Set your pharmacy apart and forge a path into the future
By: Jeffrey S. Baird, Brown & Fortunato
As more and more specialty and infusion pharmacies enter the market, you have to find ways to show your value and make your individual pharmacy stand out among the rest. Here are my candid recommendations for setting yourself apart from your competition and preparing your business for the future.
- Develop your own niches. Traditional pharmacies that are simply dispensing FDA-approved drugs aren’t making the most of their opportunities.
- Emphasize compounding services. Specialty pharmacies can work with physicians to customize medications to address specific patient needs.
- Cater to specific groups. Focus on the types of services needed by specific types of patients or conditions, such as geriatric, COPD, women’s healthcare issues, etc., enabling you to provide medications as well as deliver relevant services.
- Think beyond just dispensing pills. Are there opportunities for you to provide additional services that might be valuable to your current clientele, such as providing a wide variety of healthcare/nutritional services.
- Get accredited. Pharmacies are generally not required to be accredited in order to receive payment from third-party payers. However, accreditation may be required for participation in certain drug networks, so accreditation is valuable to remain competitive. Accreditation also demonstrates to payers, manufacturers, PBMs, and others that you are committed to providing quality patient care.
- Be transparent with pharmacy benefit managers (PBMs). PBMs have the ultimate control over which providers are allowed into their networks. If you want access to a particular network, evaluate its requirements and determine if your pharmacy is a good fit. If your business doesn’t match the PBM’s requirements, you may want to consider adjusting your business model. However, if adjustments aren’t feasible, but you still want to try to gain access, be honest during the screening process, so the PBM can make a valid evaluation.
As your pharmacy continues to grow and serve more patients, your data becomes more important than ever. CareTend software ensures that your pharmacy stays compliant with payers, PBMs, manufacturers, and accreditation organizations by creating custom reporting that satisfies requirements, regardless of drug or therapy type.