Business Coaching
Get personalized support from an expert who understands your independence
We strive to form a unique partnership with each of our members—a deeper
kind of relationship that helps you continuously improve your
operational efficiency, financial performance and patient care. Our
business coaches
are trusted advisors who know exactly what it means to be an
independent. As a Good Neighbor Pharmacy Premier member, your business
coach will provide you with guidance tailored specifically for your
store based on the best business practices of more than 1,000
independent retail pharmacies with similar business models.
Business Coaching allows you to focus your attention and energy on the health of your patients, while we focus on the health of your business and add dollars to your bottom line. Your coach will evaluate the precise needs of your pharmacy, identify opportunities to improve your operations and create an action plan for success. With a reliable stream of invaluable insights from your coach, you’ll be able to make smarter decisions that not only enhance the performance of your business, but also solidify the legacy of your pharmacy in your community.
Business Coaching allows you to focus your attention and energy on the health of your patients, while we focus on the health of your business and add dollars to your bottom line. Your coach will evaluate the precise needs of your pharmacy, identify opportunities to improve your operations and create an action plan for success. With a reliable stream of invaluable insights from your coach, you’ll be able to make smarter decisions that not only enhance the performance of your business, but also solidify the legacy of your pharmacy in your community.
Our business coach has been a very important part of our success here at Madera Medical Pharmacy. We have gone through many changes within the past 1½ years, and I can truly say we couldn’t have done it without him. He is our trusted advisor and is always planning ahead for our business.
Ashley Melikian, Madera Medical Pharmacy, Madera, CA
How your coach helps optimize business performance
Financial Management
Benchmarking your financials against similar pharmacies can help provide you with a clear picture of your pharmacy’s financial status. Through peer benchmarking, your business coach will help you identify patterns and cash flow opportunities, as well as develop a baseline by which to measure future success.
Protecting Profitability
Your business coach will help you limit profit leakage by showing you how to prioritize and address claims that weren’t paid at the maximum amount. They’ll also provide you with straightforward guidance to help ensure you take full advantage of every profit opportunity.
Labor and Productivity
Payroll expenses are the largest cost for any retail pharmacy. Your business coach will assess your productivity levels using benchmarks and other financial indicators. From there, they’ll help you review and make smart adjustments so you can operate more efficiently without sacrificing service.
Coached pharmacies average:
Increase in script count*
1,960
Increase in patients per pharmacy**
3.7%
Inventory turns***
16.5 turns
*Based on a comparison of 807 GNP Premier Pharmacies working with a business coach from 2017 through 2019. 40% above average, median 477. Highest performing Pharmacy 52,085 and lowest -46,481.
**Based on a comparison of 807 GNP Premier Pharmacies working with a business coach from 2017 through 2019. 43% above average, median 1.12%. Highest performing Pharmacy 350.52% and lowest -75.47%.
***Based on 138 coached GNP Premier Pharmacies that reported financial/inventory figures for the 2019 and 2020 review period. 37% above average, median 14.21. Highest performing Pharmacy 109.23 and lowest 2.35.
Inventory Optimization
Your business coach will work with you to determine current inventory performance levels and provide benchmarks against your peers. You'll receive guidance on optimum order quantities, controlled substance discrepancies and long-term issues of inventory management such as, shrink diversion and expired returns. Work with your coach to examine each opportunity and craft an action plan for your pharmacy, monitor results and make adjustments.
How your business coach helps you improve patient experience
Front-End Effectiveness
Develop the right mix of products to carry in the front end of your pharmacy with the direction of your business coach. They’ll help you identify your top items and guide you in developing an action plan to maximize opportunities and measure results. Your coach will also help you implement staff training to ensure that your customers' experience in the front end of your pharmacy exceeds all expectations.
Adherence & Med Sync
To maintain your access to patients, you need to demonstrate that you can positively impact patient outcomes and drive adherence. Your business coach will show you how to use a variety of tools and techniques to identify these opportunities, take action and gain a deeper understanding of Star Ratings.
Patient & Prescriber Marketing Strategies
Your business coach will help you identify influential patients and prescribers and monitor the trends of both. Using data and analytics, you’ll see who your customers are, and who they’re not, allowing you to develop targeted marketing campaigns. You’ll learn new strategies to maximize marketing spend, target top prescribers and measure results.
Employment Development
Your staff plays the most important role in customer experience and
patient satisfaction. They need to uphold the high standards of your
pharmacy while also bringing value to your business
through adherence initiatives. Your business coach will work with you
and your staff to maximize productivity, improve patient experience and
identify business tasks that can be delegated to key members of your
team.
Get in touch
At Good Neighbor Pharmacy, our expert team is aligned in its commitment to your needs and the interests of independent pharmacies across the United States. Want to know more about how Good Neighbor Pharmacy can amplify your brand, simplify your business operations and protect your independence?
