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 Friday.

Make Your Own Luck to Grow Your Pharmacy Business | NCPA Executive Update | March 17, 2017

by NCPA | Mar 17, 2017

Dear Colleague,

Doug Hoey

"I don't leave anything up to chance—I make my own luck."
- Aaron Eckhart as Harvey Dent (alias Two-Face) in the movie The Dark Knight

Although the type of luck Harvey Dent was making (spoiler alert) turned sinister by the end of the movie, 'making your own luck' is a mantra consistent with one reason many community pharmacists choose pharmacy ownership—to control their own destiny. The most successful pharmacies are the ones that take steps today to capitalize on new and existing pharmacy services valued by payers—in addition to their regular prescription and front-end business—to address gaps in care in their local communities. Community pharmacists can customize solutions to their community's needs and local employers' health care challenges in a way that chains can't or won't.

Getting started in this endeavor is no small task, and that's where the NCPA Innovation Center comes in. The Innovation Center is offering the Re-Engineering Your Pharmacy Boot Camp, a peer-to-peer educational program May 5-6 in the New York City metro area that will help you and your staff take your pharmacy to the next level. It's just one of a diverse suite of NCPA 'Growth and Profitability Programs' that culminate each year with our October Annual Convention—all of them targeted at helping you grow your expertise and your business.

At the Boot Camp, you'll learn how to optimize the dispensing process, collaborate with physician practices, streamline workflow, outline a financial plan to build an expanded services portfolio, use technology to document your services, and more. As one attendee from Iowa put it: "The program introduces the first real vision of how independent community pharmacists will survive in the future—even thrive."

Attendees of last year's inaugural Boot Camp are already making pro-growth changes in their pharmacies and seeing results:

  • A pharmacist from upstate New York has actively been working to form a community pharmacy enhanced services network (CPESN) in New York. He's planning to get into doctors' offices soon to bill for his pharmacy's services.

  • A pharmacist-owner from northern Virginia has added a new technician to ramp up his pharmacy's medication synchronization program, got involved in the CPESN in Virginia, and has started planning to be able to offer patient education classes soon. He cites concepts he learned from the Boot Camp as key to these accomplishments: taking action, involving pharmacy staff in the process, and growing based on a good foundation.

  • A central North Carolina pharmacy owner hired a pharmacist to run the pharmacy's clinical operations and changed software vendors to synchronize more prescriptions and perform MTMs more efficiently. He has also been in contact with local physicians to form collaborations and is in the process of getting accredited in diabetes education.

These pharmacists aren't taking any chances with their pharmacy businesses, and neither should you. Don't wait for the winds of change to impact your pharmacy's bottom line—be proactive and make your own luck. We can show you how May 5-6.

By the way, if you register for the Boot Camp before March 30, you can take advantage of early bird pricing and save $50. We have special discounted rates for team members, too. Sign up today on the NCPA website or call us at 1-800-544-7447.

Doug Hoey

P.S. - Pharmacy owners/managers: I need a minute of your time to do a quick survey. And, it really is just 60 seconds (unless you click or read slowly). Help NCPA quantify community pharmacies' economic impact as an employer purchaser of health care by completing this survey on any device before March 20.