Channeling explosive growth is often a manager’s dream but it is also a skill unto itself that often distinguishes the most talented executives from the rest. Managing Director of Precision LTC Pharmacy is such an adept master having brought the firm through one of its most innovative and productive periods with a keen focus on the core fundamentals above all else. Harnessing the client relationship, expanding available market options, and leveraging new technology are all part of the process of driving growth at Precision LTC Pharmacy and Daniel shares with us how he and his organization navigated such exciting times. Indeed, explosive growth is not without its challenges – especially when you are dealing with 10,000-plus patients – and Daniel is not shy about sharing lessons learned, goals met, and objectives achieved in this area.
Aside from the normal challenges that come along with running such a sophisticated, modern firm, there are also the unexpected events such as COVID-19 that Daniel and his team, along with the rest of the world, had to learn how to deal with at the moment and innovate as well as deploy new strategies to tackle novel emerging problems. We also discuss how Precision LTC Pharmacy is able to offer a personalized touch at scale. Particularly, specific strategies for certain market segments are different from one another and require certain industry approaches that differentiate them in terms of both clients and market scope. Daniel explains how he and his team cater to these markets and meet their needs in a way that goes above and beyond the client’s expectations.
To achieve these goals, Precision LTC Pharmacy implements a cohesive strategy that stretches across segments and across internal teams. Leveraging the full ecosystem of providers, clients, and logistics, Precision LTC Pharmacy is able to achieve a consistent level of quality and scale the horizon and how Precision LTC Pharmacy hopes to tackle those opportunities moving forward as well as the primary components necessary for executing the firm’s strategy and achieving success.
Since our last interview, Precision LTC Pharmacy has grown significantly. What have been the key factors driving this growth?
- Enhanced Client Relationships: We have strengthened our relationships with existing clients through exceptional customer service and tailored solutions. We have a dedicated client services department focused solely on the success of our clients.
- Technological Advancements: The implementation of advanced pharmacy management systems has enhanced efficiency and accuracy in our medication dispensing.
- Expansion of Services: We have broadened our range of services to meet the evolving needs of our clients.
- Extended Pharmacy Hours: We are filling prescriptions and answering customer inquiries from 7:00am to Midnight with 24/7 after-hours emergency services.
Can you share some of the challenges you faced while expanding to serve close to 10,000 clients and counting in various types of facilities?
Logistical Coordination: Ensuring timely delivery and accurate medication management across various facilities demanded robust logistical strategies. Our entire pharmacy process, from prescription processing to delivery is fully paperless.
Regulatory Compliance: Navigating the complex regulatory environment for different types of facilities posed significant challenges.
Scalability: Scaling our operations while maintaining high-quality service standards was a major focus.
How has the COVID-19 pandemic affected the operations and growth strategy of Precision LTC Pharmacy?
Increased Demand: There was a surge in demand for medications and pharmacy services, particularly in long-term care facilities.
Operational Adjustments: We had to quickly adapt our operations to ensure safety and continuity of service, including implementing remote work where possible.
Supply Chain Disruptions: Managing supply chain disruptions and ensuring adequate stock of essential medications was a critical challenge.
What new services or technologies have you implemented to better serve Skilled Nursing Facilities, Assisted Living Facilities, Group Homes, and Substance Use Treatment Programs?
On-site Automated Dispensing Systems: Enhancing accuracy and efficiency in STAT medication dispensing.
Electronic Medication Administration Records (eMAR): Streamlining documentation and reducing errors.
On-site Immunization Clinics: This has been vital in ensuring that residents and staff receive timely vaccinations. Precision LTC Pharmacy is proud to be able to provide this service.
How does Precision LTC Pharmacy ensure the quality and safety of its services across such a diverse range of healthcare settings?
Rigorous Quality Control: Regular audits and quality checks to maintain high standards.
Standardized Protocols: Implementing standardized procedures for medication management and dispensing.
Continuous Training: Ongoing staff training to stay updated with best practices and regulatory requirements.
What role does staff training and development play in maintaining high standards at Precision LTC Pharmacy?
Comprehensive Training Programs: Regular training sessions on new technologies, procedures, and compliance.
Professional Development: Encouraging staff to pursue further education and certifications.
Performance Reviews: Regular performance evaluations to identify areas for improvement and provide constructive feedback.
Can you discuss any partnerships or collaborations that have been particularly beneficial to your company’s recent expansion?
Healthcare Providers: Collaborations with healthcare providers have helped us offer integrated services and improve patient outcomes.
Technology Partners: Working with technology companies has enabled us to implement cutting-edge solutions and stay ahead of industry trends.
Educational Institutions: Partnerships with educational institutions for staff training and development have been invaluable.
What initiatives have you taken to improve patient outcomes and satisfaction in the facilities you serve?
Patient Education: Providing comprehensive education on medication management to patients and caregivers.
Medication Adherence Programs: Implementing programs to ensure patients take their medications as prescribed.
Regular Feedback: Soliciting feedback from facilities and patients to identify areas for improvement and address any concerns promptly.
Looking ahead, what are your strategic goals for Precision LTC Pharmacy over the next five years, and how do you plan to achieve them?
Expansion: Continue to grow our client base and geographical reach.
Innovation: Invest in new technologies and services to stay at the forefront of the industry.
Quality Improvement: Enhance our quality control measures and patient safety protocols.
Staff Development: Focus on continuous training and investing in our people to ensure Precision LTC Pharmacy is equipped to meet future challenges.
To achieve these goals, we will leverage our strengths, build on our successes, and remain committed to our core values of quality, integrity, and innovation.
To learn more about Daniel F. Longo and Precision LTC Pharmacy please visit https://precisionltc.com
