCard and Visa) is the new global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. It means greater protection against fraud for the consumer, and it is legally required for your pharmacy to have the proper technology to read these cards – so be sure to check the 2015 deadlines to have this implemented.

You Will Be Held Liable for a Preventable Breach

Any business that suffers a cyber security breach and is found to be non-compliant with credit card security standards is fully liable for charges related to the violation and can be required to financially compensate those who were defrauded. If a security breach occurs, PCI DSS inspectors will investigate. This process alone can be crippling for an independent pharmacy since it requires them to shut down operations for several days, or longer, and costs a few thousand dollars in inspection fees. If the investigation finds your security was not up to code, you’ll be paying for even more charges:

  • Data Security Fine – Up to $500,000 fine per security breach incident.
  • Non-Compliance Fines – Up to $50,000 per day for non-compliance with published standards.
  • Card Replacement Fees – $3 to $10 per card multiplied by the total number of cards compromised.
  • Refund Fees – Potentially held liable for all fraud losses incurred from compromised account numbers.

Failing to update your security programs could cost a lot of money in the long run, so do the hard work now to make sure that your pharmacy is PCI DSS compliant. That way, if your pharmacy is successfully hacked, you will not be held liable for any fines beyond the possible audit fees.

Keeping your technology up-to-date is just one of the ways to successfully compete in the pharmacy industry. For more advice on how ensure that your pharmacy is staying productive and profitable, download our free eBook 3 Innovative Ways to Compete in the Pharmacy Market.

 

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Limited liability… What you don’t know will hurt you!

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As a business owner, imagine you are in the LLC and Corporation club. The club of Corporations and LLC’s can give you great benefits as one of its members.

Running a business is challenging and filled with the chance for big rewards, but if you make a mistake, isn’t it nice to know that the problem stays with the business? Your club membership says that the risk or problem stays with the business and does not affect you. You are not personally liable for any problems that occur in the business.

This is called limited liability

The liability or risk is limited to the assets of the business only. What a great benefit, and you get limited liability just by starting your LLC or corporation!

Just like any club you have ever joined, there are rules the members must follow. Limited liability only applies to club members whose companies are following these rules. In fact more than 90% of all business owners are in violation!

No one gave you a rule book when you started your LLC or corporation. So how do you “act” like one? That’s the problem. Attorneys and IRS auditors know you don’t know the rules. They know you didn’t get a set of instructions, and because you don’t know what to do, they are going to take away your benefits. What are the rules? One of them is to maintain a proper record-keeping practice. You must document, with a resolution, every time your company makes a major decision.

What should you be documenting? Here are just a few major decisions that need to be recorded:

  • S Corporation/2553 or 8832
  • Equipment Purchases or Leases
  • Acceptance of Accountant
  • Purchase or lease of Property
  • Qualifying to do Business
  • Issuance of Dividends/Distributions
  • Waiver of Notices to Hold Meetings

We’re willing to bet that some of you didn’t realize these were on the list.

What liability challenges does your business face? Let us know in the comments!

Subscribe to our blog to receive PDS news and updates! You can also find us on FacebookTwitterLinkedIn Google+.

 

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9 Questions to Ask a Prospective Pharmacogenomics Lab

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bigstock-Pills-Tablets-Capsule-Heap--97611956.jpgOffering pharmacogenomic (PGx) testing creates numerous opportunities for independent pharmacy – increases patient retention, ensures the most comprehensive care, strengthens relationships with doctors and rapidly builds a new cash revenue stream, to name a few.

While little clinical training and overhead are required for personalized medicine, your success hinges on a key element: partnering with a reputable lab that compliments your pharmacy’s goals and infrastructure. On a recent members-only Pharmacy Advancement Academy webinar, How to Create a Profitable Pharmacogenomics ServicePDS Members Amina Abubakar and Olivia Santoso Bentley of Rx Clinic Pharmacy shared what they’ve learned throughout their journey of becoming one of the industry’s leading PGx providers, here’s what they had to say:

To ensure you have reliable information, ask to speak with the billing department and lab and discuss the following questions.

  1. Are you a distributor or an actual lab? You will want to determine if you are working directly with the physical lab that processes the tests, or a distributor. While there may be benefits to working with distributors, make sure that they’re offering you value and transparency in regards to billing and payment processing to ensure that this is a better option than just working with the lab. For example, if the lab you choose only offers the testing and outsources the clinical education and implementation materials, you can feel more comfortable around the value that a distributor partnership is offering.
  2. How will my pharmacy be paid? It is essential that the lab is transparent with their payment structure, especially if they are billing insurance. The monthly reports the lab provides should clearly state how many tests you distributed, what’s being billed and what’s being paid to you. For labs offering an insurance billing model, there should be transparency around the rejections, with the EOBs from the insurance companies. It’s also important to discuss if you’re getting paid per test or if you’re only getting paid what you collect. Also, what exactly is your role in the PGx process? Are you just paid for the collection or the medication review or both? Some labs have a pharmacist who will perform the review, and you’re just the collector.
  3. Will you be able to support my pharmacy’s infrastructure?  Every pharmacy is designed a little bit differently, and your lab should fit your needs. For example, if you’re technologically savvy, is the lab? Will they fax you everything or will they create a portal for you to house everything electronically? It’s highly recommended to work with a lab that will provide you an online portal to streamline all of the paperwork and keep the pharmacy clutter free. Some labs will say you need to have a separate portal or login per doctor. We suggest working with a lab with one portal and one login, regardless of the number of doctors. The lab may even be able to provide portals for your doctors so they can pull the tests whenever they want. It’s also nice if they can provide you with logins for your patients, making it easy for them to access their data. Just be sure the portal has your name on it so you get the brand recognition!
  4. What size panel does the lab run? How many drugs, biomarkers, Apo E lipids, etc., do they offer? Is it an extensive panel or only for a few pathways? You want your tests to be as comprehensive as possible and for the lab to be continually adding more biomarkers and enzymes as technology advances. Some labs offer a lower cash price point for a fewer-panel test. Ask the labs about their panels and which drugs and disease states are covered and determine the best fit for your patient demographics.
  5. Will you provide customized marketing materials? They are the experts in this arena and have likely invested a lot of money in research, branding and marketing campaigns. Request to see their collateral for patients and doctors and to have them print it for you with your logo.
  6. How will you train my team? Is the lab willing to invest in training so you and your team are confident in administering tests and consulting your patients? Most labs have a clinical team in place who can get you up to speed on which CYPs they’re testing for and what poor metabolizers, fast metabolizers and everyone in between needs to know about their genetics and their medications.
  7. What does the next 1-3 years look like for your lab?  You’ll want to ensure that the lab you choose is willing to think ahead and collaborate as your business grows. For example, when Amina started offering a PGx service in her business, it was easy to track patients with a simple prompt in her computer system, but as she’s grown, there’s now a need for full integration. The lab she works with, MD Labs, was willing to have conversations with her software company to determine a solution.You’ll also want to confirm that the lab will be continually working to include more biomarkers in their panel and that patients who received their initial PGx results in 2015, for example, can be re-run as new information emerges, making it a “once-in-a-lifetime” test.
  8. What happens if my patient’s insurance isn’t accepted and we’ve already submitted a test? If a lab is offering to bill the patient’s insurance, be sure to question what will happen if it’s not covered. You don’t want a patient or a physician upset at you because now they owe the lab $1,000 for their genetic test when you told them it was covered by their insurance.
  9. What disclaimers do you include with your tests? If you’re out there promoting these tests, the lab needs to include disclaimers on their materials that not only protect you, but also the doctors. For example, you do not want a patient to get upset at the doctor because they prescribed a medication that happened to be on this test that they couldn’t take. The disclaimer should also help the patient understand that they need to take responsibility and share the information with everyone involved in their care. Amina suggests working with a lab that’s also flexible with changing wording and adding things to the forms to ensure everything protects the pharmacy and providers. Nothing should ever be set in stone!

And remember, not all labs are created equal. Researching multiple labs will ensure the highest ROI, most comprehensive panel and support.

Want to Quickstart Your Pharmacogenomics Program?

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. Pick 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? Speak with one of our Business Advisors today and immediately gain access to the PDS Resource Library with 100s of templates, tools and programs for growing and differentiating your business.

Ready to learn more about Pharmacogenomics? Watch our free webinar for a thorough introduction now.

 

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5 Ways to Become a Better Supervisor Now

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As an independent pharmacy owner, you are much more than a pharmacist or an entrepreneur. You are the fearless leader, manager and supervisor to your dedicated staff members and depending on the size of your pharmacy, there could be quite a few of them. An excellent manager knows how to facilitate the growth of their skills and talents in order to bring out their best work and encourage an awesome pharmacy culture.

Great supervisory skills can have innumerable benefits for your pharmacy from increased productivity and customer satisfaction to a positive improvement in the overall work atmosphere. Here are five ways to improve your supervisory skills immediately:

1. Set Clear Expectations

Staff members will be happier and more productive if they know exactly what is expected of them and how to accomplish it. Providing this kind of structure is the cornerstone of any successful pharmacy. A stellar supervisor can guide employees to work within appropriate parameters without stifling them.

2. Show Your Human Side

Just because you need to provide structure doesn’t mean you have to behave like a robot. Employees value leaders who are human and who don’t hide behind their authority. The best supervisors are those who aren’t afraid to be themselves and show they care. Managers who respect and connect with others on a human level inspire great loyalty. Employees will inevitably face life events that require flexibility and understanding from management, so maintaining a real relationship with your staff will make the work environment much more pleasant.

3. Keep Your Commitments

Cultivating dedicated, loyal employees will require you to keep the promises you make to them. If you promise an extra vacation day after a year’s employment, you better keep your word. If you schedule a staff meeting for 9:00 and don’t arrive until 9:15, you are sending a negative message to your staff. It’s extremely important to lead by example – if your staff can sense your energy or commitment level waning they will inevitably follow your lead.

4. Stay Up To Date

Resentment will grow if staff members feel they are being supervised by someone who doesn’t know what they’re talking about. If you are busy managing the back end of the business, delegate supervisory responsibilities and ask for periodic progress reports. Staying up to date on everything from industry trends to store processes is critical to your success as a manager.

5. Look At The Big Picture

The best supervisors see the big picture and don’t get involved with micromanaging their staff. Empower your employees by giving them space to tackle problems independently, but make yourself available to answer questions and offer advice. If you know how to foster a team with a sense of shared purpose, you will be able to trust that your employees are working to the best of their ability, and they will be able to place the same level of trust in you.

Believe it or not, most exemplary supervisors are not born that way. Supervision is a skill that requires awareness, training and practice. Lucky for you, we provide a number of online and in-person trainings that will take your leadership skills to the next level. 

 

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