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.

Is ignorance bliss - or is knowledge power? | NCPA Executive Update | August 3, 2018

by NCPA | Aug 03, 2018

Dear Colleague,

Doug Hoey

I went to the doctor for an uneventful routine checkup last week. He asked the usual questions, and I gave him the mostly truthful answers about how I have been taking care of myself. A couple of days later I got the results of the lipid panel and CBC test that he ordered. I assumed the lab results would be OK, but really, I didn't know for sure what the lab values were and how they compare to baseline.

How often do pharmacy owners run their pharmacies based on what they think they know instead of based on facts?

Today I'm asking you to share and receive info about your business – and it doesn't even require a blood draw.

If you haven't already, I'd like you to take our Community Pharmacy Impact Census. It takes eight or nine minutes and you can take it on any handy device – your phone, tablet, laptop or desktop computer. You won't need to dig through financial records or answer questions you might find a tad intrusive (unlike getting a check-up!). The Census is quick and easy to complete – and absolutely essential to NCPA and pharmacy owners to establish a baseline so you can compare your pharmacy to peers from around the country.

We use the data you provide to us through the Census forms in several ways. For one, it provides the foundation of the frequently cited NCPA Digest, sponsored by Cardinal Health. (Grab your free 2018 copy at NCPA Annual Convention in Boston.) The Digest helps you to benchmark your pharmacy against other pharmacies, and that's important to help you maintain your pharmacy's good health and see how your business lines up against national norms.

For example, do you know how much of your total revenue goes to payroll? Maybe you know that, but how do you know if your payroll costs are too high or too low? What about your gross profit percentage? Do you know what your pharmacy's is and if you do, how does that compare to other similarly situated pharmacy owners across the country? The Digest is your source of truth to find out.

Ask any accountant – that's valuable information. And it's all yours, just for completing the census. That's a pretty fair return on your investment of time.

Now, here's what's in it for us. We use the information we get from the census for many things NCPA does on your behalf. Here are a few:

We use it to put a face on independent pharmacy. It's important for policymakers to know the civic and economic influence community pharmacies have in their communities. That helps when you're trying to advocate for change – legislators want to understand that their decisions affect real people. Digest data allows us to tell decision makers on Capitol Hill, in state legislatures and at federal agencies who you are – your economic impact in communities across America – and what you offer and who you serve. All of this helps you by arming NCPA with data to better advocate for you.

It gives us a full picture of your pharmacy. Knowing what you offer to patients, the products on your shelves and the technology you use helps us serve you more effectively. When some new competitor comes along touting a "revolutionary" service, the Census data allow us to credibly state that many independent pharmacies offer the same service and have done so for years. (Remember the big delivery announcement from CVS?)

Just click here and take the census survey right now – you'll feel good and so will I. As far as the lab values from my checkup, well, let's just say I should probably cut down on my visits to Chipotle! Ignorance may be bliss (and tasty) but I'd rather know where my personal health stands, and at NCPA we want you to know where your business health stands. Thanks for taking the survey.

(By the way, we've extended the deadline to Aug. 15, but why wait?)

Best,
Doug Hoey