Leadership in long-term care (LTC) plays a crucial role in providing high-quality care and achieving positive results. Effective leaders empower their teams, creating a motivating environment that boosts job satisfaction and helps reduce employee turnover. Different leadership styles, especially transformational leadership, can greatly impact patient outcomes and staff morale.
Clear communication and teamwork are essential to avoid confusion and build trust among team members. Ongoing education and professional development for leaders are important for adapting to the changing healthcare landscape. This ensures that the latest best practices and trends are implemented to improve resident care.
Miriam Cho, President and Chief Pharmacy Officer (CPO) of MAC Rx, LLC, has extensive experience in the LTC and healthcare sectors. Miriam is skilled in various areas, including healthcare management, pharmacy operations, cost management, Medicare Part D, cardiopulmonary resuscitation (CPR), pharmacy consulting, and clinical pharmacology. She holds a Doctor of Pharmacy (Pharm.D.) degree from Midwestern University in Illinois, showcasing her strong background in healthcare services.
Finding Balance and Success in Pharmacy
Miriam Cho began her career in the healthcare industry 21 years ago while finishing up her studies in pharmacy school. Initially, she followed a traditional path, working in corporate retail and managing various projects. However, she soon realized that this direction did not align with her career goals.
Her journey took a turn when a former colleague reached out about an opportunity at MAC Rx, a newly established pharmacy. Despite her limited knowledge of long-term care, she explored the opportunity and was hired, allowing her to achieve a better work-life balance as a mother of three.
Upon joining MAC Rx, Miriam identified areas for improvement in operations and systems. A few months later, she was offered the position of Pharmacist in Charge and Director of Pharmacy, which she accepted in December 2015. The following year, she advanced to Chief Pharmacy Officer. Under her leadership, the pharmacy experienced significant growth, achieving a 48% year-on-year increase since 2016.
In 2021, MAC Rx expanded by acquiring a second location in Indiana, followed by the launch of a new startup in Missouri in June 2023. Currently, all three locations serve over 30,000 individuals in the Midwest.
The Approach to Client Relationships
MAC Rx prioritizes a service-first approach, closely followed by cost savings. While it can be difficult to rank these priorities, Miriam firmly believes that exceptional service is the most important. As a customer-centric and service-driven organization, she sees this commitment as a key factor in its success.
In the long-term care industry, it is essential to be a true partner to clients. Building strong relationships and being present on the front lines with clients is vital for growth. Miriam takes great pride in the retention rates across their three organizations, highlighting their diligent efforts for clients and the residents they have the honor to serve.
Providing best-in-class patient care is a critical part of the company’s mission, directly impacting the organization’s stability and ongoing success. By focusing on service and fostering strong partnerships, MAC Rx has positioned itself to thrive in this challenging environment.
Navigating Complexities
One of the major challenges currently impacting the healthcare and pharmaceutical sectors is the implementation of the Inflation Reduction Act (IRA), which introduces significant changes to pharmacy and healthcare reimbursement structures. For MAC Rx, understanding how these government policies will affect reimbursement timelines and medication costs, particularly for high-revenue medications, is crucial.
While many in the industry may feel apprehensive about these changes, MAC Rx takes a proactive stance. The organization advocates for its position, engages with policymakers, and educates itself to ensure its voice is heard. It is important to recognize that these policies are not intended to undermine long-term care pharmacies; rather, there may be a lack of awareness regarding their vital role in serving vulnerable populations.
At the state level, MAC Rx encounters further reimbursement challenges because of legislation that often fails to adequately support healthcare providers. While there is a push to reduce costs, MAC Rx emphasizes the need for transparency about where those costs go. Often, the financial authority is placed on Pharmacy Benefit Managers (PBMs), who exert significant negative control over the financial landscape.
Navigating these complexities requires a deep understanding of the industry and addressing the unclear practices of PBMs, allowing MAC Rx to advocate for better practices that benefit both its pharmacies and the broader healthcare system.
Strategy for Success
One of the main strategies for MAC Rx/MedScript for staying competitive in a crowded market is emphasizing the importance of networking and building strong relationships with its partners. The company takes the time to thoroughly understand its facility partners, from ownership to decision-makers, as well as the staff responsible for daily operations.
Personalized care is a key aspect of its approach. Many of its partners have Miriam’s cell phone number and contact information for other leadership team members, allowing for direct and open communication. This level of accessibility fosters strong, close relationships, which are essential in the long-term care sector.
Although the industry may be large, MAC Rx remains focused on maintaining a personal touch. Losing this connection would be harmful to its success. This commitment to building personalized relationships is a strategy it embraces now and strives to continue in the future.
The Focus on Growth and Leadership Development
MAC Rx is dedicated to expanding its leadership team across its three entities as it continues to grow. This year marks the anniversary of its quarterly off-site leadership conference, an event that always excites Miriam Cho. She finds motivation in helping individuals thrive and succeed within the organization.
MAC Rx also has several new and innovative patient care initiatives on the way. Notably, it was one of the first pharmacies to hire nurses as part of its customer service team. This integration has enhanced its service by providing essential skills and ensuring that nurses are compensated for their various accreditations and certifications, making them the best partners for its facilities.
In addition, MAC Rx has started offering accredited webinars that provide further education on pharmacy-related topics relevant to its nursing facility partners. The company plans to introduce two additional layers to these initiatives later this year.
Over the past year and a half, MAC Rx has placed a strong emphasis on automation and AI innovation. By becoming more strategic and efficient, it aims to improve clinical outcomes while minimizing the potential for human error. Miriam expresses her enthusiasm, stating, “I am eager to see the results and customer responses as we begin to roll out these advancements in Q3 and Q4 of this year.”
Key Trends in Healthcare to Watch
The healthcare landscape is constantly changing, and Miriam Cho sees several key trends that will shape the industry in the coming years.
First, it is important to recognize the impact of an aging population, which is leading to an increase in more complex patients in the long-term care sector. Additionally, the types of payment models that facilities will adopt are evolving, which will influence how organizations operate.
Assisted living has always been a vital part of healthcare, but recent discussions among industry leaders have raised questions about its future direction. Navigating these changes will require adaptability and a willingness to learn, as those who resist change are likely to fall behind.
As the industry moves forward, challenges such as reimbursement issues and financial changes are expected. However, Miriam Cho believes that when most people are moving in a particular direction, it is crucial to stay true to core values and foundational beliefs. By collaborating with other strong industry leaders, the company can face these challenges together and continue to thrive in this dynamic environment.
Leading Pharmacy into the Future
As a visionary leader, Miriam Cho believes it is crucial to stay informed about emerging trends and developments in the healthcare sector. She emphasizes that building strength within the organization and each pharmacy requires constant communication with their teams. Her role involves collaborating with C-level executives, directors, managers, supervisors, and team leads, all of whom have different responsibilities but share a common goal.
A key part of Miriam’s leadership approach is her ability to envision the future, looking two to five years ahead. While she focuses on this long-term vision, her team members typically look six months into the future, and their direct reports consider shorter timeframes of two to three months. Miriam understands that it is essential to have strong leaders on the ground who can effectively manage day-to-day operations.
By developing a core team that stays updated on industry changes and prioritizing continuous education, the organization can successfully navigate challenges. This structured approach also allows the organization to adapt and transform in response to the evolving landscape, especially considering the significant changes it has faced in recent years, including the effects of COVID-19.
The Use of Technology for Better Care
MAC Rx is dedicated to staying ahead of technological advancements to improve patient care and operational efficiency. It works closely with its software vendors to ensure they contribute to developing innovative solutions within its primary operating system. While specific details cannot be disclosed, the company is making significant progress in this area.
From an IT perspective, MAC Rx has made substantial investments in various projects, especially in automation. It is important to note that while the company is enhancing efficiency through automation, Miriam Cho believes that true AI involves systems making independent, human-like decisions. Currently, it has strong automation projects in place that will improve output and reduce overall costs.
In addition, MAC Rx is exploring AI projects in collaboration with its software vendors, although these initiatives are still in the early stages. Overall, its focus remains on leveraging digital advancements to enhance patient care and streamline operations effectively.
The Value of Women in Leadership
Women leaders play a vital role in shaping the future of healthcare. While it is true that many panels, boards, and organizations may lack female representation, Miriam has never allowed this to define her experience or abilities. As a minority female who is not particularly tall, she has always focused on her strengths and contributions rather than her physical appearance.
Miriam believes that women bring valuable perspectives to decision-making discussions. As Ruth Bader Ginsburg famously stated, it is essential to include women in any room where decisions are made. Women approach challenges differently, offering unique insights and operational strategies. This diversity of thought encourages collaboration and leads to better outcomes.
In terms of diversity and inclusion, Miriam Cho has observed that the teams at MAC Rx reflect a wide range of backgrounds. They have a diverse workforce that feels almost global. This diversity was not necessarily an intentional goal; rather, a result of prioritizing hiring the best individuals with the right values, drive, and intentions. By focusing on talent and character, the company has built a team where race and gender become secondary considerations, creating a truly inclusive environment.
The Key to Balanced Work-Life
Miriam’s children are her greatest motivation each day. Coming from an immigrant family, with her parents being first-generation immigrants, she understands the importance of providing her children with opportunities that she did not have. This drives her to create a supportive environment where they can thrive and grow.
“For those who know me, it’s clear that I often talk about my kids,” she says. Balancing her leadership role with personal well-being involves prioritizing quality time with them. She makes it a point to integrate family time into her schedule, ensuring that it remains her first priority. This approach helps her stay focused and grounded.
When it is time to switch gears and focus on work, Miriam Cho commits fully to her professional responsibilities, working efficiently and enabling her teams to contribute. She believes that this collaboration allows her to manage her professional duties while also being present as a mother, wife, and active member of her household.
Advice for Aspiring Women Professionals
Miriam’s advice for aspiring women professionals looking to enter the healthcare industry is to actively seek diverse experiences across different sectors and platforms. Reflecting on her own journey, she notes that if someone had told her twenty years ago that she would be in her current position, she would have been surprised.
She emphasizes the importance of taking bold and confident steps. “The worst that can happen is someone tells you ‘no,’ but at least you can say you tried,” she says. Miriam Cho believes that you won’t discover what truly ignites your passion unless you take the leap and make the effort.
She encourages aspiring professionals to gain hands-on experience and embrace the challenges and opportunities that come their way. This proactive approach will lead to greater happiness and satisfaction in their careers as they find where they truly belong.
5 Key Takeaways from Miriam’s Journey in the Healthcare Industry
1. Strong Leadership Makes a Big Difference:
Miriam Cho’s leadership at MAC Rx shows how important it is to have a good leader. Her vision and ability to inspire her team led to significant growth and success for the company.
2. Putting Service First Leads to Success:
MAC Rx prioritizes excellent service for its clients. Miriam believes that focusing on taking care of customers and building strong relationships is the main reason for their success in the long-term care industry.
3. Adapting to Change is Crucial:
The healthcare industry is always changing, with new laws and challenges like the Inflation Reduction Act. Miriam and MAC Rx show the importance of understanding these changes and finding ways to adapt and even advocate for their needs.
4. Building Personal Connections Matters:
In a large industry, MAC Rx focuses on creating personal relationships with its partners. By understanding their needs and being accessible, it builds trust and loyalty, which is key to its strategy.
5. Investing in People and Innovation Drives Growth:
Miriam Cho is dedicated to developing her leadership team and embracing new technologies like automation and AI. This focus on people and innovation helps MAC Rx improve patient care and run more efficiently, leading to continued growth.
