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.

Forget Alexa. The Digest has all the answers | NCPA Executive Update | June 21, 2019

by NCPA | Jun 21, 2019

Dear Colleague,

Doug Hoey

Sure, I had reference books on the shelf. I could have even looked it up on my phone or laptop. But I didn't. I just had a quick question: "Alexa: How do you marinate and cook salmon on an outdoor grill for 22 people?" Alexa to the rescue. No guests that night went to the ER due to food poisoning, so I considered the evening a success.

There was a time when information was hard to come by and its value could be measured by weight. Think about a set of encyclopedias or even a city phone book. Now instead of information being scarce, we are drowning in it. Today, the value is not only accessing data but the interpretation of it, so it's useful when and where you need it.

The NCPA Digest sponsored by Cardinal Health is the go-to source for financial, operations, and practice information about community pharmacy.

  • Thinking about buying or selling a pharmacy? Check the Digest.

  • Wondering how your financials compare to other independent pharmacies? Check the Digest.

  • Creating a business plan? Check the Digest.

  • Asking for a loan from the bank? Check the Digest.

  • Is the amount of square footage in your pharmacy bigger or smaller than average? Check the Digest.

  • How does what you pay your employees compare to the average? Check the Digest.

  • How does your cost of goods compare to the average independent pharmacy? Check the Digest.

  • How do your annual sales compare to the average independent pharmacy? Check the Digest.

There are over 30 benchmarks that will help you compare your operation to your peers and guide your decision making.

The 2019 NCPA Digest survey has been released, and we are asking you to fill it out by June 30. The more responses we have, the more accurately we can report the most accurate information.

The Digest information is specific for independent community pharmacy, providing the data you need when you need it, whether it's financial, operational, or data used to lobby Congress or state legislatures effectively.

The Digest informs journalists, politicians, and the general public about community pharmacy's value as health care providers and the impact community pharmacy has on local economies.

For example, state and congressional district fact sheets emphasizing job creation generated by independent community pharmacies at both the local and state levels are created from data collected through the financial benchmark survey. Falling margins are also conveyed to reporters and politicians to help build the case for PBM reform.

Filling out the survey helps your colleagues, but most of all, it helps you. Without the Digest, many business decisions become best guesses, and that's not the way you want to stake your professional and financial livelihood.

Alexa is pretty smart and can be handy. But for community pharmacy owners, the NCPA Digest is even smarter and has information that Alexa doesn't. Fill out (or ask your accountant to) fill out the Digest survey today.

Best,

Doug Hoey