What does it take to be a successful pharmacy owner? Doug Hoey, President and CEO of the National Community Pharmacists Association, talked to dozens of pharmacy owners across the country to find out. His presentation, “The 7 Habits of Highly Successful Pharmacy Owners,” has been seen and heard by thousands at Cardinal Health RBC events, as well as on various pharmacy-related podcasts. In it, he analyzes the habits shared by the pharmacy owners leading the charge in pharmacy innovation — and success.
These habits aren’t anything special. They aren’t extraordinary strategies available only to the lucky few with enough time and capital to spare. No, they’re common-sense steps that any pharmacy owner could (and should) take.
In short, those seven habits are:
- Invest time, money, and energy into your personnel
- Get out from behind the counter
- Know what’s driving the financials
- Know and understand pharmacy contracts
- Embrace innovation
- Get in sync with med sync
- Understand what makes your community tick
Of those seven, four can be addressed with an upgrade to your pharmacy software.
Pharmacy Software Empowers Successful Pharmacy Owners
The pharmacies who are the leading innovators are the pharmacies who have embraced technology and the opportunities it can offer. Here are the habits of highly successful pharmacy owners that pharmacy software can help you adopt:
Get Out from Behind the Counter
Hoey recommends getting out from behind the counter and plugging in with your patients and your community. But many pharmacists feel like they will lose revenue if they take time away from the counter. With the right software, that isn’t the case.
A dedicated patient management system can streamline operations at your pharmacy and allow you to get more done in less time. You can participate in community events, visit with patients, and find ways to connect with the community that supports your store — all without worrying about what your time away from the counter is doing to your bottom line.
Know What’s Driving the Financials
Numbers can be intimidating, particularly when the amount on the line determines whether you can keep your doors open. We understand why some pharmacy owners don’t pay as much attention to the financial health of their business as they should. That doesn’t mean we advocate it, however.
When you know how much money you’re making and how much you’re losing, you’re in a better position to make good business decisions. A good business intelligence system can help you understand which prescriptions are profitable and which you are selling at a loss. Armed with that knowledge, you can ensure your business stays healthy.
Since 95 percent of your prescription revenue is tied up with third party payers, claims reconciliation software is a must.
Embrace Innovation
Computer programming pioneer Grace Hopper once said she believed the most damaging and dangerous phrase in our language to be “We’ve always done it this way.” We couldn’t agree more. Those who want to be successful in their endeavors need to embrace innovation and change. Employ business intelligence and analytics in your pharmacy. Use automation to streamline the parts of your pharmacy business that keep you tied up and unavailable. Use software programs, not tired eyes, to find irregularities in your claims.
Clearing the path and leading the way isn’t always easy, but it’s always worth it.
Get in Sync with Med Sync
Medication synchronization, also known as med sync, is a no-brainer. With a med sync program, you can sync the timing of your patients’ prescription refills. They can come into the pharmacy once a month and pick up all of their medications, rather than visiting several times over that period. It makes prescription pickup much more patient-friendly.
But there’s a bonus for the pharmacy, as well. For whatever reason, most patients only pick up 9 to 10 fills of monthly medication throughout the year. With med sync, you pick up the extra refills on that patient . . . and every other patient who is enrolled in the program. More revenue for your pharmacy, and more patients adhering to their prescription plans — which means better Star Ratings for you.
Of Doug Hoey’s “7 Habits of Highly Successful Pharmacy Owners,” four of them involve using software to strengthen the health of your pharmacy — and your patients. Whether you’re using business intelligence to determine the best ways to improve your profitability (and stay in business) or a med sync solution to make life easier for the people of your community, the pharmacies who embrace innovation are the ones who thrive.
