5 Ways to Improve Your Independent Pharmacy’s Profits
In a world full of declining reimbursements, DIR clawbacks, and big chains on every corner: How can your independent pharmacy rise above the challenges?
Here’s the deal: you can become a local authority for pharmacy services with the right tools and a dedicated team at your disposal. Work alongside qualified professionals to build a sustainable business model now and beyond.
Here are five profitable ways to grow your independent pharmacy and improve patient care.
1. Optimize Your Prior Authorization Process
Imagine a patient with rheumatoid arthritis comes into your pharmacy with throbbing joint pain. The patient attempts to fill a specialty drug at your pharmacy. Suddenly, a rejection message pops up on your screen.
You then reluctantly tell the patient, “I need to contact your doctor to get this filled for you.” Each day passes, and you still haven’t heard back from the patient’s doctor. Unfortunately, patients stuck in this cycle often leave scripts unfilled, become noncompliant, or abandon therapy altogether. The end result is poor health outcomes for patients.
How can you speed up the prior authorization (PA) process to improve patient care? Go paperless with electronic PAs (ePAs). You won’t need to call or fax the doctor anymore.
Our ePA platform is a secure, one-stop-shop for patients, pharmacists, and doctors to collaborate. How does it work? Your ePAs will integrate with your existing pharmacy management system, and if a drug needs a PA it’ll be sent off right away to the doctor.
Take advantage of these benefits and more:
Improved patient care outcomes
Administrative burden relief
Reduced healthcare costs
Plus, you’ll save time and a lot of headaches since ePAs take only a few minutes to a few hours to process.
2. Cut Ties with PBMs
Notorious pharmacy benefit managers (PBMs) aren’t transparent in how they conduct business. Did you know they profit at every step in the supply chain from drug manufacturers to patients?
In fact, the three largest PBMs, CVS Health, Express Scripts, OptumRX, hold about 80% of the prescription benefits market in America. What’s more, PBMs generate more than $315 billion in revenue every year. Then they leave the scraps to independent pharmacies through low reimbursement rates.
Reimbursements are often much lower than the cost of drugs. Therefore, pharmacies will dispense these prescriptions at a loss. How can a run-of-the-mill independent pharmacy thrive in this environment?
Leave maneuvering this kind of situation to the experts. We’ll help you ditch the middleman, keep dollars local, and offer support in providing high-quality care to your patients.
3. Boost Revenue as a 340B Contract Pharmacy
The 340B Drug Pricing Program mandates drug manufacturers sell outpatient medications to hospitals and healthcare organizations at reduced costs. That said, a whopping 95% of all marketed drugs have 340B discounts with average savings up to 25-50% off the wholesale price.
The best part is. The 340B program gives vulnerable and underserved patients access to affordable medications. What’s a major challenge 340B programs face? Many 340B programs leak 15% of prescriptions from their system.
Don’t miss out on any revenue-generating opportunities.
If you want to:
gain a competitive advantage
increase revenue (for you and your covered entity)
improve clinical outcomes
Get support from 340B experts who can capture those losses.
4. Get Organized with Organizational Development
How can you cut overhead expenses and increase your bottom line? You can improve pharmacy operations and decrease costs with organizational development.
Focus on these areas to reap a lot of rewards:
Staff Orientation & Training (helps reduce turnover)
Medication Billing & Error Prevention Techniques
Complaints & Customer Service (prevents revenue loss)
Cold Chain Distribution (streamlines cold temp. management for mail order shipments)
We’ll pinpoint which pharmacy operation processes need improvements the most. Once we implement the changes, your pharmacy’s efficiency and productivity will skyrocket. No time is better than now to restructure your pharmacy for success.
5. Offer Urgent Care Services
Healthcare costs are rising by the day. According to CMS, America’s healthcare spending is reaching $3.6 trillion. Patients need quick access to affordable care more than ever today. The high costs of urgent care and ER visits are frustrating to patients.
The long wait times don’t help either. Imagine a patient coming into your pharmacy complaining about flu symptoms. There’s no longer a need to tell the patient to visit their doctor. Why not? Using telemedicine in your pharmacy can help your patients get the care they need right away.
With Presto Health, they’ll gain quick access to U.S. board-certified doctors who specialize in treating minor, acute care conditions. Patients can use our affordable telehealth service anytime, anyplace (24/7/365). Attract more patients and keep existing ones with our groundbreaking service.
The Bottom Line
At HVRS Solutions, we want your independent pharmacy to succeed as much as you do. We offer comprehensive, innovative solutions that enhance patient care and boost revenue. Our goal is to help you differentiate your clinical services, so you’ll be around for years to come.
We’re here to help you grow and expand your pharmacy practice. Get in touch with us today!