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The Profit Vault September 2024
Shivani’s Path to Sterile Compounding How This Member Dove Headfirst Into a Whole New Venture
When I first met Shivani, I was immediately impressed by her drive and vision. A pharmacist and a member of DiversifyRx, Shivani had a clear goal: To incorporate sterile compounding into her pharmacy and explore the ever-profitable weight loss niche. Little did she know that this ambitious project would transform her pharmacy’s revenue stream and set a new standard for patient care. Of course, let’s be clear: This was nowhere near easy, but Shivani didn’t quite know that yet. Shivani’s journey kicked off about eight months ago when the pharmacy owner nudged her into exploring sterile compounding. It was a massive undertaking, and Shivani often felt like she was climbing Everest. But she’s no quitter. She tackled the project piece by piece, understanding both the pharmacy’s limitations and the patients’ needs.
tip of the iceberg. At the start of 2023, she launched a weight-loss clinic within the pharmacy and quickly enrolled 1,000 patients. The main hiccup? Ensuring a steady supply of medication. Shivani and Carl, the pharmacy owner, realized they needed to master compounding — fast. The training in Idaho provided Shivani with a solid foundation, but she knew she needed more. So, she buried herself in USP guidelines to ensure they were compliant with state laws. In March, she took a sterile compounding course with Medisca LP3, which offered a detailed, step-by-step guide. She also chatted with the state board inspector to nail down the application process and regulatory requirements. Interestingly, her initial oblivion worked to her advantage; she wasn’t overwhelmed by the complexity of the project. We don’t know what we don’t know! She began vetting suppliers like LoneStar Pharmaceuticals, Medisca, Letco, and PCCA, as well as evaluating local market prices. Shivani attended various conferences, including NCPA and DiversifyRx, to connect with vendors and learn more about formulas and chemicals. She presented her ideas to her team, highlighting the benefits of compounding in-house, which would reduce lead time for medication and boost revenue. Now, it was time to put her well-thought-out plan into action. With help from Carter Health, they drew up a floor plan for the compounding rooms. Shivani collaborated with a local general contractor and mechanical engineer to streamline the construction process. To save some bucks, she bought used isolators and powder hoods in good condition. A pharmacy tech with previous cleanroom experience was brought on board and is now supervised by Shivani.
To get started, Shivani hit the books (and the road). She attended DiversifyRx’s Peptide Training Course in Idaho. That was just the
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ACE YOUR GOALS!
How to Make Pharmacy Goals Exciting With a Poker Twist
Reaching store goals and keeping team members motivated, all while having fun? No, it’s not impossible. We know that sounds like a daydream, but you can certainly turn tasks into a fun and engaging game. Enter the poker strategy! This fool-proof approach transforms goal-setting into a game of friendly competition, making daily tasks feel less like a chore and your pharmacy closer to boosting that bottom line. Here’s how you can implement this strategy in your pharmacy and watch your team thrive. MAKE LARGE-SCALE GOALS ATTAINABLE WITH MINI-GOALS. The first step to implementing the poker strategy is to break down your overall store goals into mini-goals. These are small, achievable tasks that your team can complete within a day. For example, a few mini-goals may include:
the better chance you have at having the best hand!
At the end of the week, the person with the best poker hand wins a prize. A few examples for prizes include:
• • • • •
Movie tickets
Gas cards Gift cards
An hour of paid time off Even a free weekend off!
Whether it’s monetary or non-monetary, the prize should be something that your team members look forward to. Anticipating a good reward adds that extra layer of motivation. For larger teams, you can vary the game by setting different mini-goals for different departments. For instance, you might have one poker game going on with delivery drivers and another with technicians. Each department can have its own set of mini-goals tailored to their specific roles. This customization ensures that the game remains engaging for everyone involved while also being realistic in actually achieving those goals. To keep the game interesting, you can switch up the poker rules each week. You might play Texas Hold ’em one week, while the next week, you could declare 2’s high or make jokers wild. Get creative with the rules to keep the competition fresh! BUILD A POSITIVE AND MOTIVATED TEAM. The poker strategy is not just about reaching store goals; it’s about building a positive and motivated team. When you make daily tasks fun and rewarding, you create an environment where team members look forward to coming to work. They feel valued and recognized for their efforts, which boosts morale and productivity.
CELEBRATE WINS AND LEARN FROM LOSSES One key aspect of this strategy is celebrating wins and learning from losses. At the end of every week, take the time to acknowledge the winner and discuss what everyone learned from the experience. This not only reinforces the fun aspect but also encourages a culture of continuous improvement. How did this team member meet their goal? What was their strategy, and how can everyone implement it? Utilizing the poker strategy in your pharmacy can transform how you reach your store goals and motivate your team. Breaking down goals into mini-goals, adding a fun element with card draws, and offering exciting prizes make the journey to success enjoyable for everyone. So, shuffle those cards, set those mini-goals, and watch your team thrive in a fun and engaging environment! Remember, the key is to keep it fun and exciting. With a little creativity and a lot of enthusiasm, you can turn goal- setting into an adventure that your team looks forward to every week.
• • • •
Testing two people’s nitric oxide levels
Selling one CBD product
Selling one CofixRx nasal spray Selling any two supplements
The key is to align these mini-goals with your larger store objectives. Week after week, these mini-goals will build up and bring you that much closer to your large-scale objectives. DRAW CARDS AND START PLAYING POKER! Now, here’s how the game works: Once a team member hits a mini-goal, they get to draw a card from a deck. This encourages them to complete more mini-goals to collect more cards. They keep collecting cards each time they hit a mini-goal until the end of the week. The aim is to gather more than five cards, allowing them to pick the best five cards for their poker hand. Of course, the more cards you have,
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From Chaos to Clarity How Project Plans Can Organize Your Goals and Next Steps
BREAK IT DOWN INTO STEPS. To get started, you need to figure out all the steps required to implement your project. This might sound daunting, but it’s all about breaking it down into bite- sized chunks. Here’s a quick example: 1. Define Your Goal: What exactly do you want to achieve? 2. Identify Key Tasks: List all the tasks that need to be completed. 3. Assign Responsibilities: Determine who will be responsible for each task. 4. Set Deadlines: Assign realistic deadlines to keep everyone on track. 5. Monitor Progress: Regularly check in on the progress of each task or delegate someone to check in for you.
Running an independent pharmacy is no small feat. With a million tasks to juggle, it can seem impossible to remember every moving part ( no matter how many post-its splatter the wall ). But fear not! There’s one tool that can help you manage those big
objectives and every tiny task they involve, and that’s project plans . Let’s explore how project plans can help you keep track of everything and ensure your pharmacy runs like a well-oiled machine. WHAT IS A PROJECT PLAN? Think of a project plan as your personal assistant who’s super organized, always on top of things, and reminding you exactly what step to take next. It’s essentially a detailed checklist that outlines the steps needed to complete a project. As simple as it sounds, a project plan maps out every stage, helping you keep track of all the moving pieces. From the initial idea to the final execution! Whether you’re planning to expand your product line, redesign your pharmacy layout, or implement a new service, a project plan is your roadmap to success.
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TAKE A BREAK
ABUNDANT APPLES COOKOUT CRUNCHY FALL GOLDEN
GRANDPARENTS HARVEST
LABOR MAPLE SPORTS WINDY
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Delegate to Elevate HOW TO ASSIGN ACCOUNTABILITY AND REACH YOUR GOALS
You have a lot on your plate. As an owner managing the day-to-day operations, ensuring compliance with regulations, and maintaining customer satisfaction, it can be overwhelming to think about implementing new ideas or goals. One common mistake many owners make is launching a new initiative, discussing it with the team, and then expecting everyone to know their role and what to do. This approach rarely works in the real world. To ensure that your goals are met, tasks need to be tracked and managed. This is where assigning accountability comes in. THE IMPORTANCE OF ASSIGNING ACCOUNTABILITY If you want something to happen, especially if it requires a change in behavior, you need to delegate responsibility. This doesn’t mean that you, as the pharmacy owner, should be managing every new project or goal. Unless you have a very small team of three or fewer, it’s generally more effective to assign a project manager for each goal. This person, goal owner, point person, project manager, or whatever title you choose is responsible for driving the goal to completion. They don’t have to do all the work themselves, but they are accountable for ensuring that it gets done. THE ROLE OF THE PROJECT MANAGER The project manager is the driver of the goal. They can recruit or assign team members to help them reach the destination. This person should report up to you, the owner, providing updates on the status or results once the goal has been implemented. They essentially own the project plan for this goal, so if a bonus is attached to the goal, the project manager generally gets a bigger piece of the bonus pie. HOW TO CHOOSE THE RIGHT PERSON When selecting a project manager, think about the strengths and skills of your team members. Who has shown leadership qualities? Who is good at organizing and tracking tasks? This is an excellent opportunity for your team to grow and gain more experience. When you delegate responsibilities, you’re not only lightening your load but also empowering your team to take ownership and develop their skills. TRAIN YOUR TEAM To make this system work, you need to train your team to accept delegation and accountability. This might require a shift in mindset for some employees, but with the right
approach, it can lead to a more efficient team. Here are a few key steps to implement:
• Clear Communication: Ensure everyone understands their roles and responsibilities.
• Regular Check-Ins: Schedule regular meetings to track progress and address any issues.
• Provide Resources: Equip your team with the tools and knowledge they need to succeed.
• Offer Support: Be available to guide and assist your project managers.
One recommended resource to help you and your team better understand this type of delegation is the book “The 4 Disciplines of Execution (4DX)” by Chris McChesney, Jim Huling, and Sean Covey. This book provides valuable insights into how to execute your most important goals. BENEFITS OF DELEGATION Delegating responsibilities shouldn’t always rest on the pharmacy owner. Incorporating a system of accountability into your pharmacy can lead to even more successful implementation of new ideas. When you assign project managers, you ensure that tasks are tracked and managed without the headache of dealing with every project yourself. Remember, successful delegation is about empowering your team to take charge and grow, which ultimately benefits your entire pharmacy.
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Revolutionizing Adulthood THE REALWORLD APP CAN BE YOUR ULTIMATE COMPANION
Technology has come a long way in recent decades. The software and smart devices kids have access to now are light-years ahead of what many of us had growing up. Nowadays, if you have a pressing question, you can ask Siri or Alexa, or look it up yourself on any number of connected devices. But even with modern conveniences, we still missed out on many practical lessons while growing up, whether we have a college education or not. That is where the Realworld app, created by Genevieve Bellaire, comes in handy: It’s the tool we wish we had growing up because it answers many questions young adults have. GENEVIEVE’S REPRIEVE Even after earning her bachelor’s degree from Princeton and her MBA and law degree from Georgetown, Bellaire entered adulthood with glaring gaps in her knowledge. Despite her impressive education, Bellaire experienced challenges managing her finances, health care, and living arrangements. Although well-studied, she was not well-prepared for life — and she wasn’t alone. When she talked to friends about these difficulties, they could all relate. Everyone felt they did not know enough about filing taxes, managing a 401(k), building credit, how insurance works, or many other critical facets of adult life. Bellaire saw a gap in the market for people like her, which inspired her to create Realworld, an app aimed at simplifying adulthood. DESIGNING DEMONSTRATIONS Realworld provides resources that make it easier to understand major “adulting” topics not covered in formal education — things like balancing a budget, filling out employment paperwork, setting up a credit card, etc. When setting out to create the app, Genevieve interviewed more than 1,000 people — from recent college graduates to business owners — to understand the problem areas and then identify and create “playbooks” for dealing with them. Playbooks contain step-by-step lessons that guide users through the topics and their myriad intricacies. The app now has nearly 100 instructional playbooks to prepare its users for many tasks. The app can help provide a refresher or identify other facets of adult life you may want or need to know about.
COMMUNITY OF PEERS Since Realworld is a platform meant for the next generation, it is focused on building a community. After all, learning is easiest when you have other people to bounce ideas off of. The users, along with the team of researchers, writers, designers, and educators working on the app, all benefit from its lessons. During COVID-19, Bellaire changed its pricing model and made the app free. Since then, the app has grown exponentially, amassing over 1.7 million users as of 2023. More people than ever have access to the resources they need to face adulthood head-on. The Realworld: Simplify Adulthood app is available now for free on Apple’s App Store. Bellaire told Forbes magazine that the app’s objective is to empower young adults, especially recent graduates and minorities, with its resources. “This is the reason we made the decision to make the platform free. We want to be part of leveling the playing field for everyone and provide our members the opportunity to set themselves up for success,” she said.
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The investment was hefty, but Shivani was confident it would pay off. The weight loss niche, especially with obesity being a prevalent issue, offered a lucrative opportunity. They already had physicians referring patients, and the comprehensive care model they developed further solidified their reputation. Marketing played a crucial role in their success. Shivani leveraged social media platforms like Facebook, Instagram, and TikTok, though she had to navigate restrictions on terms like “Ozempic.” Clever marketing strategies included “Slim Shot” signs on roads, banners, magazines, and pamphlets. They even designed their cleanroom with glass walls so patients could see the magic happening, enhancing transparency and trust. To improve patient adherence, Shivani introduced a monthly subscription program, offering four doses per package, consistent check-ins, and cancellations at any time. This approach ensured regular follow-ups and showed their commitment to patient care. They also integrated wellness products, like protein shakes and fitness partnerships, offering a holistic approach to weight loss.
Their pharmacy is now a one-stop shop for wellness, thanks to Shivani’s relentless efforts. As they prepare for a ribbon-cutting ceremony, it’s clear that their creative approach has paid off. Shivani’s journey from initial skepticism to achieving a new revenue stream is a testament to the power of perseverance and innovation in the pharmacy world. Her story is proof that you can do it, so what are you waiting for? If you’ve wanted to steer into sterile compounding but have felt it was out of reach, this is your sign to get started. Our team of experts will always be here to guide you and provide every resource
imaginable to make this happen for you. It’s time to reach a new level for your pharmacy.
HAVE A LAUGH
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THE POWER OF 1% How Small Daily Changes Lead to Major Success
When I first started in pharmacy, I believed that big changes were the only way to make a significant impact. Over the years, I’ve learned that sometimes, the most profound improvements come from making small, consistent changes over time. It’s easy to get caught up in the idea that you need to launch grand projects or make sweeping reforms to see results, but that’s not always the case. In fact, focusing on tiny, incremental improvements can lead to outstanding results. In my first pharmacist position, I worked in a rural farm town in California. It was a small community, and 99% of our patients were Medi-Cal recipients. The doctors there prescribed a limited variety of medications, which meant we spent a lot of time stocking, pulling, and restocking the same drugs. It was a time- consuming process, and despite our best efforts, we were always busy doing the same tasks over and over. After a couple of months, I realized that most of our prescriptions were for just a few medications. So, I installed a shelf at the dispensing counter and started keeping these “fast movers” right in front of me. It was a small change, but it had a profound impact. Every prescription now took 15 seconds less time to process. When you multiply that by the 120 scripts we filled each day, five days a week, it amounted to saving about 130 hours a year. It was a tiny change, but it significantly improved our efficiency and allowed us to provide better service to our patients.
This experience taught me the power of the 1% improvement ideology. Sir Dave Brailsford theorized that if you aim to improve by just 1% every day, you won’t notice much difference at first, but over time, these small improvements compound, leading to exponential growth. In fact, a 1% improvement every day for a year results in being 37 times better than when you started!
Here’s Brailsford’s math:
• 1% improvement each day for 365 days = (1.01)^365 ≈ 37.78
This means that small, consistent improvements can outperform big projects in the long run. The key is to keep looking for those small changes every day and encourage your team to do the same. Whether it’s reorganizing your workspace, streamlining a process, or finding a more efficient way to handle routine tasks, these small tweaks can add up to significant improvements. In pharmacy, we do the same tasks repeatedly, so even a tiny improvement can have a huge impact over time. For instance, consider the simple act of keeping frequently used medications within arm’s reach. This minor adjustment can save seconds per transaction, which adds up to hours over weeks and months. It’s these little changes that can lead to big results without the feeling of being overwhelmed by tackling massive projects. It’s also crucial to have someone track these improvements. Whether it’s a manager or a team member, having someone responsible for monitoring progress ensures that these small changes are implemented consistently. Delegating this responsibility allows the owner to focus on larger strategic goals while the team handles the day-to-day improvements. Encourage your employees to look for small improvements daily. Maybe they can find a quicker way to restock shelves, improve customer interaction processes, or even organize their workspace more efficiently. These small changes not only improve efficiency but also boost morale as employees see the tangible results of their efforts. Don’t underestimate the power of small changes. It’s not about making one big change but making lots of little ones that add up. So, start today and see how those small changes can lead to big improvements in your pharmacy.
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417 Ravenaux Dr. Southlake, TX 76092
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INSIDE THIS ISSUE
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Discover This Member’s Story of Sterile Compounding Success
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Transform Pharmacy Tasks Into a Winning Poker Game
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Tackle Big Projects With Fewer Problems
Empower Your Team With Delegation and Accountability
The App Every Adult Needs
Achieve Outstanding Results With Incremental Improvements
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READY TO GET STARTED? Scan the QR code made available to all members for a walkthrough of a project plan. If you’re an Essentials & Up member, don’t forget to join the daily calls with Mike to build your own project plan and keep things on track. Project plans are a game-changer for independent pharmacy owners. They help you stay organized, keep track of all the moving parts, and ensure your projects are completed successfully. With ready-to-go templates and daily support from Mike, you’ll be able to tackle any project with confidence. So, grab that project plan, and let’s get started on making your pharmacy dreams a reality!
Putting these steps on paper (or digital document) ensures you don’t miss anything crucial. Plus, it gives you a clear visual of what needs to be done, making it easier to track progress and stay organized. WE HAVE READY-TO-GO PROJECT PLAN TEMPLATES. Lucky for you, our membership offers several ready-to-go project plan templates. These templates are designed to save you time and effort, so you don’t have to start from scratch. Simply pick a template that fits your project, tweak it to suit your needs, and voilà! You’re all set. We’ve even made a handy video that walks you through how to use these templates. It’s available to all members and is a great resource to get you started.
guidance, join our daily accountability and implementation calls with Mike. These calls are held every weekday at 2 p.m. CDT and are a fantastic way to get personalized help with your project plan. Whether you have a goal in mind or need to tweak an existing plan, Mike is there to help you through it. KEEP TRACK OF MOVING PIECES. A project plan isn’t just a one-time setup. It’s a living document that helps you track all those moving pieces. By regularly updating your plan, you can stay on top of your project and quickly address any issues that arise. It’s like having a GPS for your pharmacy projects, guiding you every step of the way.
SCAN THE QR CODE TO CHECK OUT OUR PROJECT PLAN SPREADSHEET!
KEEP UP WITH DAILY ACCOUNTABILITY AND
IMPLEMENTATION CALLS. But wait, there’s more! If you’re feeling overwhelmed or need a bit of
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