Between 2022 and 2024, some of the biggest chains such as CVS and Walgreens shuttered around 2,100 stores nationwide. The latest trend is consolidation and vertical integration where insurers, healthcare systems or pharmacy chains acquire or merge with other entities along the supply chain, such as wholesalers, distributors, or pharmacy benefit managers (PBMs}. The aim is to reduce competition and boost profits. However, potential corporate gains are often offset by real risks to patients, staff, management and the communities they serve. This article dives into the repercussions of pharmacy consolidation and offers insights into how pharmacists can adapt and thrive in this evolving industry.
Consolidation and vertical integration are reshaping the profession in significant ways and defining the industry. For pharmacists, these changes present both challenges and opportunities. Wage changes due to consolidation can be a double-edged sword. Consolidation may mean better employment stability at larger organizations with established financial resources. Yet, increased competition for roles within consolidated entities may place downward pressure on wages resulting in:
Opening the Door to Career GrowthIf you’re willing to adapt and explore new opportunities, pharmacists can position themselves for success in a consolidated marketplace by:
Expanded or Narrowed Scope of Practice?One of the key debates surrounding consolidation revolves around its impact on the scope of pharmacists' duties. Larger organizations often have greater resources and are better equipped to adopt technological solutions, such as advanced medication management systems and telehealth platforms. These tools could allow pharmacists to shift their focus from administrative tasks toward more clinical roles. Consolidation also creates opportunities for pharmacists to engage in patient care initiatives that may have been less feasible in smaller or independent pharmacies. For instance:
Moving Forward in a Consolidated Pharmacy WorldPharmacy consolidation is undoubtedly reshaping the profession, bringing both opportunities and challenges. For pharmacists, adapting to this change involves understanding how to leverage new career paths, using data and technology to enhance patient care, and demonstrating resilience in a shifting industry. To thrive, pharmacists must stay informed, continually expand their skills, and maintain a focus on what matters most – delivering high-quality care to patients. By doing so, they can help ensure that consolidation serves not just corporate interests but also the well-being of communities and the advancement of the pharmacy profession. Advance Your Pharmacy Career with Ridgemont ResourcesAt Ridgemont Resources, we empower pharmacists to reach their full potential by providing top-tier career opportunities and expert guidance. Our solutions are driven by data and analytics, helping our clients achieve their commercial goals while promoting excellence in healthcare. Explore our available positions today and take the first step towards enhancing your pharmacy career.
Pharmacy operations are at a pivotal moment where technological advancements, regulatory changes, evolving patient needs, and shifting workforce expectations converge. For hiring managers, staying abreast of pharmacy recruitment trends is essential for operational efficiency and navigating the growing complexities of patient care. Key Trends in Pharmacy RecruitmentLet's explore the crucial trends impacting pharmacy staffing and how they are reshaping the pharmacy workforce. You'll also learn how to adapt your recruitment and retention strategies to stay ahead of the competition.
Adapting Your Recruitment and Retention StrategiesThe changing landscape presents unique challenges in pharmacy recruitment and retention. So what are the key strategies to adapt?
Leveraging Partnerships with Specialty Pharmacy RecruitersConsulting with specialist pharmacy recruiters can help solve the challenges these trends present. Specialist recruiters offer industry expertise, a vetted talent pool, and powerful negotiation skills to attract top talent faster. They can help streamline the recruitment process, reduce your time to hire, and ensure candidates align with your pharmacy's culture and values. Specialist pharmacy recruiters are industry expertise with the insights, network and experience to help you attract top talent. And they help you work smarter by navigating the complexities of an evolving workforce with ease and confidence. You’ll have access to a vetted talent pool. From techs to directors and everything in between, pharmacy staffing agencies have a large talent pool. These candidates are fully vetted and often include experienced professionals seeking flexible arrangements or specialized career paths. Regardless of the role, specialist recruiters bring you top candidates that meet technical requirements, align with your pharmacy’s culture and values as well as fill positions with top talent faster. Compounding Success in Pharmacy StaffingPharmacy operations managers who stay informed of trends and adapt to changing workforce expectations will be well-positioned to meet healthcare industry demands. Start by reviewing your current practices, embracing new trends, and considering the value of specialist pharmacy recruiters. By taking a proactive approach, your pharmacy will remain at the forefront of patient care and industry standards.
10/1/2024
Interview Your InterviewerWant an impressive career trajectory? Ask powerfully purposeful questions. It’s interesting that while Pharmacist job seekers all have specific concerns about each position, they often struggle to ask the truly important questions that help them evaluate if a position aligns with their career goals, personal values, and professional aspirations. Starting your career in the right environment can often determine your career trajectory. Know that you’ve found a great fit by interviewing your interviewer. Ask insightful questions. Truly listen. Then consider what they are saying – and what they’re not. Here are 11 powerful questions that I encourage you to incorporate into your PharmD interviews:
Does Asking the Interviewer Tough Questions Really Work?You bet! Take Sarah for example. She came to us after feeling stuck for several years. Advancement and growth simply weren’t part of the company culture. It was a good place to work, and she enjoyed her coworkers, Sarah knew she needed more. We talked about her goals, and she envisioned her career trajectory. It was clear that growth, learning, and expanding responsibility would be key elements for Sarah to feel challenged and find a path she could truly embrace. After discussing her options, Sarah decided to pursue transitioning into a hospital pharmacy setting. Interviews were set with several hospital systems, and we coached Sarah on how to ‘interview her interviewer’ to uncover the company culture, working styles, and management personality of the pharmacy team so that she could determine which hospital system might be the best fit for her and provide the professional growth and collaborative environment that she needed. Sarah was nervous at first. It was a new approach. Turning the tables by asking firm, insightful questions can be tough. After her first interview Sarah called to share what happened, “I can’t believe it. It felt like I was losing the interview. The hiring manager wasn’t really engaged. Then I started asking questions and the hiring manager really opened up!” Sarah went on, “I think we hit it off. I learned that pharmacists regularly participate in interdisciplinary meetings with doc’s and nurses. And, they have a mentorship program for new hires! She even told me about some issues they’ve had and how they’re working through them.” Sarah gained more confidence and sailed through interviews we set up with a few other health systems. In the end, she felt reassured by the responses she received in her first interview, pursued the opportunity and got the job. We followed up with Sarah one year after she accepted her hospital pharmacy position and her experience reflected the importance of asking the right questions during her job interview. Sarah found her experience one year into her new role: Company Culture and Values: Sarah found that the hospital’s commitment to patient-centered care and teamwork was not just talk during the interview but a genuine part of the day-to-day operations. The values she had been drawn to were evident in how her colleagues interacted with each other and with patients. The culture promoted open communication and inclusivity, making Sarah feel like a valued member of the team from day one. Professional Development: The hospital lived up to its promise of supporting professional development. Sarah attended several workshops and conferences, enhancing her skills and expanding her professional network. She also pursued a specialized certification in clinical pharmacy, which the hospital not only supported but also partially funded. The access to learning opportunities exceeded her expectations and kept her engaged and motivated in her role. Sarah is in consideration of being promoted to a Clinical Pharmacy Specialist role, where she’ll focus specifically on serving oncology patients. Working towards her promotion, Sarah has taken on some leadership responsibilities, helping her mentor oversee a team of pharmacists and pharmacy technicians by training new staff members and facilitating team meetings. Work-Life Balance: The hospital’s focus on maintaining work-life balance was a significant factor in Sarah's job satisfaction. Flexible scheduling allowed her to manage her work hours effectively, reducing stress and preventing burnout. The organization’s efforts to ensure manageable workloads were particularly beneficial during the flu season when demands increased. Sarah appreciated the hospital's understanding of personal commitments, which contributed to her overall well-being. Collaboration and Communication: Sarah experienced firsthand the hospital's collaborative environment, which had been a selling point during her interview. Interdisciplinary meetings facilitated effective communication between pharmacists, doctors, nurses, and other healthcare professionals. This collaboration not only improved patient outcomes but also fostered a sense of community among staff. The mentorship program has been very rewarding. Not only is Sarah working with a mentor, she’s found that mentoring younger pharmacists incredibly rewarding too. Sarah observed the hospital’s commitment to acting on employee feedback. The administration conducted regular surveys and held town hall meetings to discuss suggestions and concerns. This resulted in tangible improvements, such as upgrading the pharmacy’s technology systems and enhancing employee break areas. Sarah felt that her voice mattered and appreciated the organization's dedication to continuous improvement. Personal Reflections: Sarah’s thoughtful approach to assessing the company culture paid off, resulting in a successful transition to a new role where she felt supported, challenged, and valued. Her positive experience is a powerful example of how aligning personal values with organizational culture can lead to long-term job satisfaction and career fulfillment. The TakeawayInterviewing your interviewer is a powerfully purposeful approach to evaluating company culture that lays the groundwork for a successful and fulfilling career. Sarah's journey exemplifies the importance of aligning personal values with organizational culture, demonstrating how this alignment can lead to sustained job satisfaction, professional growth, and positive contributions to patient care and the pharmacy profession.
It's never too late to direct your career towards an upward trajectory. We hope that you’ll use this article to inspire your journey and navigate your pharmacist career path with intention and purpose. Picture this: A bustling hospital pharmacy, its staff orchestrating a delicate ballet of prescriptions and patient care. Behind this seamless operation lies a carefully curated team that embodies not only clinical competence but also the spirit of compassionate service. But how do you assemble such a team? Knowing that finding the right professional is both a challenge and a critically strategic move, how do you navigate the labyrinth of credentials, personalities, and organizational culture? Enter the specialist pharmacy recruiter. These unsung heroes operate at the intersection of talent acquisition and industry insight to help you overcome the challenge and critical strategic step of finding the right professionals to fill pharmacy positions. Whether you’re seeking a seasoned pharmacist, a skilled technician, or a visionary executive to lead your team, the journey begins with recruitment. And that’s precisely where specialist pharmacy recruiters’ step onto the stage. Their mission? To match the right candidate with the right role, seamlessly bridging the gap between impressive credentials and compassionate care. Let’s explore why their role is pivotal in shaping the pharmacy landscape. The Art and Science of Matching
Experienced hiring managers know that recruitment isn’t merely about posting job listings and sifting through resumes. It’s a symphony of skills, qualifications, and cultural alignment. Specialist pharmacy recruiters wield a finely tuned baton, coordinating all the players with finesse. Here’s how: Navigating the Pharmacy Ecosystem: These recruiters understand the pharmacy ecosystem like seasoned cartographers. They know the difference between a compounding pharmacist and a clinical pharmacist, between a retail pharmacy technician and a hospital-based one. Their knowledge ensures precision in candidate selection. Finding Unsung Heroes: Not all stars shine on job boards. Some remain hidden, content in their current roles. Specialist recruiters venture beyond the obvious, tapping into their networks, attending conferences, and whispering to the winds of professional associations. They unearth those hidden gems—the passionate pharmacist who dreams of clinical research or the technician with an uncanny knack for automation. Beyond Credentials: Sure, credentials matter—the PharmD, the certifications, the years of experience. But what about the intangibles? The pharmacist who calms anxious patients with a smile, the technician who troubleshoots a malfunctioning IV pump at 3 a.m.? Specialist recruiters delve into the soul of pharmacy, seeking those who embody its ethos. Industry Expertise and Understanding Pharmacy recruiters specialize in understanding the nuances of the pharmacy sector. They know the ins and outs of the industry, including the specific roles, responsibilities, and qualifications required for different positions. Whether you’re looking for a pharmacy technician, a pharmacist, or an executive, these recruiters have a deep understanding of what makes a successful candidate in this field. Efficient Matching Process Pharmacy recruiters are adept at efficiently matching the right candidate with the right position. They have a network of qualified professionals and can quickly identify individuals who meet your organization’s needs. This saves you time and effort in sifting through numerous applications and conducting extensive interviews. Their expertise ensures that you’re presented with candidates who are a good fit for your specific requirements. Access to a Wider Talent Pool Specialist recruiters have access to a broader talent pool than what you might find through traditional job postings. They actively seek out passive candidates (those not actively looking for jobs) and tap into their networks. This means you’ll have access to candidates who might not be actively applying but could be an excellent fit for your organization. Focused Screening and Vetting Pharmacy recruiters conduct thorough screenings and vetting processes. They verify credentials, certifications, qualifications, and attitude. This ensures that the professionals you hire have the necessary skills and are a cultural fit for your organization. Their multilevel screening process gives you confidence in the quality of the candidates they present. Tailored Recruitment Campaigns When you need to fill specialized roles (such as management or executive positions), pharmacy recruiters can create targeted recruitment campaigns. For example, if you’re looking for a Director of Pharmacy for a small hospital, they can focus their efforts on reaching out to relevant candidates in that specific niche. This personalized approach increases the chances of finding the right match. Navigating Salary Negotiations Recruiters can assist in salary negotiations. They understand market rates, industry standards, and can help strike a fair deal for both parties. Having an intermediary who can handle these discussions can be invaluable, especially for executive positions where compensation packages can be complex. Retention Strategies Good pharmacy recruiters don’t just stop at placement; they also help with retention. They understand the factors that contribute to employee satisfaction and can provide insights on creating a positive work environment. Retaining skilled professionals is crucial for the long-term success of your pharmacy team. Wrapping Up Partnering with a specialist pharmacy recruiter streamlines your hiring process, ensures access to top talent, and increases the likelihood of finding the right fit for your organization. Whether you’re filling technician, pharmacist, management, or executive positions, their expertise can make a significant difference in building a strong pharmacy team just as a conductor optimizes a symphony. They harmonize talent, culture, and purpose, creating an ensemble that hits just the right notes. So, the next time you see a pharmacy team working seamlessly, remember the unseen hands of the hiring team that put the right people in the right places. What are your greatest hiring challenges? Get in touch with our pharmacy recruiters today.
7/8/2024
Streamline Your Time-to-HireHiring the best pharmacy candidates before your competitors can scoop them up is a big challenge. Leverage these 7 tips pharmacy hiring managers can use to streamline time-to-hire:
Hiring the best pharmacy candidates before your competitors can scoop them up is a big challenge for hiring managers. Move your best candidates through the hiring process faster with less stress for both yourself and candidates by leveraging these 7 tips:
|
|
Ridgemont Resources is committed to facilitating equal employment opportunities to all.
We do not discriminate on the basis of race, color, creed, age, sex, national origin, religion, or disability.
We do not discriminate on the basis of race, color, creed, age, sex, national origin, religion, or disability.
Website by Grey Partners