There are many ladders to climb in the pharmacy industry. Clerks can become techs, techs can be lead techs, and lead techs can be pharmacists (with a few years of pharmacy school).

But does the ceiling stop there? By now, we know there is no such thing as ceilings in the pharmacy industry. The pharmacist’s journey doesn’t end when you put on the white coat — it’s only beginning.

Enter pharmacy ownership. Here at PioneerRx, we know firsthand that the pharmacy ownership journey is full of peaks and valleys. Being a pharmacy owner isn’t for everyone, but it might be the career progression that you’ve needed all along.

Here are some telltale signs that pharmacy ownership is for you.

Are You Business Savvy?

As we’ve discussed in previous blogs, “pharmacy owner” is another name for “business owner.” Opening and operating a pharmacy requires a good deal of business acumen.

Budgeting, financial planning, and economics become the name of the game when you become a pharmacy owner. Vaccine quotas and inventory management take on different meanings — not only do they ensure you’re effectively caring for your patients but they also play a role in your financial operations.

Businesses need to profit to stay afloat, so use everything at your pharmacy’s disposal to stay in the green.

Providing more advanced clinical services has never been easier and more convenient. Whether you’re wanting to expand your vaccine inventory or go into certain pharmacy niches (like expanding your outreach helps your pharmacy’s financial prospects.

Look Into Different Payment Models

You can generate profit in your pharmacy in a variety of ways — some of them are hidden in plain sight. Your pharmacy’s payment models, which were once thought to be ubiquitous, can become a game changer for your pharmacy’s profits.

One of the most prominent payment models in recent times is the cost-plus model. Here, pharmacies set the prices for medications (mainly generics), possibly making them lower than what they would be with insurance.

This gives pharmacies peace of mind when it comes to reimbursement. Though the explanation above is brief, the cash-plus model is becoming a favorite among independent pharmacists looking to enhance their business. Just ask Kyle McCormick in this clip from the Catalyst Pharmacy Podcast:

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Leading Leaders

The difference between pharmacists and pharmacy owners go beyond the financial. Not only are you overseeing the financials of your pharmacy, you are also overseeing the staff. You are — in every sense of the word — the boss.

Pharmacy owners lead the leaders of the pharmacy — the pharmacists. It takes a special kind of leadership to do that. Everything we discussed in our blog, “5 Pharmacy Leadership Essentials for 2024,” applies here twofold: the active listening, adaptability, and the leveraging of technology (read on to learn more).

If pharmacists are the head coach, then pharmacy owners are the manager. They are the ones calling the shots, making the new hires, and — when necessary — making the tough decision to let someone go.

Sometimes pharmacy work goes beyond filling a prescription or processing an insurance claim. It’s about the intangible: cultivating a positive work environment and making both your employees and patients feel at ease when they walk through your doors.

Teamwork makes the dream work, and it all starts at the top: you.

Embrace New Technologies

Though pharmacists play a role in how a pharmacy embraces new technologies, pharmacy ownership would see you making the final decision.

No piece of pharmacy technology is as crucial or consequential as your pharmacy software system.

Your pharmacy system is the backbone of your pharmacy. It doesn’t shape your pharmacy’s workflow — it is your workflow. One of the essential aspects of pharmacy ownership is choosing the right pharmacy software. Needless to say, it’s not a decision you can take lightly.

This isn’t deciding between a cherry or bubblegum flavor for a patient’s amoxicillin suspension (note: bubblegum is always the way to go ). Choosing a pharmacy software system sets the tone for your pharmacy’s workflow and — by extension — your patients’ health journey.

It’s a monumental decision, but we at PioneerRx are here to help. We offer valuable insights from fellow pharmacy professionals, whether in the form of our blogs or podcasts (check out our blog, “7 PioneerRx Features to Grow Your Pharmacy’s Profitability” as a starting point).

What’s more, PioneerRx University gives pharmacy owners the latest on new features, patches, and updates — all in the name of enhancing your pharmacy’s workflow.

The pharmacy ownership journey isn’t for everyone, but picking the right pharmacy software is the step in the right direction. Schedule a demo to jumpstart your ownership journey.

Conclusion

In the dynamic world of pharmacy, the transition from pharmacist to pharmacy owner is more than a career move—it's a transformative journey. Pharmacy ownership demands a blend of business acumen, leadership finesse, and an openness to embrace technological advancements.

As you consider the leap into pharmacy ownership, remember it's not a path for everyone. But for those ready for the challenge, it's a rewarding expedition. Step confidently into the realm of pharmacy ownership with PioneerRx by your side. The next rung on the ladder awaits.