The evolution of LTC Pharmacy at Home services are continuing through this year. The need for better pharmacy care for people who are homebound or need assistance with activities of daily living (ADLs) is a reality with the increasing elderly population. According to projections in a new report from the Population Reference Bureau (PRB), the aging of the baby boom generation (those born between 1946 and 1964) could fuel a 75 percent increase in the number of Americans ages 65 and older requiring nursing home care, to about 2.3 million in 2030 from 1.3 million in 2010. New facilities are not being built today to accommodate people with institutional needs.
In this pre-recorded webinar, please join Adrienne Vandergriff from Return Solutions to learn valuable insights on how to increase cash flow from your expired returns.
Get faster credit with the easiest tracking and most efficient Rx returns process using Return Solutions’ OneCheck Select program. OneCheck credit is consolidated into a single check with manufacturer credit values listed on the check stub, eliminating credit tracking. Reclaim your time to spend with patients by choosing the comprehensive on-site service or do returns on your own with the easy and economical mail-in option. As an AAP member, receive up to 90% of the returnable product value of your first return within just 30 days with our new customer promotion. Learn more at https://drugreturns.com/home/aap/.
Being a part of a buying group is critical to the success of independent pharmacies.
Buying groups help lower the cost of inventory. But knowing which type of buying group works best for your community pharmacy is essential.
There are three main types of independent pharmacy buying groups – for-profit, an association and a cooperative. For-profit organizations give their profits generated by the group back to the owner of the organization.
With an association, income is generated in the form of administrative fees collected from suppliers contracted to provide goods and services. Profits generated are used to support the association.
An independent pharmacy cooperative, also known as a pharmacy buying cooperative or a pharmacy cooperative purchasing group, is an organization formed by a group of independent pharmacies that come together to pool their resources and purchasing power for the purpose of obtaining better pricing, discounts and other benefits from suppliers, wholesalers, like API Warehouse, manufacturers and other vendors. These cooperatives are established to help independent pharmacies compete more effectively with larger pharmacy chains and benefit from economies of scale.
American Associated Pharmacies (AAP) is a cooperative. Our income is generated in the form of administrative fees collected from suppliers that contract to provide goods and services. Qualified profits generated are shared among all members in the form of an annual Board-declared Patronage Dividend.
Here are some other key features of an independent pharmacy cooperative:
1. Aggregation of Purchasing Power: Independent pharmacies, when acting individually, might have limited bargaining power when negotiating prices and terms with suppliers. By joining a cooperative, these pharmacies can combine their orders, creating a larger collective purchasing volume that gives them more opportunities to negotiate favorable terms and discounts.
2. Cost Savings: A primary objective of an independent pharmacy cooperative is to help its members achieve cost savings. By obtaining better pricing on pharmaceuticals, over-the-counter products, medical supplies and other inventory, independent pharmacies can improve their profit margins and maintain competitive pricing.
3. Networking: Joining a cooperative allows independent pharmacies to connect with like-minded peers who share similar challenges and goals. This networking can create opportunities to share best practices and insights for running a successful pharmacy business.
4. Advocacy and Representation: Pharmacy cooperatives can serve as a unified voice to advocate for the interests of independent pharmacies in areas such as regulatory issues and industry regulations. This advocacy can help shape policies that are favorable to independent pharmacy businesses.
5. Educational Opportunities: Many independent pharmacy cooperatives offer educational programs, training sessions and workshops to keep their members informed about industry trends, regulatory changes and advancements in pharmaceutical care.
6. Variety of Services: Depending on the cooperative, members might have access to additional services such as technology solutions, compliance assistance and more.
7. Local Community Focus: Independent pharmacies are often deeply rooted in their local communities. Cooperatives can help these pharmacies maintain their community presence while benefiting from the advantages of collective purchasing.
It’s important for independent pharmacies that are considering joining a cooperative to thoroughly research and evaluate different options. The cooperative’s structure, pricing agreements, available resources and overall reputation should align with the needs and goals of the individual pharmacy.
By becoming part of a well-established and reputable independent pharmacy cooperative, pharmacies can strengthen their position in the marketplace and enhance their overall business viability.
If you have any questions about how the AAP Member-owned cooperative can help your store, contact AAP.
A PSAO acts as a conduit between the independent pharmacy and third-party payers, negotiating contracts and attempting to ensure equitable reimbursement rates, in addition to evaluating all Terms and Conditions of the agreement.
Independent pharmacies grapple with numerous challenges in the constantly evolving healthcare sector. From managing regulatory compliance to optimizing pharmacy operations, staying competitive calls for strategic solutions. This is where a Pharmacy Services Administration Organization (PSAO) becomes instrumental.
For independent pharmacies striving to flourish in the industry, comprehending the role of a PSAO is crucial. By teaming up with a PSAO, pharmacies can more efficiently steer through the intricacies of regulatory compliance.
A PSAO also aids independent pharmacies in maximizing their operations. From simplifying claims processing to providing access to valuable resources and services, a PSAO may bolster pharmacy efficiency and profitability.
Deciphering the Role of a PSAO
Forming an alliance with a Pharmacy Services Administration Organization (PSAO) may offer numerous benefits to an independent pharmacy. A PSAO acts as a strategic collaborator, providing support and resources to help pharmacies navigate the complex landscape of pharmacy reimbursements, contract negotiations, and pricing with payers.
Often a key advantage of collaborating with a PSAO is the enhanced ability to maximize pharmacy reimbursements. PSAOs possess expertise in understanding the complexities of third-party reimbursement systems and may help pharmacies optimize their reimbursement rates. By utilizing their industry knowledge, administrative efficiencies for third-party payers and a readily available contracted network of pharmacies, PSAOs may aid pharmacies in securing higher reimbursement rates from payers, ultimately boosting the financial health of the pharmacy.
Furthermore, PSAOs attempt to play a pivotal role in negotiating contracts and pricing with payers on behalf of independent pharmacies. These organizations have established relationships with payers and hold the necessary expertise to negotiate favorable terms for pharmacies. By collaborating with a PSAO, independent pharmacies may benefit from the expertise of the organization, and their work toward fair and competitive pricing for the network pharmacies’ provision of products and services.
Moreover, PSAOs provide valuable administrative support to pharmacies, streamlining processes and reducing administrative burdens. They offer access to technological solutions, such as electronic claims processing and reconciliation, which can enhance efficiency and accuracy in pharmacy operations. Additionally, many PSAOs offer audit protection programs that aid the pharmacy in preparation for and response to audit requests from third-party payers. This allows pharmacists to concentrate more on patient care and less on administrative tasks.
In summary, collaborating with a PSAO, like AlignRx, may offer independent pharmacies a range of benefits. From maximizing pharmacy reimbursements to negotiating contracts and pricing with payers, PSAOs provide valuable support and resources that help pharmacies thrive in an increasingly competitive healthcare landscape.
If you have questions about joining a PSAO, talk to your AAP Territory Manager to learn about the benefits.
The payment model in independent pharmacies refers to how the pharmacy receives payment for the products and services it provides.
Independent pharmacies, like other businesses, have various payment models that dictate how they generate revenue. Here are some common payment models in independent pharmacies:
1. Traditional Retail Model: Customers pay for prescription medications and over-the-counter products at the time of purchase. The pharmacy establishes the pricing for these products and generates revenue through the sale of these products.
2. Third-Party Payer Reimbursement: Independent pharmacies often work with third-party payers such as insurance companies and pharmacy benefit managers (PBMs). In this model, the pharmacy dispenses medications to patients and the third-party payer reimburses the pharmacy based upon the terms and conditions established by the third-party payer for the cost of the medication plus a dispensing fee.
3. Cash Payment for Services: Some independent pharmacies offer additional services beyond dispensing medications, such as medication therapy management (MTM), immunization and health screenings. In this model, the pharmacy establishes the pricing for those services and the patients may pay cash directly for these services.
4. Membership or Loyalty Programs: Independent pharmacies may implement membership or loyalty programs where customers pay a fee to become members and, in return, receive discounts on medications, services or other perks.
5. Compounding Services: Pharmacies that specialize in compounding medications may charge fees plus the cost of the medications for the customized preparation of medications tailored to individual patient needs. These offerings contribute to the pharmacy’s revenue generally at a much greater profit margin than traditional prescription dispensing.
6. Clinical Services and Consultations: Some independent pharmacies offer clinical services, such as medication therapy management (MTM) consultations. In these cases, patients may pay a fee established by the pharmacy for personalized consultations with pharmacists to optimize their medication regimens.
7. Collaboration with Healthcare Providers: Independent pharmacies may collaborate with healthcare providers or 340 B clinics to provide pharmaceutical services. Payments in such models may be based on a fee-for-service arrangement or other negotiated terms.
The specific payment model adopted by an independent pharmacy can vary based on factors such as the pharmacy’s business strategy, the services offered, the customer base and the regulatory environment. Independent pharmacies often need to navigate complex reimbursement processes and stay informed about changes in healthcare policies and insurance regulations to ensure financial sustainability.
If you have any questions about your store’s payment model, talk to your AAP Territory Manager.
In today’s fast-paced world, convenience and efficiency are paramount, especially in healthcare. Pharmacies must embrace technological advancements to provide top-notch service and maintain a competitive edge. One such advancement is the mobile app, a tool that has become indispensable in enhancing patient care and streamlining pharmacy operations.
The Role of Mobile Apps in Pharmacy Care
Mobile apps have revolutionized many aspects of our daily lives, and healthcare is no exception. These apps offer many benefits in pharmacy care, enhancing patient experience, improving medication adherence, and optimizing pharmacy operations.
Many people over 40 will check out the reading glasses floor display when visiting the pharmacy. They will see various styles and lens powers if your display is well stocked. Many will give several pairs a quick test run to find the correct viewing power.
Convenience: Drugstores like to put the medication in the back because prescriptions are considered “destination products” or the sole reason customers might even be in the store. Customers usually make their way through the store counter-clockwise and likely pass items or displays the store wants you to see.
Knowing they must see the pharmacist or their staff, having a reading glass display near the pharmacy counter increases the likelihood that they will peruse it to see what is new and purchase a pair or two.
This placement makes it easier for customers to ask the pharmacist questions about reading glasses, making them more likely to buy readers and accessories.
It’s a fact that a significant portion of your customers likes watching videos. That’s why businesses are investing in producing video content for social media. And it doesn’t take a full-sized crew to make an effective marketing video. You can do it on your own with your cellphone.
As a video director, you need to make sure your video has good framing (camera is eye-level with you), good lighting and good audio. Pro tip: Invest in a wireless lavalier microphone that works with your phone for $20 and get a ring light to improve your video.
But, as a video producer, you need to consider:
Who is your audience? Remember to answer why they should care about your message within your content or script.
Brand your video. It can be as easy as showing your store logo on clothing or in the background.
Grab the viewer’s attention in the first 5-10 seconds. But you need to know the ideal video length per social media platform. For example, TikTok is only 10-15 seconds, while Twitter is 20-40 seconds and Facebook is 30-90 seconds.
Include a call to action. You HAVE to tell your audience what you want them to do. Do you want them to go to your website? Come in the store? Support an event?
With a little time, effort and strategy, you can easily share video content that’s of value to your patients and customers.
In today’s fiercely competitive market, independent pharmacies face an ongoing battle to stand out and thrive amidst larger chain competitors. Yet, within every community, these pharmacies possess a unique asset that sets them apart—their brand. Far more than just a logo or a name, your pharmacy brand embodies the essence of your business, reflecting your values, services, and commitment to patient care. As an independent pharmacy owner, recognizing and harnessing the power of your brand can be the key to success in an increasingly crowded marketplace.
At the heart of building a strong brand lies the understanding that your pharmacy is more than just a place where medications are dispensed—it’s a trusted healthcare destination where patients feel valued, understood, and cared for. By adopting key marketing tactics employed by popular consumer brands, independent pharmacy owners can amplify their brand recognition, foster loyalty, and create lasting connections with their communities.
Pacience Edwards, PharmD, manager of compliance at Outcomes, discussed how technological solutions can aid pharmacies during a session at the Outcomes 2024 SYNC National Conference in Orlando, Florida.
The COVID-19 pandemic changed the health care landscape both directly and indirectly in many ways. Al- though the public health crisis led to a significant amount of burnout among health care workers and put more pressure on an already overburdened system, the increased utilization of telehealth services was seen by many as a positive outcome.
Due to a lack of access brought on by COVID-19, telehealth services in the US increased by 154% during the early phases of the pandemic and then eventually stabilized at levels 38 times higher compared to those in 2019.1 This has led to many benefits for both patients and providers, such as improving access to care and reducing resources used in health care facilities.
In this pre-recorded webinar, please join Jessica Swicegood and Cole Page from GeriMed to learn more about their program ComboMed™.
ComboMed™ has garnered prominence from independents nationwide for the enhanced revenue ($3-$4 more per script, zero DIR fees) it brings to retail independents servicing LTC. From the traditional SNF setting, to ALF, Group Home, Psychiatric, Correctional, ICF-IDD, Hospice, and the fastest-growing segment in LTC—Medical at Home, odds are you’re likely servicing LTC already and don’t know it. Or if you do know it, you’re not receiving the benefits of this program on your Med D LTC claims.
Still deciding whether to attend the AAP Annual Conference in April? In-person events offer several valuable advantages that contribute to a unique and enriching experience for AAP Members. Here are the top 7 reasons to attend in-person professional events:
1. Networking Opportunities:
– Face-to-face interactions provide valuable networking opportunities. You can meet and connect with other independent pharmacists, potential business partners and industry experts.
2. Engagement and Interaction:
– In-person events foster a high level of engagement. You can actively participate in discussions, Q&A sessions and hands-on activities.
– Your ability to ask questions directly and receive immediate responses enhances the learning experience.
3. Immersion and Experience:
– Physical events often create a more immersive and memorable experience. Live demonstrations, product showcases and interactive exhibits provide a hands-on experience.
4. Building Trust and Relationships:
– Meeting people in person helps build trust and strengthens relationships. Face-to-face interactions allow for better communication and understanding.
– Personal connections formed at in-person events often translate into long-lasting professional relationships.
5. Serendipitous Opportunities:
– In-person events provide opportunities for serendipitous encounters and discoveries that may not occur in a virtual setting. Chance meetings and impromptu conversations can lead to new ideas and collaborations.
6. Professional Development:
– You can gain insight from keynote speakers, panel discussions and workshops in a more immersive manner. Direct interaction with experts enhances the learning experience.
7. Motivation and Inspiration:
– Being part of a live audience can be motivating and inspiring. The energy and enthusiasm generated at in-person events can have a positive impact on you.
The unique value offered by in-person events like the AAP Annual Conference, particularly in terms of human connection and experiential learning, continues to make them a valuable and preferred option for many independent pharmacists. Join us in San Diego, April 4-6!
AAP celebrates the passage of H.B. 5378 in the U.S. House of Representatives
This week, the U.S. House of Representatives passed H.R. 5378, Lower Costs, More Transparency Act. According to NCPA, this legislation shines a light on PBM operations and tactics and encourages reform. It would help provide desperately needed relief while also saving taxpayer resources, prohibiting spread pricing and seeing that pharmacies are paid in a way that would cover their dispensing costs.
This bill also includes the Drug Price TransparencyAct which would save taxpayers more than $1 billion over the next 10 years and prohibit spread pricing.
The bill now moves on to the U.S. Senate for passage. We will keep you informed when the vote is scheduled.
CMS issues warning to PBM-insurers, calling for reform
The second PBM reform news story is the warning issued by CMS to PBM insurers, calling on them to make sure independent pharmacies are adequately reimbursed.
The letter goes on to state, “In addition, we know that the increasing level of vertical integration that is occurring among plans, PBMs, and their own pharmacies has the potential to result in anticompetitive behavior and place independent pharmacies at a disadvantage. We urge plans and PBMs to engage in sustainable and fair practices with all pharmacies – not just pharmacies owned by PBMs – and we are closely monitoring plan compliance with CMS network adequacy standards and other requirements.” Read the full letter here.
Cigna calls off merger with Humana
According to Reuters, U.S. health insurer Cigna has called off its attempt to negotiate an acquisition of Humana after the pair failed to agree on price. Cigna has announced plans to buy back $10 billion worth of shares.
A Cigna-Humana combination would have created a company with a value exceeding $140 billion, based on their market values, but was certain to attract fierce antitrust scrutiny. The discussions came six years after regulators blocked other deals between Humana-Aetna and Cigna-Anthem.
Cigna is still exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older, and its performance has been disappointing to investors.
Maximize Your Independent Pharmacy’s Sales with AAP Retail Plan-O-Grams
AAP Retail Plan-O-Grams was developed through a unique approach to creating OTC plan-o-gram sets that draws from sources of retail data.
AAP’s Retail Plan-O-Grams is a visual merchandising tool that shows the placement of products on shelves in a store. Retail Plan-O-Grams can also show the layout of an entire store.
The most efficient shelf assortments based on your pharmacy’s needs
Additional rebates on items you purchase – the more you purchase, the more rebate dollars you earn
OTCs for your Plan-O-Gram are directly refillable for purchase from the Scan & Toss app
And best of all, there is no cost to participate! Increase your store’s sales and profits with AAP Retail Plan-O-Grams. Contact your Territory Manager to learn more about this program.
AAP is an independent pharmacy cooperative and buying group
AAP is a completely Member-owned independent pharmacy cooperative, where our Members are the stakeholders guiding how the business is operated. Additionally, millions in board-declared Annual Patronage Dividends are returned to Members each year.
Our large co-op is comprised of more than 2,000 independent pharmacies and has the high-volume buying power to aggressively compete like the chains, while Members sign no long-term vendor contracts.
With AAP, you can quickly adapt to changing market forces with our flexible purchasing options. You can enjoy agility within your PVA as you buy from either API Warehouse and/or our primary national wholesaler, to easily adhere to compliance requirements.
Our independent pharmacy cooperative Members also have access to proprietary business tools, like ProfitAmp business intelligence, SmartSync bulk ordering program, Scan & Toss ordering solution, free OTC Retail Plan-O-Grams and more! These tools help you optimize your buying strategy and profit margin.
Contact us to receive your store-specific, custom purchasing analysis.
Expiring inventory is a fact of life in any pharmacy, but you may be leaving money on the shelf if you aren’t taking certain steps to effectively manage your inventory. These 10 tips will help you minimize the number of products that go out of date and ensure you can get the most credit possible from the products that do expire on your shelves.
The Medicare Open Enrollment period is a critical time for patients and pharmacists alike. As more Baby Boomers become eligible for Medicare, the beneficiary population is expected to increase from over 65 million beneficiaries today (as of March 2023) to over 80 million beneficiaries by 2030. Now more than ever, pharmacists must take an active role during Open Enrollment by offering services that help patients understand their plan options. Equipping yourself with the right knowledge could mean a tremendous amount of money saved for both your pharmacy and patients. As you plan to help your patients with navigating their options for the coming year, here are a few things to know:
Schedule meetings with your local policymakers during the August legislative recess
The August legislative recess is here. This is the perfect time to invite your local state and federal policymakers to your store and explain how they can help your business.
With the flurry of activity this year on Capitol Hill lawmakers looking to hold PBMs’ feet to the fire, AAP and NCPA members have testified before the House Oversight and Accountability Committee and the Ways and Means Health Subcommittee, as well as the Senate Commerce Committee.
Additionally, the Drug Price Transparency in Medicaid Act, was unanimously advanced out of the Energy and Commerce Committee to the House floor as part of the PATIENT Act. These are all encouraging developments, but we need to keep the pressure on policymakers to finish the job and send a comprehensive PBM reform bill to the president’s desk.
This can best be accomplished by hosting members of Congress and candidates in your pharmacy for one-on-one meetings, giving them a firsthand look at the important role you play in your community and in helping your patients, and highlighting the harm abusive PBM practices have on both your pharmacy and your patients. If you aren’t sure how to contact them, you can look up their information here.
During the August legislative recess, members of Congress are usually home meeting with constituents. This is a very opportune time to host your legislators in your pharmacy.
We need all community and LTC pharmacists to participate in this important month of action and keep the pressure on our elected officials to take strong legislative action.
When you do host your local lawmaker, let AAP know. Send us an email and pictures so we can share with our other Members on social media and in our weekly newsletter.
Take advantage of this great opportunity to promote yours and every independent and community pharmacy.
As you know, there has much information and talk about LTC Pharmacy at Home. The need for better pharmacy care for people who are homebound or need assistance with activities of daily living (ADLs) is a reality with the increasing elderly population. According to projections in a new report from the Population Reference Bureau (PRB), the aging of the baby boom generation (those born between 1946 and 1964) could fuel a 75 percent increase in the number of Americans ages 65 and older requiring nursing home care, to about 2.3 million in 2030 from 1.3 million in 2010. New facilities are not being built today to accommodate people with institutional needs.
Those numbers stress the need to find new ways to administer care and pharmacy services to aging adults with medical conditions and impairments limiting their ability to care for themselves. Long term care (LTC) pharmacy at home is a new way for LTC pharmacies to care for people needing institutional care but who desire to stay in their home or are financially unable to be admitted into a facility.
Many of these people are participating in a home and community-based waiver (HCBS) program from their state where Medicaid pays for institutional care in their home, or they are homebound and need assistance with two or more ADLs (activities of daily living) or IADLs (instrumental activities of daily living).
While the definition of pharmacy services required to be provided to people qualifying for LTC pharmacy services, a new coalition and others in the industry are providing clarity on these needed services. The independent community LTC Pharmacy, whether in closed door pharmacy or in a combination pharmacy (retail and LTC), is the best solution in providing pharmacy care to these patients and to assist in decreasing hospitalizations and emergency department visits. We know that people who do not take their medications correctly – too much, too little, wrong time, wrong dose – frequently have complications that result in ER visits and hospitalizations. A new coalition, the Alliance for LTC Pharmacy at Home is developing strategies to define, promote and get these services paid by insurers (https://www.pharmacyathome.org/).
Your patients rely on you to dispense the right medication for their unique needs. The same level of care should be taken when it comes to your pharmacy’s financial health. We’ll explore strategic and effective ways to diversify your pharmacy’s revenue and ensure long-term success. So, grab your pad and pen, and get ready to lay a foundation for financial well-being for your pharmacy.
Why Diversification is Crucial:
Diversification is important for several reasons. First and foremost, it helps protect your pharmacy against economic downturns and changes in the industry. By diversifying your revenue streams, you’ll be less reliant on any one source of income, which can help you weather any storms that come your way. Additionally, diversification can help you attract new customers and build loyalty with existing ones. By offering a wider range of products and services, you’ll be better able to meet the needs of your customers and keep them coming back to your pharmacy. Read More >>
After more than three years, the COVID-19 public health emergency ended Thursday.
While many Americans may not initially notice the sunsetting of the declaration, they are likely to feel it if they come down with COVID-19 or suspect they might have it. They could have to start paying for testing and treatment that they’ve grown used to being free during the pandemic. Just how much depends on the type of health coverage they have. Get the testing and vaccine details here.
FDA Advisory panel votes unanimously in favor of making Opill birth control an OTC
Advisers to the Food and Drug Administration on Wednesday voted unanimously to recommend making a birth control pill available without a prescription.
The 17-0 vote by two advisory panels came despite concerns from agency officials about the quality of the data used to support switching Opill from prescription to over the counter. The agency did not have concerns about the safety and effectiveness of the drug.
The FDA is not required to follow the recommendation but the panel’s opinion will weigh heavily on the FDA’s final decision, which is expected later this summer. Read more here.
FDA approves Rexulti for the treatment of agitation associated with Alzheimer disease dementia (AAD)
It is now the first FDA-approved treatment indicated for AAD in the U.S. According to John J. Miller, MD, Editor in Chief of Psychiatric Times. “Baby boomers are retiring and Alzheimer disease is on the rise, and AAD in one of the most difficult complications of dementia. Meanwhile, the need for treatments of Alzheimer disease and dementia remains huge and largely unaddressed. This approval parallels nicely with recent drug development and research working on decreasing disease progression by removing amyloid plaque with monoclonal antibodies and improving cognitive function.” Read more.
A late-2021 analysis by Deloitte about “the future of the pharmacy” includes what may seem to be an obvious observation, but one that still warrants repeating: “Most people don’t realize that pharmacists can perform a range of complex clinical functions around therapy optimization, not just dispense pills.”
The analysis reaches the conclusion that, while the COVID-19 pandemic provided an opportunity for pharmacists to increase their role in providing hands-on patient care, there was no proportionate reduction in the time required to dispense medications. In fact, the article notes, dispensing demands have only increased, as reduced reimbursement and dispensing fees, along with increased direct and indirect renumeration (DIR) fees have caused many pharmacies to actively look to increase prescription volume.
What do you need to consider when buying an independent pharmacy?
Whether buying your first business or tenth, acquiring an independent pharmacy presents unique challenges. Similar to any retail business, you’ll be performing your due diligence evaluating:
Location: What’s the neighborhood like demographically? What kind of walk-by or drive-in traffic might you expect? What type of competition are you up against?
Property: Is the building owned or leased? What repairs or renovations will be needed? Can it support the business needs you envision?
Inventory: What OTC, DME, beauty, giftware, or other categories of inventory are currently sold? What is included as part of the sale?
Staff: What are the current staffing levels and related costs? Who are the current team members? What are their skills? Who is essential?
Financial viability: Is the business worth the price?
But when you buy an independent pharmacy, there are more dimensions to understand about each of these elements. They involve additional evaluation, regulation, legal, and financial guidance to determine what may or may not be a good buy for you. Below is a guide to some things to consider as you make your plans. Read More >>
Ordering your most popular items can be done simply with SmartSync, AAP’s customized intelligence-based bulk ordering program. It is available to AAP Members who are opted into ProfitAmp Full Access or ProfitAmp Monthly Assessment, and it is designed to help you save even more on your pharmacy’s most common inventory.
First, AAP analyzes your dispensing data each month to suggest a thirty-day supply bulk order, customized to your store’s needs.
Then, we notify you that your suggested SmartSync order is ready to view on APIRx.com. Your prime vendor GCR and rebate structure are taken into account and API NDCs with the highest-dollar savings are selected.
Next, within three days, you can approve the order as-is or adjust the order based on your current inventory.
And finally, you will receive an extra five percent off the invoice price (minus controlled substances) for receiving your order by ground shipping.
That’s it. Fast and Easy. SmartSync saves you time and money. *
To find out how SmartSync can help you, contact your AAP territory manager today.
*$49 monthly program fee is waived when an order is placed.
Make restocking your shelves fast and easy with Scan & Toss. Available on both Android and Apple devices, shopping from API Warehouse is more convenient than ever.
You now have the freedom to quickly purchase from API Warehouse and AAP’s primary contracted wholesaler, anywhere you go, straight from your mobile device.
You can place your order with just a few taps. You simply scan a product’s barcode to get started, or manually enter an item’s UPC, NDC, API or Cardinal item number, or search by item description.
The app works with Brand Rx, Generic Rx, and even OTC products. It goes wherever you go, allowing you to place and view orders quickly and efficiently, no matter where you are!
Scan & Toss syncs all your data across multiple devices! Plus, you can review past orders right on your phone. And the app’s Message Center delivers your rebate information as soon as your API order is placed.
To get the Scan & Toss Mobile app, you can download it from the Google Play Store on your Android device or the App Store on your Apple device.
Contact your A-A-P territory manager to get started today.
CMS has issued the final physician fee schedule for CY 2023, which updates vaccine payment information. The CY 2023 payment amount for influenza, pneumococcal, and HBV vaccine administration is $31.14. This amount will be geographically adjusted based upon the fee schedule area where the preventive vaccine is administered. With regard to COVID-19 vaccine administration, for CY 2023 the payment amount is $41.52. This differential will remain in place until the end of the calendar year in which the current Emergency Use Authorization declaration for drugs and biologicals with respect to COVID-19 ends. Thereafter, the payment amount for COVID-19 vaccine administration will be adjusted to align with the payment rate for the other Medicare Part B preventive vaccines. Learn more.
Your patients are the lifeblood of your business. With an increased number of pharmacy alternatives popping up these days — including mail order pharmacies and online pharmacies — how can you ensure your patients stay your patients?
Did you know you can create a customer retention strategy through Medicare plan consultations that keeps your current customers engaged and happy? You can, and we’ll get to that shortly.
Before we understand how you can improve patient retention, however, let’s first look at what patient retention is and how you calculate your patient retention rate. Read More.
Starting a new pharmacy can seem like a daunting task, and it certainly is one. However, the road to opening a pharmacy that runs successfully from day one means making the right decisions long before the doors are opened. This article is meant to help independent pharmacists navigate the process of establishing a new pharmacy more easily and successfully.
Create a Business Plan
There’s a well-known adage (often attributed to Benjamin Franklin, though there seems to be no evidence that he ever actually said it) that goes, “If you fail to plan, you are planning to fail.” When starting a new pharmacy, this is especially true. Therefore, the first thing to do is write out a business plan that includes the following items:
It’s back. Americans who thought they had successfully put COVID-19 in the rearview mirror are slowly coming to realize that the virus is not quite done with them. As of mid-July the Centers for Disease Control and Prevention (CDC) reported a 7-day moving average of 124,000 daily new cases – a 15.7 percent increase over the prior week.
The surge in new cases, driven primarily by the Omicron BA.5 variant, has fueled discussion about reimposing mask mandates, and the possibility of additional booster shots. This, despite evidence the latest variant is more resistant to existing vaccines than previous strains. Read More.
Did you know that more than one-third of health care organizations in the United States were hit by ransomware attacks in 2020? Approximately 65% of these attacks were successful, and approximately one-third of the organizations that had data stolen paid up. However, only 69% of organizations that paid ransom actually got their data back. Here are some tips to help you protect your patients’ information. Read more.
Thirty years ago, pharmacies were just realizing the opportunities available to them in the long-term care space. At that time, long-term care pharmacy and pharmacists were servicing residents living in nursing homes (SNF) and that was the end of the story. In 2022, the healthcare spectrum has changed. Everyone is looking for a way to decrease healthcare costs and provide better care. Adverse drug reactions account for many hospital admissions – according to a recent meta-analysis, one in ten hospital admissions are for elderly patients.1 This makes pharmacists—more specifically, long-term care pharmacists— part of the solution for both costs and care; especially as the definition of appropriate long-term patients and services continue to be defined. Long-term care pharmacies can be a closed-door pharmacy servicing only long-term care residents or a long-term care pharmacy can be in a “combo” pharmacy where both retail and long-term care pharmacy are being offered under a retail license.
As you know, long-term care pharmacies provide services above and beyond what is delivered at the counter of a typical retail pharmacy for a walk-in patient. The Centers for Medicare and Medicaid Services (CMS) has specific requirements for pharmacies servicing Medicare Part D beneficiaries in long term care facilities2. LTC pharmacies must have the capacity to provide specific drugs in units of use packaging, bingo cards, cassettes, unit dose or other special packaging commonly required by LTC facilities. They must also have services available twenty-four hours, seven days a week for emergency calls. These are but a couple of the services needed to take care of patients in a long-term care setting. Many pharmacies have added other services such as medication reconciliation, medication management, medication regimen reviews (MRRs), etc., in addition to the ones specified by CMS. Read More.
Businesses owners, including those who work within the pharmacy industry, often face situations in which legal advice becomes useful. Getting the right legal advice can be pricey, but it can save a lot of time, money and hassle in the long term. Here are some situations where getting good advice is crucial.
Walmart recently announced its plan to raise wages for its more than 36,000 pharmacy technicians working in Walmart and Sam’s Club stores. Additionally, the retail giant plans to hire an additional 5,000 workers in these positions this year. Are you ready to compete for staffing with Walmart? Read the full article from Drug Topics here.
Cardinal Health issued a new alert regarding recently reported fraudulent activity. There are reports of individuals falsely claiming to be representatives from pharmaceutical wholesalers and courier service employees. This is an industry-wide issue, as criminals attempt to place orders and intercept delivery of the product. Be on the lookout, and read the full alert here.
More than 90 percent of people in the United States live within five miles of a community pharmacy. Additionally, patients visit the pharmacy twice as often as they visit their primary healthcare provider. So, your pharmacy can make a significant impact on the lives of your community members, but you must get them through the door first.
One way is standing out from your competition by personalizing your services. From simple handwritten, thank you notes for a new patient to loyalty programs or just recognizing a birthday, the possible ways to connect with patients are endless. To learn more ideas about how to increase your pharmacy customer base, watch the AAP Preferred Partner webinar from TDS here.
Have you ever thought about what it would take for your pharmacy to go green? If you could give your patients their medication information digitally, it would save you thousands of dollars every year in paper and toner costs. Our Preferred Partner, Vuca Health, has an innovative solution called MedsOnCue. Their platform has a library of informational videos about hundreds of medications, in both English and Spanish.
The system can integrate into your pharmacy’s system and deliver the medication information video straight to your patient’s computer, smartphone or tablet. To learn more about MedsOnCue, watch our AAP Preferred Partner webinar from Vuca Health here.
We know that every pharmacy faces different challenges. That is why we partner with a variety of vendors to give you choices that address YOUR business needs. Our Preferred Partner, Rx30, can make your pharmacy faster and more efficient by optimizing your workflow and customizing it around you.
Check out the AAP Preferred Partner webinar about the types of tools they can provide your business. From integrated pharmacy point-of-sale to insurance claim reconciliation or pharmacy inventory management, Rx30 has a solution for you.
Independent pharmacies are the cornerstone of every community. And the role your pharmacy plays in your community is constantly evolving. You are not just filling scripts. You are doing healthcare counseling and testing. In many underserved areas, you are becoming the primary care provider for many patients.
But the question is – how do you bill for all of these services you are offering? In this Preferred Partner webinar, EnLivenHealth explains some of the programs they offer to help you navigate the medical billing system. Watch the webinar here.
Expiring drug products are a problem in every pharmacy. But out-of-date pharmaceuticals don’t have to be an unmanageable business expense. The right business partner can turn expired medications into cash.
Medication returns vendors, more formally known as reverse distribution or reverse logistics providers, manage between 3.5% and 4% of all pharmaceutical sales, according to a 2018 estimate from the Healthcare Distribution Alliance (HDA) Research Foundation. That’s more than 120 million units annually, worth more than $13 billion, based on 2016 pharmaceutical product sales of $450 billion.
“Return Solutions comes to the pharmacy quarterly and goes through our entire stock to pull everything that is expired or set to expire in the next few months,” said Lisa Stahlman, RPh, pharmacy manager at the WellSpan Pharmacy in Dallastown, Pennsylvania. “A few weeks later, we get a check. I’m sure there are plenty of pharmacies that don’t use a returns company, but it’s so much more time-efficient and cost-efficient than trying to keep up with return policies and requirements for every manufacturer on your own.” Read More.
