Pharmacy U news

There are good business reasons to adopt sound accounting practices. Detailed, exact books can help you assess your pharmacy’s financial performance and find areas of strength, weakness, opportunity and risk. They also make your life a lot easier when you have to deal with regulators, tax authorities or financial institutions. But they are absolutely essential when you want to sell your business for a good price.

Your job is to create the systems and structures paired with people and resources that shift the balance of your prescription count as far to the predictable side as possible. Invest time and energy into knowing your patients and predicting what they need, when they need it and constantly scan for patient groups that can be standardized like synchronizing your monthly injectables and monthly blister co-pays.

Over the last several months, I have observed so many leaders throughout the various areas of healthcare doing wonderful things. People on the cutting edge of care who are pushing for a brighter tomorrow for their patients, their colleagues and themselves. Yet, we still face major issues.

The Fear of Missing Out (FOMO) is most recently linked to social media but I believe it can be applied to a wider spectrum in an effort to support pharmacy leaders in their everyday lives. FOMO is an anxiety that an exciting event is occurring without us, flushing our brains with a depressed mood.

Over the course of my career, I have become convinced that the lack of any formal, structured leadership training has been to the detriment of the profession of pharmacy. The lack of emphasis and equipping has produced far too many pharmacists who are risk averse and wait to see whether someone else has success before they will even consider trying something new. At the same time, the demand for care has never been greater or more complex.

Here I will cover the Notices section, the Option to Renew, and the Relocation clause. Generally, once both parties have entered into a Banner Agreement and Lease, the next time those documents ever get pulled out of the filing cabinet are at term renewal, at time of sale, or when something has broken down in the relationship between the parties.

Over the past two years, I have journaled about the anecdotes and lessons from over a decade of managing small and larger pharmacy teams, across corporate and independent models, both from retail and long-term-care. Across the multitude of journal entries, 7 key characteristics (which I call dimensions) show up recurrently. Enunciating them with very specific adjectives and placing them in an acronym allowed me to understand what to strive for in showing up for my patients, team and business.

Like the banner agreement, the lease is a complex legal document, and generally never balanced in the way it is drafted. It always reads very much in favour of the landlord. When I review a lease, I think of it the same way as when I read an insurance policy. There is nothing drier on the face of the earth, but you need to understand it because the next time you pull it out to refer to it, it is because something really important is going on in your world.