10 Pharmacy Startups and Innovators
For a long time, the pharmacy space was dominated by big and long-established pharmacies. There was a major lack of startups and innovators were also lacking.
It was only recently when there was a rapid growth in pharmacy startups that areas in the pharmacy space, that have remained untouched for a long time, were disrupted. These include medication dispensing, delivery, cost-savings, prescribing, information, storage, vitamins and supplements, and specialty pharmacy services.
Below is a list of startups that have excelled in one or more areas of the pharmacy industry that are in need of improvement.
DeliverCareRx takes medication delivery to another level. Not only does the pharmacy offer free home delivery for more than three prescriptions per month but also synchronizes your prescription needs. This means your prescriptions are delivered to your door at the exact time that you need to replenish your supply.
This makes prescription acquisition convenient and timely. You never have to miss a refill for any reason. This also saves you money from fare or gasoline.
DeliverCareRx also offers free prescription management. No need to go to the doctor's office and visit your insurance provider because they will handle the scripts/paperwork for you.
ZappRx offers patients a quick and easy way to process the specialty drug orders through the ZappRx digital platform. You can order specialty medications online quickly and easily.
Considering that specialty prescribing takes time, the shortcut that the pharmacy offers makes a huge difference. Apart from streamlining the process of specialty med ordering, ZappRx also helps with the communication between providers.
NowRx hand delivers your prescription medication the same day you place your order. Since you only need to use an app to place an order, you can skip the long queues and have your prescription filled without leaving home.
You can send your prescription to them or have your doctor send it directly to the pharmacy. So after your checkup, you can go straight home instead of going to the pharmacy to purchase your prescription because your doctor can send the prescription on your behalf.
Upon fulfillment, you will receive a notification. Your card will be charged automatically.
You also have an option to video chat with your pharmacist for consultation and for whatever queries you might have.
4. Blink Health
Blink Health lets you buy your prescription meds at a more affordable price. They guarantee the lowest drug prices on all generic medications.
This is one of the startup drug companies dedicated to providing patients with medication cost savings. Unlike other pharmacies offering the same service, Blink Health does not require membership fees or coupons.
You can also pick up your prescription medication at local pharmacies near you. Just pay online and your order will be ready for pick up. Enjoy an average of 70% cost saving per prescription filled.
Run by Specialty Medical Drugstore, a full-service pharmaceutical provider based in Greater Cincinnati, GoGoMeds offers low-cost prescription medications and other specialty pharmacy services.
You can have your prescription filled without the need to leave your home. Just send your prescription via mail or have your doctor fax it directly to specialty medical drugstore.
If you want to transfer from one pharmacy to GoGoMeds, just provide the name and phone number of the pharmacy when you process your order. Upon fulfillment, your medicine can be shipped to you directly or delivered according to your instructions.
6. Alto Pharmacy
Alto Pharmacy fills your prescription and delivers your meds for free. The pharmacy stocks all common medication and specialty treatments and sells them to you at the best price. With the same copay and free delivery, you're sure to achieve medicine cost savings.
With the acquisition of Round Health, Alto Pharmacy helps ensure people actually take their medicine. The reminder app not only takes note of your schedule for taking your medication but also the patterns and rhythms of your life. This allows the app to remind you of your medication more effectively.
You also have the option to have your prescription refilled at a specific schedule and right on time.
Fast and reliable medication dispensing is what NimbleRx is all about. They offer fast delivered pharmacy services that ensure patients get their prescription on time.
Delivery is always free, and you get to choose when and where you want to receive your prescription. Just have your doctor send your prescription directly to the pharmacy and they will take care of the rest.
If you need to manage your refills, just use the Nimble Pharmacy app. It's easy to manage and will speed up purchase and delivery services.
MedAvail has created medication pick up points, self-serve pharmacy kiosks where patients can pick up their prescriptions and over-the-counter medications.
The MedCenter, as the kiosk is called, is remotely controlled by a pharmacist who interacts with clients through audio and video network connection. Think of it as an ATM that dispenses medication on the spot instead of notes.
You can choose from over 500 medications through this 24-hour, on-the-spot pharmacy.
With the outrageous costs of drug prices, pharmacy start-ups that offer medication cost savings will save patients from financial worries. GoodRx is one of the drug coupon companies that provides patients with information as to where they can buy the prescription medication for the lowest price.
Using coupons, clients can save so much more.
Through GoodRx, you can compare drug prices from over 60,000 pharmacies in the US, print free coupons, and save up to 80% on your medication. You can also save a copy of the coupon on your phone and show it to partner pharmacies.
With Capsule, your prescription can be filled right from the doctor's office. Just tell your doctor that your pharmacy is Capsule and wait for a text with a checkout link. Here, you can place your order and schedule same-day delivery.
You can go home right after your checkup and then wait for your prescription to be delivered right at your doorstep.
But their pharmaceutical services don't stop there. You have the option to transfer a refill from your old pharmacy, have capsule take care of your refills, and ask questions related to your prescription.
Where are the Top 5 Medical Tourism Destinations?
More and more people are traveling abroad to seek medical care. They do so not for a less expensive healthcare but because some countries offer better medical services than what they would find in their own country.
According to the Medical Tourism Association, approximately 14 million people in the world go on a medical tourism annually.
A report by McKinsey and Company outlined what patients seek when traveling abroad to receive medical treatment.
Top 5 Medical Tourism Destinations
When it comes to advanced care and cosmetic surgery and dentistry, Mexico takes the top spot. Tijuana, in particular, is a hotspot for cosmetic procedures.
The country has 98 hospitals accredited by the Federal Health Ministry and 7 hospitals accredited by the Joint Commission International (JCI).
With low-cost medical treatments that save patients up to 60% the prices in the US and Europe, it's not a surprise that many people travel to Mexico for medical tourism.
2. Costa Rica
In the last few years, Costa Rica has consistently ranked high in dentistry and cosmetic surgery above Canada and the US. It is also making vast improvements in the fields of bariatric surgery, cancer therapy, and eye surgery.
Compared to the US, healthcare services in Costa Rica is 45% to 65% lower.
The CheTica Ranch in San Jose offers medical tourists a unique ranch-style recovery retreat where patients enjoy amenities that rival a hotel and the care of well-trained nurses.
According to the Medical Tourism Global Market and Figures 2018, Canada highly excels in stem cell treatment at a cost that is more affordable than in the US. In 2016, it was considered a world leader in health tourism according to an index developed by Fetscherin & Stephano.
With medical tourism considered one way for the country to create another source of revenue, expect more medical treatments to be added into Canada’s medical tourism.
Healthcare costs in India will save patients 65% to 90% of similar services in the US. The country also uses cutting edge-technology in healthcare delivery. This is why it is one of the key players in the medical tourism industry.
Many of its hospitals are accredited by the Joint Commission International and the National Accreditation Board for Hospitals and Healthcare Providers. Some private hospitals offer health care packages for foreign patients that include airport-to-hospital pickups, private chefs, and free in-room Wi-Fi.
Some of the more popular procedures include eye surgery, orthopedic surgery, bone transplants, and heart bypass surgery.
Chennai currently ranks number one as the ultimate health care tourism destination in India.
In Latin America, Brazil is the best in healthcare delivery as noted by the World Health Organization. It is home to some of the world-renowned surgeons and has 43 JCI-accredited hospitals.
Brazil offers high-quality cosmetic and plastic surgery services that cost about 30% to 50% lower than in the US. This shouldn’t come as a surprise as cosmetic treatments are considered the norm in the country.
The Ivo Pitanguy Clinic in Rio de Janeiro is well-known for performing more cosmetic surgeries than other places in the world.
These are the just the top 5 medical tourism destinations in the world. This means you have more options when seeking medical treatments abroad if you look long and hard. What is even better is that you’re not just paying for lower costs but excellent medical care as well.
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The Right Ways to Deal with a Disgruntled Former Employee Online and Offline
Firing an employee has its consequences. And a disgruntled former employee has the ability to destroy your company's reputation by badmouthing or spreading rumors. With the thought that they have nothing to lose or they simply want to exact vengeance, they can be quite vindictive.
What can you do to minimize the damage? How should you react so as not to worsen the situation?
What you do and how you react depends on the channel used. However, the premise behind the actions you take is the same.
On social media
What better way for a former employee to speak negatively about your company to a bigger audience than through social media?
Because anyone can say anything about everyone in such platforms, the damage can be catastrophic. Imagine if partners, vendors, and prospective clients get to read a disgruntled employee's negative comments?
Your company is sure to be fodder for wild speculations and bad talks.
How you handle the situation can douse the fire or fuel it. Because everyone is watching, you need to tread carefully.
Address the former employee directly
This is the most practical approach, with the situation discussed between the parties involved and no one else. There are different ways to do this.
Pursue legal action
This especially applies to the private sector where an employer is within their rights to sue a foul-mouthed former employee. You can send a cease and desist as a scare tactic. Or file a suit when the former doesn't work.
Issue a public statement
Most of the time, if you don't react to someone's negative comments, many would speculate that the accusations are true. If dealing with a problem privately doesn't work, issue a statement that denies all allegations and expresses regret that the former employee refused to deal with the matter privately.
It is important that, when dealing with this kind of situation on social media, you remain diplomatic and in control. Never stoop to a disgruntled employee’s level.
Given this kind of possibility, it is better to be proactive and take steps to ensure that terminating an employee will not result in a social media circus. Create a social media policy that outlines rules of engagement for employees.
In the real world
Regardless of the method that a former employee uses in harassing your business, follow the same approach as you would on social media.
Reach out privately first.
If this doesn't work, focus on what matters most—your company and your active employees.
To keep the boat from rocking too much, so to speak, you should:
It is not enough to deny accusations. You should also show everyone that you operate by principles and sway public opinion in your favor.
In the event that harassment takes physical form and your employees are in danger, take steps to protect them. Report any threats made and, when a former employee shows up at your place of business angry, contact the proper authorities.
Remember to document everything. This will prove handy when you have to pursue legal action.
How Pharmacy Benefit Managers Impact Drug Pricing, Hospital and Patient Care, Payers, and More
In the United States, the cost of diabetes-related drugs, such as insulin or Victoza, cost 10 times as much than if you were to buy them outside the US. Price inflation of prescription drugs are not new but it is a unique problem for the United States.
Who's to blame for the skyrocketing costs of prescription drugs?
Pharmacy benefit managers (PBMs)
They may not be the only culprit, but they contribute largely to the problem. Competing drug companies buy access to PBM formularies so their products will be chosen as the recommended choice.
By paying rebates and other fees to a PBM, a drug manufacturer can take a bigger piece of the sales pie. To recoup the large rebates and other fees paid to the PBMs, drug manufacturers have to increase the list price of drugs.
The result is skyrocketing drug prices.
But the cost of prescription drugs is not the only thing that PBMs can impact in both negative and positive ways.
How Pharmacy Benefit Managers Work
Historically, PBMs act as middlemen entities that process prescription medication claims and plan sponsors for a small fee. They provide services and educational programs to aid patient. They also serve as an intermediary between insurers and other healthcare members. This allows them to negotiate large customer contracts and for pharmaceutical companies and pharmacies to get the best rate.
What PBMs do
The role was clear-cut and clean until they leveraged their position as middlemen to impact nearly every aspect of the prescription drug marketplace. Even an independent pharmacy is not spared from the impact that PBMs make.
Impact of PBMs on hospitals and patient care
PBMs are exploiting a Medicare provision that allows them to charge remuneration fees directly and indirectly to pharmacies within their network. To price out the competition, particularly a local independent pharmacy where patients have a personal relationship with pharmacists, they increase the fees for using in-house and member pharmacies as part of Medicare reimbursement.
With the way the incentives are structured, PBMs retain more of the discounts and fees, driving up costs on Medicare. Since the pricing model used is fiercely guarded, pharmacy benefit managers continue to hide the costs paid by health insurance companies, patients, and the government.
Impact of PBMs on American Health Care
PBMs generate revenue in three ways—administrative fees, pharmacy spread, and rebates.
All these resulted in high prescription drug prices, restricted patient access to pharmacies, and the negative impact of limited formularies.
Impact of PBMs on employers/payers
Payers can benefit from a PBM through management of prescription drug benefits for members. Because the contracts are often one-sided and complex, partnering with PBMs often results in limited savings.
Only 30% of employers understood the clauses of their PDM contracts, according to a study by the National Pharmaceutical Council.
Research from Cigna showed that employers sponsoring their own health plans can save annually with integrated medical and pharmacy benefits. They can also bolster member patient care and self-management.
Although tackling prescription spending without the help of a PBM is beneficial, employers/payers still need to weigh the pros and cons of partnering with PBMs.
Lack of Regulation and Transparency
Through all these scenarios, a commonality is the lack of federal regulation and transparency that allowed PBM practices to take advantage of their role in the healthcare marketplace and make money at the expense of patients, payers, and pharmacies.
Something needs to be done.
Lawmakers are pushing to fill in what's lacking and make PBMs more accountable.
In California, legislations are being proposed to boost transparency in PBM dealings. One of these legislations require pharmacy benefit managers to provide information about how much they paid for a drug, including administrative fees, acquisition costs, and rebates received.
(Muster, IN) Rxeed.com is a new web-based prescription marketplace, that connects consumers with their neighborhood retail pharmacies, specialty pharmacies and others. In addition, it connects pharmacy owners with top wholesalers, allowing the owner to search inventories of available prescriptions. Finally, it creates a platform for pharmacy owners to reach out to other independent pharmacies and purchase prescriptions for shortage or back-order issues. This type of platform is the first of its kind, to bring together consumers, independent pharmacies and wholesalers in one place.
The website was created by Omar Hassad, pharmacist and local owner of Tinley Park Apothecary in Tinley Park, IL. He developed it after experiencing frustration with negative reimbursement from insurance companies, spending thousands of dollars trying to find new customers, and several hours dedicated to finding the cheapest prices for medications. " I firmly believe that Rxeed platform will forever change the way pharmacies will interact with consumers and wholesalers, " stated Founder and CEO Omar Hassad. Consumers now have the power to choose how much they pay for prescriptions by letting local independent pharmacies bid their lowest price for the medication and required services. Once a bid is accepted, the consumer is connected with their local pharmacy, giving the pharmacy owner an opportunity to gain new customers at a minimal cost. Using the “Locate a Medication” feature, a consumer can easily find which local pharmacies have the medication in stock. This convenient feature saves the consumer time spending hours on the phone, and gets the medication needed in their hands quicker. Consumers also have the option to locate compounding pharmacies and receive a comprehensive medical review.
For the independent pharmacy owner, he or she can purchase prescription drugs at a substantial discount, and in small quantities. This can be for drugs in short supply, a specific patient need, or when there is a public health emergency. There is no charge to join, the only fees are a small transaction percentage when prescriptions are bought and sold among pharmacy owners. For additional information on this new platform, go to www.rxeed.com, or call 1-833-697-9333.
How many times has a patient presented to you a prescription for a “specialty medication" that you are unable to fill? It could be that you are not able to order the medication from your wholesaler. Or worse, the patient’s insurance is mandating a specific pharmacy different than yours. It can be frustrating when a current or prospective customer is coming to you, the pharmacist, for a solution to their chronic and sometimes rare, condition.
There is no finite definition for what qualifies as a “specialty medication". In general, specialty medications are used to treat chronic or complex conditions and usually require special handling or administration and close monitoring of the patient. Sometimes, these prescription medications are indicated for rare diseases, which means that the disease affects less than 10,000 people. And they are therefore given “orphan drug status” under the Orphan Drug Act of 1983. This Act allows for fast-track FDA approval for drugs intended to treat these rare diseases due to limited therapies available on the market. Obtaining fast-track approval allows the medicine to be available as quickly as possible to the patients that need it the most. This also means that the medication does not have to go through as many lengthy clinical studies as the “more” traditional therapies. Often, as a stipulation of being given fast-track approval status, the FDA may require additional aftermarket studies to be completed, meaning that the drug is available to be prescribed but the patients taking the medicine are monitored for safety and efficacy of the therapy. This is referred to as a Phase IV clinical trial. Any pharmacy that dispenses one of these drugs must understand this process and accommodate the patient and drug manufacturer for any required documentation or data.
Some specialty drug manufacturers may limit the number of pharmacies who have access to order their medication. These are deemed “Limited Distribution Drugs,” or LDDs for short. When attempting to order one of these medications from your wholesaler, you may notice that the drug’s name is not listed in the system. Or it may take you straight to a screen that reads, “due to manufacturer limitations, this product is only available through a limited distribution network” and to contact the manufacturer directly. This can be very disheartening for a pharmacist or pharmacy owner.
Upon calling the manufacturer, you may find out that in order to gain access to this drug, there are many rigorous requirements to meet first. It is also worth mentioning that all manufacturers are different and have different specifications that must be met. Many require weekly data reports so it would be prudent to know if your pharmacy’s dispensing software can accommodate customized and automatic reports. The manufacturer may also request proof that you, as the pharmacy, have a way to monitor the patient for adherence and therapy response. A common theme among these manufacturers is some sort of “specialty accreditation”. This is often the first step to becoming a Specialty Pharmacy.
Achieving accreditation proves a commitment to quality and standards that are becoming the norm in the specialty space. Accrediting bodies such as the Accreditation Commission for Health Care (ACHC) and the Utilization Review Accreditation Commission (URAC) are arguably the most reputable in the field. Both sets of standards set the stage for core activities such as:
o Patient Care
o Coordination of Care and/or Delegation
o Information Management
o Compliance Program
o Quality Management and Continuous Quality Improvement, etc.
Accreditation is strongly recommended but could become mandatory by payers in the near future in order to ascertain preferred contracts for reimbursement purposes. This means extra revenue for your pharmacy by adding a specialty line of business. The entire process can take up to six months to a year for full accreditation and can be very arduous and labor intensive.
If all of this is intimidating to you, just know that you are not alone. The key is to connect with a professional who has been through the process. Ideally, they should have been able to achieve and has maintained accreditation for some time. Embarking on a project like this size could be overwhelming and a competent expert can guide you through the process.
There are many resources available though, if you choose to take on a project independently. However, there is a lot of competition out there in specialty pharmacy but accreditation can set you apart from others. Visit www.ACHC.org or www.URAC.org to learn more about the various programs in accreditation and visit www.HVRSSolutions.com/services-offered to learn more about guidance through the process. HVRS Solutions provides necessary paperwork required for accreditations such as policies and procedures and staff training documentations and will also assist you in preparing you and your pharmacy staff for on-site surveys. All services are customizable and personalized to your individual business needs.
We recommend using CSI Specialty Group for all of your specialty needs. Click Here
Winners of the 2018 APPA Pharmaceutical Industry Awards
APPA recognizes outstanding performance in the Pharmaceutical Industry
2018 marks a wonderful kick-off to APPA’s fourth anniversary and the alliance is thrilled to acknowledge superior commitment and contribution to the industry.
With twelve categories selected by an industry survey, the awards recognize companies and individuals for their innovation, dedication, and best-in-class service.
The winners, eight companies, one school and three individuals, will be honored at a prestigious awards ceremony - the “Oscars” - for the Pharmaceutical Industry scheduled to take place on June 8, 2018, at the national convention, PharmaCon Expo in Orlando, FL.
Here are the winners of the 2018 Pharmaceutical Industry awards:
• Independent Pharmacy of The Year - Benzer Pharmacy Tampa, FL
• Pharmacy School of The Year - University of Pittsburgh
• Pharmacy Manufacturer of The Year - Merck & Co.
• Pharmacy Technology of The Year - PrescribeWellness
• Secondary Wholesaler of The Year - Republic Pharmaceuticals
• Pharmacy Wholesaler of The Year - McKesson
• Specialty Pharmacy of The Year - PantheRx
• Pharmacy Entrepreneur of The Year - Al Babbington - PrescribeWellness
• Pharmaceutical Representative of The Year - Marc Weiss - AmerisourceBergen, Florida
• Hospital Pharmacy of The Year - Kaiser Permanente Hospitals
• Industry News Provider of The Year - Pharmacy Times
• CEO of The Year - Michael Castagna - MannKind Corp
For more information about the awards: https://joinappa.com/awards
For more information about PharmaCon go to: https://joinappa.com/events
Call, text us at 877-570-2665 or email us at email@example.com.
American Pharmacy Purchasing Alliance (APPA) and H. D. Smith Announce Partnership
Tampa, FL: February 22, 2018 – The American Pharmacy Purchasing Alliance (APPA), today announced a partnership with H. D. Smith, a national pharmaceutical wholesaler dedicated to the success of community pharmacies.
The partnership allows APPA members access to H. D. Smith’s full product line, including its formulary of 9,000 generic Rx items.
APPA members will also build on their already successful businesses through H. D. Smith’s consultant-style account management.
H. D. Smith is a healthcare distribution company with locations across the United States. It provides full-line distribution of brand, generic and specialty drugs, as well as other services for manufacturers and health care providers.
“We have a unique offering to the community pharmacy market, and especially buying groups who partner with us,” says Bob Appleby, president, H. D. Smith. “As a wholly owned subsidiary of AmerisourceBergen, we can offer pharmacies the H. D. Smith experience we are known for, with additional access to the resources of AmerisourceBergen.”
Currently, APPA provides its members with an array of benefits including creating a complimentary group purchasing concierge service that helps independent pharmacies with their purchasing needs, including CE credits to an employee discount benefit, solutions for serving specialty pharmacy patients and advocacy on legislative issues.
APPA member benefits extend beyond the significant savings we provide through our group purchasing services. While group purchasing is at the core of what we do, APPA is committed to offering additional value to help our members grow and excel.
H. D. Smith customers include retail and specialty pharmacies, long-term care facilities, institutional and hospital systems, and independent physicians and clinics.
APPA on the other hand, is a community of pharmaceutical experts and professionals dedicated to the recognition and advancement of the specialized industry of pharmaceutical purchasing. The APPA community is comprised of but not limited to:
“This is indeed a valuable partnership as our goal is to support our members across the spectrum of best business practices. And all of these programs are value-adds, meaning APPA members have direct access to the opportunities,” Philip concludes.
For more information about the APPA Buying group “Group Purchasing Solutions” (GPS) go to: http://joinappa.com/Group-Purchasing
About H. D. Smith
H. D. Smith is among the largest national pharmaceutical wholesalers, with services and solutions for manufacturers and healthcare providers. Focused on the success of community pharmacies, H. D. Smith provides a complete line of prescription, over-the-counter and home healthcare products, and a wide array of business solutions, for pharmacies across the U.S. The company has distribution facilities in all major markets. H. D. Smith also operates distribution companies Smith Medical Partners and Valley Wholesale Drug. Visit hdsmith.com for more information.
About American Pharmacy Purchasing Alliance
The American Pharmacy Purchasing Alliance is a leading pharmacy purchasing association dedicated to serving the needs of its members through education, networking, and the delivery of a unified voice for all participants in the pharmacy purchasing industry. Through ongoing collaboration, our alliance creates an environment that encourages the exchange of ideas and information, increases productivity through new technology, and furthers legislation designed to benefit our industry. For more information, visit http://www.joinappa.com
In you are looking for effective and efficient pharmaceutical purchasing strategies that will conform to health care reforms and new hospital and health systems, then join APPA at: https://joinappa.com/Join-us
Contact: Philip Woods
How Physician and Pharmacist Integration generates Innovation
Physicians didn’t spend long years in school to have two-thirds of their work-day be comprised of data entry task.
Pharmacists didn't spend long years of school to have two-thirds of their work-day consist of filling and dispensing medications.
Both professions went to school so that they can perform at the top of their license and modernize today's healthcare era; bringing revolutionary solutions to the healthcare industry. It’s already apparent that we prefer to avoid the administrative burden, as it disrupts our workflow and takes time away from spending with the patient.
Our reimbursement model has changed and went from fee for service to now value-based care.
Physicians are the Medicine experts, while Pharmacists are the medication experts. Both professions are considered predominant healthcare leaders in the industry.
Physicians are the first point of contact to diagnose and assess appropriately, while Pharmacists are the last line of defense to verify that the appropriate treatments were prescribed.
It’s clear that both professions possess a high pedigree of clinical knowledge.
Why do we separate the two entities, instead of bringing them closer together?
Primary-care physicians, participation in a care-team program can ease the burden associated with the management of complex-care patients. It also provides a way to better manage the cost of these patients by optimizing their health and functional status, decreasing excess healthcare use, minimizing emergency department visits and other hospital utilization (including readmissions), and preventing long-term nursing home placement.
What’s going on in the Physician private practice world, is also going on in the pharmacy private practice world.
According to the American Medical Association, less than half of physicians own their medical practice. “First-time ever” its been this low.
According to the NCPA (National Community Pharmacist Association) digest report, there has been a steep drop in independently owned pharmacy practices compared to previous years.
Ownership and employment shifts reflect the industry's increasing compliance costs and new payment models.
Health systems have been aggressively mopping up the physician practices, while the Large-chained pharmacies have been aggressively mopping up the small mom and pop independent pharmacies.
The common reasons shared for selling their practice:
With the collaboration of Physician and Pharmacy private practices, it can help eradicate a bulk of the problems both professions face and help revolutionize healthcare.
Ways a Pharmacist can help improved value-based care models for Physicians:
How can a Physician be of aid to a Pharmacist:
In hindsight, Physician & Pharmacist collaboration has the potential to create a robust HealthSystem for patients and also produce a stronger buy-in from insurance companies.
Population health is the current and future trend of healthcare. We can start synergizing our talents and bring out the best in value-based care practice models.
The more prominent players are already adopting vertical integration strategies to help create a more user-friendly and efficient healthcare system. Why can’t we?
In essence, “we have to STOP advertising and START innovating.”
Working as a Hospital Pharmacy Buyer is not suitable for every individual. These individuals are assigned to manage the largest cost for the hospitals. All of them need advanced skills that take time, training and additional education to master. A hospital pharmacy buyer has many roles. These roles require skills in cost-effective procurement, understanding vendor contracts, budgets, 340B purchasing where applicable, generic forecasting, inventory management and a number of other initiatives designed to reduce drug waste and expiring medications.
Although many areas in the pharmacy have advanced and adopted many new technologies; most pharmacy procurement in hospitals and health systems is performed exactly as it was 15 years ago. We all have seen many such hospitals and health systems where inventory is in the poorest conditions. This tremendous holding cost poses significant risk to the pharmacy for waste and expired medications. Reducing holding cost and cash tied up in inventory increases net income and profitability for the pharmacy department and the hospital. Recommendations suggest that a minimum target goal of 12 recorded turns is reasonable for any hospital or health system pharmacy.
What is a 340B Drug Pricing Program?
The 340B Drug Discount Program is a U.S federal government program, which was created in 1992. It requires drug manufacturers to provide outpatient drugs to eligible health care organizations/covered entities at significantly reduced prices. The purpose of the program was to allow covered bodies to "stretch scarce federal resources as far as possible, reaching more eligible patients and providing more comprehensive services.”
According to a research, overly broad eligibility criteria for hospitals have led to an outburst in the number of hospitals that have come into the 340B program. Today, there are approximately one-third of all hospitals in the country, which participate in the 340B program and get 340B discounts; that number is expected to grow, particularly absent an effort to tighten eligibility requirements.
Eligibility for 340B program
A hospital pharmacy buyer is defined under federal law. Six categories of hospitals are eligible to participate in the program: disproportionate share hospitals (DSHs), children’s hospitals and cancer hospitals exempt from the Medicare prospective payment system, sole community hospitals, rural referral centers, and critical access hospitals (CAH).
What should be done by a Hospital Pharmacy Buyer?
Manage the medicines - The important thing a Hospital Pharmacy Buyer should do is the management of the medicines. He should not buy more medicines, which can expire soon. Adding to it, he should not buy few medicines, which can create a shortage.
Understanding retailer contracts - If you will not understand your retailer, you will not be able to communicate. Communication is the most important thing in any transaction. A hospital pharmacy buyer should able to communicate easily with the vendor or else a great lose can happen.
Budget - Budget is always an important thing, which should be kept in mind in by every hospital pharmacy buyer. After knowing the budget, the next step is to make a list. In that list, one should write the things where he is going to use his money.
American Society of Health-System Pharmacists is another organization, which takes care of all the health records of pharmacy departments. American pharmacy purchasing alliance is a community, which doesn’t have any profit. It helps the hospital pharmacy buyer to buy the products and sell it. American pharmacy purchasing alliance works for their country.
Knowledge - Every hospital should increase the knowledge of their pharmacy buyer. The hospital pharmacy buyer can make the hospital touch the sky. The recruiters should keep in mind the different prospects so that they can attain success with their hospital pharmacy buyers.
American Pharmacy Purchasing Alliance
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