Retail pharmacy is a highly specialized discipline that’s significantly different from exclusively prescription-focused operations. Big pharmacy chains have spent millions perfecting methods, practices, and technologies that allow them to attract new consumers, operate efficiently, and create a very positive consumer experience. And because today’s retail operations are expected to center on the consumer experience, most retailers are leaning on mobile technology to get the job done.
As a multilocation independent pharmacy grows, identifying challenges and changing course based upon data makes it much easier to expand. In this interview, Blount Discount Pharmacy‘s president and co-owner, Phil LaFoy, and Retail Management Solutions‘ VP of sales and marketing, Mike Gross, discuss how leveraging store data can help manage the store, track employee behavior, understand product movement and pricing, and ultimately allow you to make better business decisions.
Pharmacy services administrative organizations, or PSAOs, play a central role for today’s independent and small chain pharmacies. Find out how these organizations have evolved and what you should expect from a modern PSAO.
As a high quality Pharmacy Services Administrative Organization (PSAO) representing 2,500 pharmacies, Arete Pharmacy Network’s value proposition is two-fold; serving as a channel that delivers high performing pharmacies to payers and an advocate of the pharmacy that strives to reduce the burden of doing business and meeting regulatory and payer requirements.
Zitomer Pharmacy opened its doors in the 1950s as an upscale New York City pharmacy. Since then it has grown into a unique shopping destination and a landmark on Manhattan’s chic Upper East Side. Frank Vella, VP at Zitomer, describes why the business moved over to a new point-of-sale technology platform, and a few of the benefits it has gained as a result of the switch.
Fifteen or 20 years ago, point-of-sale systems were considered by many as “glorified cash registers,” and their primary benefit was in the front end. These days, as margins continue to decline, and pharmacy owners need to offer more services to their customers, the POS system has emerged as an essential business tool for a successful pharmacy.
It seems as if the clinical, claims, and business practice contingencies a pharmacy needs to address are ever increasing, with the rules varying by drug, payer, and patient. Tim White, R.Ph., has seen great value in using manual edits in his pharmacy software, bringing a level of pharmacy-specific customization to the workflow logic that in years past an owner would have had to ask a developer to implement.
As pharmacy evolves from its historical dispensing role to a more clinical one, it appears that one little-discussed obstacle stands in the way of progress. That little-discussed obstacle: marketing!
Mike Fapore, R.Ph., owns a busy Medicine Shoppe in Somerset, Pa. During the summer of 2013 Fapore realized that the number of prescriptions he and his staff were filling was making it hard for him to spend time with patients. So he decided the time had come to make some major changes.
When a pharmacy makes a technology purchase, there are a variety of factors to consider: the impact on workflow, the benefits to patient safety, and ROI, for example. But what about the smartest way to finance the investment? Learn about the key financing concept, and what you can do to gather information to make a sound financing decision. It can be the difference between a good investment and a great investment in your pharmacy.