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Transcript of Consulting Presentation
Your unfair advantage in recruiting… and consulting
Everyone knows that specialty pharmacy is growing exponentially; through a combination of the Affordable Care Act (ACA), a healthy drug pipeline and an increasing need for personalized medicine and targeted therapeutics. An estimated 30 million people will be newly insured by 2019 and there are almost 700 specialty drugs currently in various stages of development. What does that mean? By 2030, estimates suggest that spending on specialty drugs will reach $1.7 trillion.
The Remedy Group was founded in 2005 with the goal of becoming the premier search firm for non-traditional pharmacies. Over the past 10 years, we have worked with companies of all sizes with an acute focus on home infusion, compounding, long term care and specialty pharmacy. Because of our specialization, we are not only the industry leader, but an industry expert in this niche market. Through a decade of experience, we have been able to identify key factors that have contributed to the success of our clients and, in some cases, the lack thereof. Now, let us help you avoid the pitfalls that so many pharmacies fall into as they grow.
Let’s face it, you have one chance to get it right, and we are here to make sure that happens.
In 2014, Express Scripts, CVS/Caremark and Walgreens made up almost 56% of the specialty market, to the tune of $44 billion. There is a tremendous opportunity for you to take advantage of this boom but you must focus on differentiating yourself from your competitors while maintaining the ability to evolve to the ever changing landscape that is specialty pharmacy.
In 2014, over $80,000,000,000 was spent on specialty drugs in the United States
Like you don’t have enough to do…
Operations
Logistics
Pharmacy ManagementContracting
Accreditation
Quality Control
Licensing/Certification
Hiring
Training
Market Research
Community Relations
Patient Assistance ProgramWorkforce Planning
Trade Relations
Sales
Benefits AnalysisEmployee Retention
Employee DevelopmentAP/AR
Clinical Programs IT Infrastructure
What is your “Value Proposition”?• What sets you apart from your competition?
Do you have a Workforce Plan?• Analyzing your current workforce against
your strategic plan to sketch out short- and long-term hiring needs.
Are you going to Buy or Build?• Buy – Allows you to hire for a specific skill
set but it is oftentimes more costly than promoting from within.
• Build – Ensures they will be a cultural fit; but do you have the capacity, and time, to train?
Who are you going to hire?• Do you have a profile for your ideal
candidate?What’s your process?
• Interview• Onboarding• Retention• Engagement
Hiring in the “Right Order”
“Foundation Hiring”Hire for where you are going, not where you
are
The science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach
their goals.
The “Evolution of HR”
“Personnel”• Hire• Payroll• Benefits
“Human Resources”• Recruiting/Training
• Onboarding• Org Chart Design• Communications
“Talent Management”• Gap Analysis
• Performance Management & Support• Business Integration• Program Development• Process Improvement
Only 49% of business owners say they have effective tools
to find and grow talent.
Who handles your Talent Management?
Workforce Planning• Gap Analysis• Org Chart• Job Descriptions• Comp/Benefits Plan Analysis• Hiring Strategy/Process• Engagement/Retention Strategy• Employee Development Program • Succession Planning
We’ll sit down with you and discuss your organizational strategy; the goals and objectives you are looking to achieve, the timeline you want to achieve those in and put into place an action plan to get there.To kick it all off, we will access where your current workforce is and what you’ll need to achieve your goals (Talent Gap Analysis). This will include a mix of hiring new people and developing internal personnel. The Remedy Group will work with you to build your org chart, define each position and start the process.After we’ve decided what you need to hire for, we need to figure out how, and who, you are going to hire. Both of these are equally important to the growth of your organization and let me explain why. If your hiring process is too slow, you’ll lose talent to your competition but you don’t want to rush and hire the wrong person either. The easiest way to avoid this is to allow us to evaluate your top performing employees and build you a profile of who the “ideal” candidate is for your company. We will also guide you through the interview process and assist with onboarding and training.Lastly, we’ll work with your human resources department to develop programs that will increase your retention and engagement rates. What if you could identify those individuals who can do more within your organization and you had the ability to develop that talent? Now let’s break all of this down and we’ll show you why The Remedy Group is your consulting firm of choice to grow your pharmacy.
Build Buy• Maintains company
culture• “Cost Effective” option• Offers promotion
opportunities to current staff
• Allows you to “tailor” positions based on your employee’s strengths
• Quickest path• Allows you to
“pick” your employee
• Infuses new blood into your company
• Promotes competition
Once we have conducted a Talent Gap Analysis, we’ll have a clear picture of who you need to hire to grow your pharmacy.
Now you have to decide whether to buy or build. Most of our clients combine the two
to ensure they have the right people in the right places.
Under the “build” philosophy, you hire at an entry level and build those employees
through a series of training and development programs. While this
maintains your company’s culture, and offers promotion opportunity to current
employees, it can oftentimes be a longer process and you must be committed to
the process.If you don’t have those internal assets that can be developed, you must turn outward for those needs, “buy”. The
great thing about this method, is you get to hand pick the people you want. It can
infuse energy into your company and provide you immediate results due to the fact there is very little training involved. You have to make sure you do a thorough
job of screening these candidates to ensure they fit your company’s culture.The key to growth is having the right
people in the right positions where their strengths can be utilized and maximized.
We’ll help you identify those in both current, and future, employees.
Buy Build
Attracting
Evaluating
The first thing you have to ask yourself is, why is someone going to come to work for me? You
have to remember, the candidates you want for your company are also being sought by your
competition, so why you?Things to consider
• Do you have a competitive compensation and benefits package?
• What is your perception in the industry/community?
• What is your “value proposition”?By working with The Remedy Group, we’ll work with you to build your employer brand that will
attract those “top tier” candidates who are going to make the difference in your company.
Let us be your brand ambassador.
The U.S. Department of Labor estimates that a “bad hire” costs 35%
of that person’s salary to replace.Before you can hire the “ideal” candidate you
need to know who the “ideal” candidate is. We will evaluate your top performing employees and build a profile of who is going to be the best fit for your company. This ensures that
you are finding people who, not only have the skills and experience to be immediate
contributors, but also have the personality to fit your company’s culture.
Along with creating a profile, we’ll work with you to design and implement a streamlined interview process with customized questions
that will allow you to glean the information you need to ensure you are hiring the best people
for your company.
83% of prospective employees agree that employer brand has significant impact on ability to hire great talent
21% of full-time employees plan to change jobs this year
79% of businesses believe they have a significant
retention and engagement problem75% of businesses are
struggling to attract and recruit the top people they
needEmployees who have been with their company between 2 – 5 years are more likely to
leave46% of rookies wash out in their first 18 months
New Employees who go through a structured on-
boarding program are 58% more likely to be with your organization after 3 years
If you want to grow your pharmacy and hire new people, you must start by keeping the ones you have.
We’ll start by working with you to build a comprehensive on-boarding program. Together, we’ll
identify key training objectives to ensure that your new employees get up to speed as quickly as possible. Along with that, we’ll partner new
employees with a “mentor” to help them acclimate to your company’s culture.
Hiring and training is only ½ of the retention solution, the other ½ involves what you have to offer, and it’s
not what you think.
They stick around because: • 54% like the people they work with• 50% have a good work/life balance
• 49% have good benefits• 42% have a flexible schedule
You can’t add when you are constantly subtracting!
The emotional and functional commitment an employee has to the organization and its
goals
71% of your employees are not fully engaged
Productivity Fewer Patient Incidents
Better Sales Better Customer Satisfaction
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Having Engaged Employees Has Very Measurable Effects On Your
Company
In 2010, only 28% of companies felt that employee engagement was important to the success of their company. Last year, that number jumped to 58%, but the question remains, how do you create an environment where your employees are as committed to the success of your company as you are? Creating an engaged workforce starts with management. The employee/manager relationship is quite possibly the most important relationship there is within your company. Remember, most employees leave supervisors, not companies.We will conduct a survey, something similar to what you would give your customers/patients, and share those results with you. That will allow us to clearly identify what areas of your company, if any, need improvement.
We will then work with you to implement an organizational hierarchy that fosters open communication and socialization between departments and a gamification strategy that improves motivation and promotes health competition.
“Loyal, passionate employees bring a company as much benefit as loyal, passionate customers. They stay longer, work harder, work more creatively, and find ways to go the extra mile. They bring you more great employees. And that spreads even more happiness -- happiness for employees, for customers, and for shareholders.” – Rob Markey
The bad news… 81% of businesses feel they don’t have a compelling and
engaging company culture
As we’ve outlined, the growth of your company is reliant upon hiring the right people, holding on to
them and then getting them to invest, and believe, in the success of your organization. First, you have to
figure out what you want your company culture to be and then we’ll help you get there.
Granted, your company culture is going to evolve and change over time. As employees leave the
company, and replacements are hired, your company culture will change. If it is a strong culture, it may not
change much. However, since each new employee brings their own values and practices to the group
the culture will change, at least a little.
These changes may be positive, or they may not, but by working with The Remedy Group, you’re hedging the bets in your favor. When push comes to shove,
don’t you want to have a partner that cares as much about the success of your company as you do?
The Blueprint IT Infrastructure• Director/Lead Developer• Network Admins
Pharmacy• Production• Leadership
Patient Care CoordinatorReimbursement Specialist• Medical Billing• PBM BillingProject Manager/Compliance• AccreditationsManaged Care/Trade Relations
Sales – Phase 1• Leadership• RepsClinical• Staff Nurses• Director of NursingSales – Phase 2• Reps
Human Resources
A lot of our clients, once they choose to grow, think that they should hire salespeople first. While
salespeople, eventually, will be the backbone of that growth, there is so much more to consider.
Your Business
OperationsIT Pharmacy ClinicalSales
Director
Sales Direct
orDirect
or
Network
Admins
RPh Supply Chain
Director
Pharmacy Tech
Shipping Tech
Patient Care Coordinators
Reimbursement – Medical & PBM
Director
Project Manag
er (URAC
)
Managed Care / Trade
Relations
Rep Nurse
Human
Resources
Yes, URAC is a four-letter word, but getting accredited is essential to the success of your pharmacy. We’ve discussed how “foundation hiring” is imperative to the growth of your pharmacy, getting your URAC accreditation is equally as important. What goes in to this process is overwhelming and time consuming, to say the least. Here at The Remedy Group, our consultants will work with you to ensure that you have the help you need.
Our services include:• Gap Analysis – our Project Manager will come to
your office for an initial planning session• Periodic Teleconferences – to guide the
preparation of the application• Policy Review – we will review policies and
procedures necessary for submission with the application to assure compliance
• Policy Development – we can help you design/write your P & P’s
• Application Assembly – we will consult with you during the assembly of the application along with the submittal process
• Mock Desktop Review – before you submit your application, we will conduct a comprehensive desktop review, with summary, to ensure full compliance
• Mock On-site Review – prior to your on-site review, we’ll be there to provide you a realistic preview of the review process and provide feedback
• Day-Before Preparation Review – ensures that everything is ready
• Presence During On-Site Review – this can be on-site or remote, should anything unexpected come up
• Preparation for URAC’s Unannounced Monitoring On-Site Review – between one and five days notice, are you ready for an on-site review, we’ll keep you prepared
• Customized Accreditation Consulting Services – whether you need boots on the ground or just an advisor we’ll be there with you every step of the way
• Compliance – your work isn’t over once you become accredited, let us help you stay compliant
Yet another hoop to jump through, are you ready? Let our ACHC consultants help.
It is becoming increasingly more common for an RFP to ask about your accreditations and, in some cases, is required if you plan to process claims or stay in-network. One example of this is the PBM Catamaran, which is now requiring you to become accredited to stay on contract. How
long before other organizations follow suit?1. Creating a Customer Central Account2. Downloading ACHC Standards3. Submitting the Required Documents
• Application• Agreement• Preliminary Evidence Report (PER)
4. Scheduling 5. On-Site Survey
• Opening Conference• Tour• Data Collection
• Personnel/Patient Record Review• Financial/Billing Records• Performance Improvement Activities• Policies and Procedures• On-site Observations• Personnel and Patient Interviews
• Closing Conference
Some areas we’ll look at…1. Restructured operations - front-end and back-end
processes/workflow2. Reduce drug expense through better purchasing 3. Inventory review 4. Improve reimbursement/collections 5. Software/Programs6. Motion – efficient workspace & pharmacy design7. Automation options
We’re almost there, let’s talk metrics. Before you hire, shouldn’t you first ask yourself if you need to? Do you need more employees or are there changes you could make so that your current staff and workflow are more efficient? Have you ever measured your operational efficiency?
We will work with you to create a baseline metric and then look at several ways to streamline workflow and increase the efficiency and effectiveness of your staff.
Workflow and Operational Efficiency
How much more profitable would your company be if your employees were 20% more efficient?
Scenario…You have 20 employees and your revenue is $5 million per yearThe average salary for your employees is $50,000
Average turnover is 21%...4 employees are going to leave this yearIt’s going to cost you, on average, $17,500 in replacement costsTotal Cost – $70,000 71% disengagement rate
14 employees are disengaged w/ an extra annual cost of $2262 per employeeTotal Cost - $31,668
Engaged salespeople had 37% higher sales3 salespeople averaging $1,000,000 per yearIncreased Revenue - $1,110,000
You are turning a 10% profit, spending $4.5 million a year on operating costs, what if we could cut that number by 20%? Total Savings - $900,000
You just saved yourself over $1 million and increased your revenue by over $1 million
To find out more about how The Remedy Group can help you, give us a call @ 866-736-3397 or check
us out at www.remedyrecruiting.com.