• LATEST PHARMACY NEWS AND EDITORIAL

    LATEST PHARMACY NEWS AND EDITORIAL

Our latest thoughts and inspirations on buying a pharmacy, starting a pharmacy, and ongoing pharmacy operations

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Get all your Accounting and Pharmacy System Data Consolidated on your Phone

Get all your Accounting and Pharmacy System Data Consolidated on your Phone
Getting a proper Profit & Loss statement and Balance sheet every month on a timely basis from your accountant is very important. These statements however only provide you half the picture as to how your pharmacy business performed in any given month. You need to pull data from your pharmacy system to really understand the performance of your business.

Data like:
  • how many scripts you filled, revenue per prescription,
  • gross margin per prescription, top payers,
  • brand vs. generic,
  • tech hours,
  • tech payroll dollars per prescription,
  • top drugs and more
tell you why your business performed or did not.


Many owners do not pull this data because they simply do not have the time to pull all the reports and then consolidate the data. The good news is as a pharmacy owner you no longer have to do this because Independent Rx Consulting has an accounting dashboard that pulls data from your financials and pharmacy system for you, consolidates the data and displays the data in an easy to read dashboard on your phone or computer.
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You Need a Team to Help you Realize your Goals

You Need a Team to Help you Realize your Goals
  • Hire people smarter than you.
  • Get advisers that know something different.
  • Hire people with different skill sets.

We have all heard this advice. These are all ways of saying get a team. But why is this advice in every book, every article? It is not because people are trying to sell you services. It is everywhere because it is true. You as a pharmacy owner need a team since you can't do it all. You are not an expert in sales, marketing, operations, inventory management, accounting, bookkeeping, taxes, management, etc. And even if you were there is not enough time in a day for one person to play all these roles.

So what should you do? Find a team, these may be technicians, a manager or it might be outsourcing accounting, marketing etc. Understand what you are good at and what you like to do then let others do everything else. Doing so makes finding the team easier, if you know what roles the team members have to play you can seek out individuals or companies that are really good at those roles.

Doing this will grow your business, make it more profitable and take the stress out of ownership.
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Who is your Biggest Customer?

As independent pharmacists we all know our best customers. Perhaps it is Mary who is on ten maintenance meds, or Joe who takes several high dollar medications, or Doc who brings donuts to the staff every Thursday. But who is responsible for depositing the most money into your account, who is your "best" customer? Unfortunately it is not Mary, or Joe, or Doc.

It's the PBMs.

Just as you take great pride in getting to understand Mary, Joe, and Doc you also have an obligation to understand your biggest payers. Who are your top five payers? What has been the trends of Rx filled, revenue, and margin? Has there been a change to the contract or enrollment? The Independent Rx Consulting Dashboard can have these answers at your fingertips along with every other metric that is vital to your business. Mary, Joe, and Doc will always be the heart of independepent pharmacy but knowing your numbers will allow you to continue to provide them with the service that can only come from an independent. By the way, tell Doc I prefer the jelly filled.
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Outsource Your Accounting and Grow Your Business

Outsource Your Accounting and Grow Your Business
It sounds ridiculous that your accountant can help you with sales and marketing. However pharmacy owners for some reason want to do all the bookkeeping, bill paying, payroll, etc by themselves. But this is not efficient, you as the pharmacy owner are not trained to do accounting you are trained to be a pharmacist and work with patients. In addition to this it is hard to outsource sales & marketing, inventory management, workflow improvement. These are business practices that you as the owner have to be involved in. But if you are in the office entering bills, creating financials, etc you are not spending that valuable time out cross selling to your customers or meeting with a doctor.

Think about the following -  one doctor sending you referrals could pay for 3 accountants. So stop doing the things that can be outsourced and do the things that either cannot or that you can make the biggest impact on.
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Grow Your Pharmacy by Presenting Solutions to Customer Problems

Grow Your Pharmacy by Presenting Solutions to Customer Problems
One of the pillars of independent pharmacy is great customer service. We have an obligation to our patients to be professional, prompt, and personal and it seems all goes well until a problem arises, the patient is out of refills, we are out of a medication, a prescription needs a prior authorization, and so forth. These are obstacles that we face every day. It is when these problems arise that customer service can really shine or go terribly wrong. Communication is key in these situations and it is essential to teach this simple rule to the staff- Never tell a patient about a problem unless you tell them how you are going to fix it.

For instance, never say “you are out of refills” unless you follow it with “but don’t worry, I am going to contact your doctor for you and when I hear back I will give you a call. If you need a few tablets to hold you over it’s no problem”. Or don’t say “we are out of stock on your medicine” without saying “but it will be in first thing tomorrow and we will deliver it for you.” Furthermore, the sooner the problem is communicated the better. We should not wait until the patient makes a trip to the store only to tell them there is a problem.

Over the next few days, listen carefully to how the staff communicates issues to your patients. Great service demands that we be great problem solvers. As amazing as it seems, these simple rules will greatly increase your customer service and set you apart from the competition.
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