When you build relationships with your patients, you’re building long-term trust and reliability. You invest in providing the best care possible to improve the health of your patients because this is the core purpose of your business. This dedication is what truly drives the success of your own pharmacy.
Now think about the companies you rely on daily to provide you with the tools and technology needed to run your pharmacy. Are they making you a priority? Do they have your best interests in mind? This can be heavily influenced if private equity is involved in the ownership of the business.
Who Calls the Shots?
As independent pharmacy constantly evolves, it is impractical to focus only on short-term goals. Yet, this is exactly what you may come across when working with a company funded by private equity.
Essentially, private equity firms will invest in struggling businesses and help get them back on their feet. Since the goal is typically to have a quick turnaround profit, it can become difficult to implement long-term, reliable strategies for growth. As this Vox article puts it – “private equity’s No. 1 priority isn’t the long-term health of the companies it buys — it’s to make money.”
These companies tend to focus on shareholder value, instead of the value brought to the customer. When budget cuts need to be made, the first thing to go is typically customer support. You never know what areas of service will be outsourced or cut down in order to reduce costs, leaving you to figure out issues on your own. This is because customer service is not seen as a priority when creating immediate profit. But over time, the damage done to customer satisfaction becomes apparent when it is too late.
Working in an independent pharmacy, you have a continuously heavy task load and enough things to worry about. When you call customer support, the last thing you need is long wait times, unclear answers, and added frustration.
Private ownership, in comparison to private equity, is known to have a more positive impact on customer service. This is because privately-owned businesses tend to work towards reliable, steady growth that is customer-focused and will provide the highest returns for both the customer and the business.
Behind Your Pharmacy Software
Your pharmacy software system is the control center of your entire pharmacy. It determines the services you can provide and the efficiency at which you can optimize your workflow. You and your team rely on it every single day.
So when you choose a pharmacy software, you are not just choosing the technology itself. You are also choosing a company that you will depend on to grow and innovate alongside your pharmacy. Doesn’t it make sense to have a partner that makes decisions in your best interest?
PioneerRx is privately owned by people who know the industry and are passionate about creating a product that puts the customer’s needs first. This drives business decisions to be made with pharmacies in mind, because when PioneerRx’s users are successful – that’s what makes PioneerRx successful.
So while private equity may not be at the front of your mind, it is something to consider when evaluating the value of your pharmacy’s business relationships. Is your pharmacy a priority – or an afterthought?