Feeling Lost at Sea? PSG is Here to Lead You to Safety.

What is the Pharmacy Survival Guide and why is it necessary?

PSG is a community based, expert led platform that seeks to bring pharmacy owners together for the greater good. But, before we get into it, this story may help to illustrate things a little better...

Concept

His cheeks were red from the endless slaps of saltwater, his boat thrashing in the turbulent sea. It had been months since he had seen family, and he could not remember the last time he stood on solid ground. Storms and pirates threatening to take all he had were constant reminders of his solitary place on the vast open water. Feeling discouraged and desolate, he gazed into the murky deep when a beam of light fractured his view. He quickly lifted his chin to peer into the horizon where a tower of light stood amongst the darkness. Relief washed over him, and immediately he called his crew onward. The rocky coastline was illuminated below, enabling them to cautiously maneuver towards safety. Upon arrival, the mariner was met by a man standing on a dock outside the lighthouse beaconing them towards his safe harbor. There he discovered a community full of hardworking mariners like himself. They frequented this spot often on their journeys to unwind while preparing strategies for their next endeavors and building camaraderie with people they could relate to: a rare feat. Hope renewed inside him and so did his passion for the sea. With the lighthouse keeper nearby ready to give aide, and his newfound community, he was ready to take on the open seas once again. 

Application 

Does this story feel eerily similar? The state of pharmacy today isn’t far off. 

Can you remember the last time you felt confident in the future of your business? Low reimbursement rates threatening to consume any profits stand as a constant reminder of the loneliness of the independent pharmacy owner in this industry where it seems everyone is against you. 

Why is this the case? 

2024 has been off to a rocky start for most pharmacy owners. Those pesky DIR fees finally ended in 2023... except they didn’t. Most pharmacies are still paying 4th quarter DIR fees through the first half of 2024, feeling like a bad dream you can’t seem to wake up from. Changes in the reimbursement modeling in 2024 have created a cash crunch, squeezing the life out of pharmacies left and right.  

In your core business of dispensing prescriptions, the deficiencies have been magnified by the lack of PPP money, no ERC, and no EIDL money. In addition, although COVID no longer being a prominent threat to our country’s health is an amazing feat, it has shifted money away from pharmacies. 

Along with these pressing current issues, we continue to hear the same complaints from pharmacy owners. Gross profits are continuing to shrink, leaving fears about the future and margins disappearing entirely. Worries about having enough money to make payroll and paying the wholesaler, two crucial pillars of the business without which everything else crumbles. Inability to hire new staff due to financial woes or lack of qualified and motivated workers available. Skyrocketing number of prescriptions being filled at a loss, shaking faith in the industry and its existing model at large. 

If these complaints or 2024 challenges resonate with you…you are not alone, and the Pharmacy Survival Guide is the right place to overcome these obstacles. 

Pharmacy Owners have been sold a bill of goods for decades that the “next thing” to come along is going to drastically increase profits and improve cash flow. Here we will focus on sustainable practices for your business, because the reality is that there is not going to be one miracle fix all. 

I can promise you that it won’t be easy. But, if you are willing to put in hard work and make some tough decisions, your pharmacy will be more profitable than you imagined in a landscape so ever-changing and more complex than any time before. 

You will notice that our logo is a lighthouse. Our desire is to illuminate blind spots and potential threats to independent owners with advice that you can trust. It is our hope that this beacon of light can guide you not just into unprecedented success, but also into the Safe Harbor that is our community of like-minded peers. Although you might feel alone, the truth is that this is not the case and there are thousands of owners just like you ready to connect and collaborate on the future of pharmacy. Because if one thing is certain in this uncertain environment, it is that a team effort is crucial to see any real worthwhile and lasting changes. 

So, when the seas of pharmacy get rough… let the Pharmacy Survival Guide be your guiding light into the Safe Harbor. 

What topics will be covered?

Now you might be wondering what the Pharmacy Survival Guide is, and what will they cover? 

To answer your questions, we will be starting with insightful articles on this website and engaging videos on our YouTube channel. We would also love to connect with you across social media platforms where we aim to nurture a thriving community of owners. Find our links here and discover us on the medium that works best for you! 

The topics covered within these mediums will range from cash flow to staffing and including everything, but not limited to the list below. 

• Contracting with PBMs/PSAOs 

• Selecting a Wholesaler Partner 

• Audits 

• Effective Rates 

• Inventory Management 

• Cash Flow 

• Utilizing Financial Statements 

• What KPIs should you be monitoring 

• LTC at Home 

• 340b 

• Managing Supply Chain Disruptions 

• Staffing Concerns 

• Choosing Pharmacy Automation 

• Negative Reimbursement Strategies 

• New State Pharmacy Initiatives 

• Funding Options for Your Pharmacy 

• Managing Purchasing to Maximize GP 

• Hospice and Worker Comp programs 

• Specialty Pharmacy 

• Expense Management 

• Management Philosophies 

• Customer Care Training 

We don’t ever want to assume we know what you want in terms of content… part of being a Safe Harbor as we can only exist with your help and input. Please let us know about any feedback, topic suggestions, or ways to expand this community. Please drop them in our suggestion box here. 

How To Get Connected

Join our exclusive WhatsApp group here! Only independent pharmacy owners are allowed to join– you will never be advertised to, and your information will NEVER be sold. 

Impact On Your Pharmacy

By now, you probably fall into one of two groups regarding how you feel about the Pharmacy Survival Guide. 

1. Excited, ready to learn, and looking forward to the impact on my business! 

2. Wondering… what’s the point of all this? How will it really make an impact on my business? 

It is our belief that knowledge and connection are paramount to running a successful pharmacy business. Not only will we strive to create clarity around all the levers that are impacting your business, but we will also give you a platform to connect with other pharmacy owners in a meaningful way. It can be lonely at the top as the sole owner and boss of your business with everyone looking up to you for the answers and solutions to everything happening day in, and day out. It’s hard to not have coworkers take the edge off constant decision-making. Bring camaraderie back to your daily life as a solopreneur. 

Success in pharmacy looks and feels like being profitable on your financial statements AND having the right amount of cash flow to manage all your expenses. Pharmacy Survival Guide is here to lead the way.