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.

Conscious Change: Is Your Pharmacy Prepared to Thrive? | NCPA Executive Update | January 12, 2018

by NCPA | Jan 12, 2018

Dear Colleague,

Doug Hoey

Among the many work streams taking place at NCPA this week was some brainstorming and planning for the NCPA Annual Convention in October. This year's meeting is in Boston, and with the rich history there, you can imagine all of the themes and messages that were bandied about. The fight for independence (or "independents," of course), tyranny (gee, where might that apply?), protest, and revolution were among the concepts mentioned.

When "revolution" was tossed on the table, one of the more creative members of the NCPA team said, "Revolution is conscious change." That phrase struck a chord with many in the room (Spoiler alert: You'll see it again in the future).

The tyranny in the pharmacy marketplace has many pharmacy owners leading their business in a conscious change. Some are using their knowledge of body chemistry to offer additional cash-based care services related to functional or integrative medicine. Others are working to bring new "products" to the increasingly value-driven market through forming and participating in networks of like-minded pharmacy owners who know their services can improve outcomes, lower health care costs, and help generate more prescription revenue.

Some NCPA members ask me what it takes to make this type of conscious change. They feel compelled to differentiate themselves in the eyes of payers. They realize that the path the traditional market has them on may not be what is best for their patients or their business. They see their competitors taking steps to, at least on the surface, reinvent themselves.

There's a quick way for you to check to see if your pharmacy has the characteristics and offers the services that are being valued in the marketplace today. The NCPA Innovation Center has created a 10 yes/no question self-assessment for pharmacies, based on what other pharmacy owners are doing and what new health care networks are requesting from the pharmacies in the network. The tool gives immediate feedback and resources for you to use to fill in any gaps you might identify. Here's the description from the self-assessment that further explains:

"Your community pharmacy may have been serving patients for the last 100 years, or may have just opened last month; no matter how long you have been in business, this quick, 10-question self-assessment can help you know if your pharmacy is prepared to thrive in today's marketplace. The assessment will identify services to consider adding to your pharmacy's offerings and direct you to resources to help you grow."

Don't worry about writing down all the information you get in the responses. At the end, you can request an email be sent to you outlining the responses which includes links to the helpful resources mentioned.

We won't stop fighting the tyranny of today, while at the same time we'll be helping you make the conscious change that you determine is right for your business.

Doug Hoey

P.S. If your plan for change is to expand your business (bravo, if so), we encourage you to join us in the Fort Myers, Fla. area for the NCPA Multiple Locations Conference Feb. 28 – Mar. 4. It's your executive management conference for growth with ideas for updating your pharmacy brand and motivating staff to adopt new projects, among many others. Register for the conference and reserve your room by Jan. 28 before rooms sell out.