Dear Colleague,
Time is money. Benjamin Franklin famously said it. So did you. NCPA recently commissioned a survey of members and non-members to better understand and serve the needs of independent pharmacy owners. One of the questions we asked was about attending NCPA meetings. We weren't shocked to see that "time away" from the pharmacy was the number one deciding factor determining meeting attendance.
Time away from the pharmacy is a real issue, especially as resources are stretched. I hear often from members, "I'd love to come to the Annual Meeting, but I just can't get away." That's real. I get it. There's not enough time to find more time. There's not enough time to make more money (which was the second biggest factor). Which is exactly what NCPA's Annual Meeting is designed to do—help busy pharmacy owners find more time and make more money.
Marty Smith is one of ESPN's most recognized and popular reporters and is also NCPA's keynote speaker on Sunday at NCPA's Annual Meeting in New Orleans, Oct 18-21. As he wrote, "Time is the rarest resource. No matter how much time we have, we always want more."
Marty will address the audience and then I'll be sitting down with him for a fireside chat. I'm re-reading his book, "Sideline CEO" where he interviewed some of the top coaches from the sports world about the keys to successful teams and how they translate to the development of top pharmacy teams. Can't wait for that.
On the financial side, there will be a focus on managing the single biggest factor impacting the success of your pharmacy—managing your contracts. There will be three programs dedicated to this topic:
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Contract Evaluation and What Happens if You Drop a Plan
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LTC Contracts
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Cost+ Contracting
We will also have CMS representatives presenting on the Medicare Drug Price Negotiations Program that goes into effect January 1 so you have full line of sight into this program that will have a big impact on your business. Eliquis. Xarelto. Jardiance. Januvia. Farxiga. If you dispense these medications to Medicare patients, then you'll want to know the latest about what to expect at the start of the new year.
And, as far as saving time, Artificial Intelligence (AI) is going to play a role. It may not be clear exactly how it is going to do that or how AI will apply to community pharmacy but it's going to have an impact. We'll have programming to help pharmacy owners take advantage of the time and money savings potential in these programs:
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AI-Driven Pharmacy Growth - focus on streamlining operations, automating marketing, physician detailing
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Harnessing AI for Pharmacy Success - what pharmacists need to consider when adopting AI
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Leveraging Technology to Optimize Pharmacy Workflows
Of course, there is lot's more to help pharmacy owners find more time and make more money. Pharmacy owner Joe Williams will be back by popular demand to do: "Inventory and Sync: The Foundation of Pharmacy Profitability"
And maybe the most important way to manage your time and money is optimizing your pharmacy team. An undertone of all the programs will be how to engage your team in launching and maintaining services.
This is good stuff for pharmacy owners.
After time and money, the next most important thing to pharmacy owners was being able to network, learn, and share with other pharmacy owners. The NCPA Annual Meeting attracts some of the best and brightest pharmacy owners in the country. There will be lots of opportunities to swap ideas with them.
But you have to be there. Find a way to find the time. Make the time to make more money.
Break the cycle.
Best,
B. Douglas Hoey, Pharmacist, MBA
NCPA CEO
