Everyone at Pharmacy Development Services (PDS) is grateful for our conference attendees and exhibitors in Orlando this February. The last two years have brought about many lessons and takeaways. During his conference presentation, PDS CEO Chip Phillips outlined the importance of focusing on what’s next. As a result, we identified four strategic trends that you have an opportunity to embrace and use to drive your business forward in the coming year.
Strategic Trend # 1 – Overcoming the Great Resignation
You have felt the pressure of high employee turnover and burnout set off by the pandemic and The Great Resignation. In a survey of independent community pharmacists conducted by NCPA, 80% say they are having a tough time filling open positions. The first step to taking control is by creating a performance-based culture in your pharmacy business. When your team feels respected, engaged, and sees opportunities for professional development, they truly become your most impactful competitive advantage.
Attracting and Retaining Top Pharmacy Talent
PDS is working hard to address the challenges you’re facing regarding team engagement, hiring, and retention. We have partnered with key industry organizations to bring you meaningful solutions.
- The Oval Group offers talent management solutions with valuable and actionable employee insight.
- National Healthcareer Association® (NHA) has a suite of products designed to help pharmacy technicians and pharmacists work better together.
- Parata provides automated filling options that can scale to fit pharmacies and teams of various sizes and capacities.
Taking advantage of these resources means your current staff will not be overwhelmed with pharmacy operations tasks, and you can attract more new hires that will stay.
Strategic Trend #2 – Connecting with Patients Outside of Your Four Walls
The second trend you should consider is enabling customers to do business with you whenever and wherever they choose. Consumer and shopping behaviors are changing rapidly:
- Increased use of mobile and digital platforms
- Higher reliance on reviews and recommendations
- Shifts in healthcare access during the pandemic
Every major drug retailer has accelerated its strategy toward an omnichannel presence. It is time for independent pharmacies to do the same and allow for the patient’s experience to exist outside the four walls of the pharmacy.
Meaningful Digital Marketing Presence – Omnichannel Strategies
A well-curated digital presence must be established and maintained for your patients to engage with your pharmacy online. You may even be closer than you think. If you have a website and social media pages, congratulations – you’re headed in the right direction. PDS can work with you to expand your presence in several ways; we can:
- Work with you to improve your current marketing through tips and recommendations from our pharmacy experts.
- Do it for you, if you don’t have the bandwidth – we can create an effective digital marketing strategy.
- Show you how to do it yourself by providing templates, best practices, and guides.
Consumers today are informed and empowered. Highlighting your pharmacy as a community healthcare destination is a non-negotiable in today’s market. Start building patient loyalty by empowering your team, personalizing customer experiences, and letting your customers be your guide.
Strategic Trend #3 – Expanding Patient Care Services
“Even with the accelerant of the pandemic, the evolution and adoption of new care delivery models is a marathon, not a sprint.” – Chip Phillips, Pharmacy Development Services CEO.
COVID-19 increased independent pharmacists’ recognition as the most accessible healthcare provider and opportunities to have a more clinical focus. Coupled with the shift from volume-based to value-based patient care, this is the time to create the healthcare destination your community needs. The strategic trend of expanding into patient care services is indisputable.
- Consumers want the convenience of retail care
- Practitioners recognize the potential impact on patients
- Pharmacists are creating new systems and business models
Once you’ve adopted the mindset that this change is non-negotiable, the next steps are clear. Continue to nurture the core business of pharmacy, dispensing revenue – while building new revenue streams such as point-of-care testing and collaborative care practices. Your dispensing business creates opportunities to interact with patients seeking services beyond just prescription filling. With those patients, you have a captive audience to promote your clinical and patient care services.
Do-It-For-You Pharmacy Solutions
PDSconnect is a new turnkey program that creates meaningful and profitable partnerships with community health practitioners. Begin your expansion into offering patient care services and creating sustainable revenue streams outside of dispensing.
Strategic Trend #4 – Navigating Uncertainty in an Evolving Industry
Dealing with the unknown is the biggest challenge of all. The pandemic dramatically changed our industry and the impact is still unclear.
- Missed immunizations and medical misinformation
- Delayed care and foregone wellness visits
- Changes in patient and practitioner communication
- Decrease in COVID related revenue
Navigating uncertainty is a two-pronged approach. First, you must take care of your core pharmacy business. It is your foundation for building clinical offerings and nurturing patient relationships for future growth. Second, it is important to create a roadmap for improvement by leveraging your pharmacy’s performance metrics.
PDS offers an array of long-term and fast-acting solutions for key areas of your business.
- Start creating a strategic plan for your pharmacy >>
- Learn more about important pharmacy key performance metrics >>
- Improve cash flow through effective inventory management >>
PDS is Here For You
The daily challenges of new competition, disappearing profits, and accelerating change force a critical decision: Will you compete? Or simply hang on until you either close or sell? We work with owners who decide to compete.
- How to leverage pharmacy data
- A clear path to improve performance
- The power of proven best practices
No longer are you going to wake up each morning worrying about cash flow, wondering if you’re missing opportunities, or hoping for the business to improve. With PDS in your corner, the game changes. You’ll take control, move forward with clarity, and win with confidence.