NCPA Executive Update

NCPA Executive Update delivers insights on legislative, regulatory, policy, and industry developments from NCPA CEO B. Douglas Hoey, Pharmacist, MBA, to NCPA members and pharmacy leaders every other Friday.

Innovate to Accelerate | NCPA Executive Update | July 29, 2016

by NCPA | Jul 28, 2016

Dear Colleague,

Doug Hoey

Every opportunity I have to physically be outside the D.C. Beltway bubble, I make a point to visit pharmacies and talk to owners. I hear firsthand how they count on NCPA to represent their best interest in the day-to-day advocacy details, while they attend to serving their patients and growing their business in a changing health care environment. We strive to keep you informed of what you need to know and the actions you need to take on the advocacy front as we fight with you in Washington and around the country.

Today, I am very excited to tell you about how NCPA is also focused on assisting you, our members, to take advantage of the opportunities presented in the marketplace today and tomorrow. You may have read reports from our press release last week that NCPA has formed the NCPA Innovation Center for this purpose.

The U.S. health care system is undergoing a significant payment restructuring that is placing a greater emphasis on value and quality of care. Many independent community pharmacists are already at the vanguard of this movement. Working together with NCPA staff, the Innovation Center will help better position independent community pharmacies to be part of and benefit from broader health care changes. Its driving mission is to help independent community pharmacies continue to prosper in step with health care changes rather than being left behind them.

We are pleased that a number of industry executives have agreed to join leading community pharmacists on the Innovation Center's Board of Directors (they are listed in the press release). Their input and commitment to independent community pharmacy will be instrumental in the Innovation Center's future success.

Using a sports analogy, all successful teams rely on both their offense and defense to win. If advocacy is the defense, then the Innovation Center helps strengthen the offensive tools available to independent pharmacy owners and operators.

As I have listened to input from the pharmacy owners who comprise our NCPA Steering Committees and witnessed the standing room only attendance at our Annual Convention programming, the desire to find new profitable models of practice is strong among independent community pharmacy owners. In two weeks, the Innovation Center will be hosting a two-day, peer-led session we are calling the Re-Engineering Your Pharmacy Practice Boot-Camp for owners looking to grow their business. Then in October, the NCPA 2016 Annual Convention will feature many Innovation Center-developed programs to help you diversify your revenue and increase your profits.

Diversifying your revenue can take many forms (quite a few of them are outlined on this NCPA Innovation Center webpage. For some owners, it is re-energizing the front end of their store. For others, it is increasing the range of health care services offered with immunizations, lab tests, point-of-care testing, and more. And very importantly, owners are finding the right way for them to be active in the care of patients on specialty medications.

In the big picture, more and more pharmacy owners are coming to the realization that their future success lies in their ability to integrate with other health care providers in their community in order to improve health outcomes and lower total (not just Rx) health care costs. The programs of the NCPA Innovation Center will be one way NCPA will be focused on assisting you to navigate the change that is here today and coming tomorrow.

Doug Hoey