Dr. Arica Collins | Retailmymeds – Full Software Solution For Patient Care – Monthly Mastermind August 2023 Retail My Meds, Loser Medication, Transfer Brands.
Dr. Arica Collins | Retailmymeds – Full Software Solution For Patient Care – Monthly Mastermind August 2023
Links mentioned:
Website | Retailmymeds: https://www.retailmymeds.com/
Calendly: (Book A Call) – https://calendly.com/retailmymeds
Summary
Lisa Faast introduces Erica Collins, who created Retail My Meds to help pharmacies manage high-cost, negative margin drugs. Erica explains the program, which uses a software dashboard to coordinate prescriptions with mail-order pharmacies, improving cash flow and reducing DIR fees. The program costs $275 per month and offers a 30-day notice for termination. It allows pharmacies to focus on profitable prescriptions while outsourcing unprofitable ones. Erica emphasizes the importance of patient relationships and the potential for significant cost savings, including a conservative estimate of a three-times ROI in month one. The program also helps pharmacies comply with state laws and reduce audit risks.
Action Items
- Check out the Retail My Meds website for case studies and additional information
- Post any follow-up questions in the message board for community discussion
- Book a 30-minute consultation call through calendly.com/retail-my-meds for individual pharmacy situations
- Consider implementing the program for GLP-1 prescriptions that are causing financial losses
Authority
- Pharmacy owners are the key decision-makers for purchasing Retail My Meds.
- Lisa Faast acts as a promoter and advocate for the service.
- Erica Collins is the founder and presenter of Retail My Meds.
Budget
- The flat rate for Retail My Meds is $275 per month.
- Discounts are offered for multiple stores.
- There is no long-term commitment required, only a 30-day written notice for termination.
Competition
- Cost-plus pharmacy model was mentioned as an alternative, where pharmacies don’t accept insurance contracts.
- Retail My Meds was positioned as a middle ground between cost-plus and traditional pharmacy models.
Objections
- Concerns about the legality of coordinating prescriptions were addressed.
- Questions about how pharmacies make money when outsourcing prescriptions were raised.
- Potential issues with state pharmacy boards were mentioned.
Need
- Negative margins on brand name and high-cost drugs.
- High DIR fees affecting profitability.
- Cash flow issues due to expensive inventory.
- Desire to retain patients while avoiding unprofitable prescriptions.
Questions
- “Is it legal?” regarding prescription coordination.
- “Do you also handle specialty drugs?”
- “How do we make money on the item if we outsource the brand name?”
Sentiment
- The overall tone of the call was positive. Lisa Faast expressed enthusiasm for the service [0:00:52] and Erica Collins presented the benefits confidently. Participants asked questions that showed interest in the service and its potential benefits.
Outline
Introduction to Retail My Meds
- Lisa Faast introduces Erica Collins, a pharmacy owner who created Retail My Meds to address the challenges of pharmacy ownership.
- Lisa shares her personal experience with fertility drugs and the challenges of coordinating care with other pharmacies.
- Erica’s company, Retail My Meds, offers a software solution to manage high-cost, negative margin drugs, improving cash flow and patient care.
- Lisa emphasizes the importance of coordinating care for patients while outsourcing high-cost drugs to maintain profitability.
Erica Collins’ Vision for Retail My Meds
- Erica explains the concept of Retail My Meds as a middle ground between cost-plus pharmacy and filling every prescription.
- She highlights the importance of pharmacy owners making informed decisions about which prescriptions to stock.
- Erica stresses the value of prescription coordination in maintaining patient relationships and business sustainability.
- She discusses the need for a new approach to business success, focusing on relationships and patient care rather than sales alone.
Legal and Practical Considerations of Prescription Coordination
- Lisa raises concerns about the legality of coordinating care and mail order prescriptions.
- Erica assures that coordinating prescriptions is legal with patient permission and explains the process of obtaining written consent.
- They discuss the potential concerns from state boards of pharmacy and suggest shipping prescriptions directly to patients’ homes if necessary.
- Erica emphasizes the importance of clear communication with patients and maintaining transparency in the coordination process.
Implementation and Benefits of Retail My Meds
- Erica outlines the four-step process of Retail My Meds, including enrolling patients, transferring prescriptions, tracking shipments, and managing refills.
- She explains the intuitive features of the dashboard, designed to help technicians and pharmacists manage multiple patients and prescriptions.
- The program aims to improve profitability by reducing DIR fees, improving purchasing options, and reducing audit risks.
- Erica highlights the benefits of improved cash flow, reduced labor costs, and increased brand loyalty through better patient care.
Cost and Value of Retail My Meds
- Lisa and Erica discuss the cost of Retail My Meds, which is a flat rate of $275 per month, with discounts for multiple stores.
- They emphasize the potential for significant cost savings and improved profitability through the program.
- Erica explains the importance of redirecting labor costs to more profitable activities, such as remote patient monitoring and compounding.
- Lisa shares her personal experience with the program and its impact on her pharmacy’s financial stability.
Consumer Perspective and Additional Revenue Streams
- Scott asks about the consumer perspective and the potential for creating new revenue streams by charging for prescription coordination.
- Erica explains that patients often see significant savings when prescriptions are coordinated through mail order.
- She suggests that pharmacies can offer membership programs to provide additional services and generate revenue.
- Lisa supports the idea of membership programs and emphasizes the value of offering comprehensive care to patients.
Addressing Common Questions and Concerns
- Lisa and Erica address common questions about outsourcing prescriptions and the financial benefits for pharmacies.
- They clarify that Retail My Meds does not make money on the prescriptions themselves but provides a cost-effective solution for pharmacies.
- Erica explains the importance of maintaining patient relationships and providing complete care, even when outsourcing prescriptions.
- They discuss the potential for significant cost savings and improved profitability through the program.
Conclusion and Call to Action
- Lisa thanks Erica for sharing her innovative solution and encourages pharmacy owners to consider Retail My Meds.
- She highlights the benefits of improved cash flow, reduced labor costs, and increased brand loyalty through the program.
- Erica provides information on how to contact Retail My Meds and book a call for more information.
- Lisa invites participants to reach out with any additional questions and to explore the benefits of the program for their pharmacies.