Lisa’s Favorite Profit Producing Strategies & Tactics – Monthly Mastermind January 2024
Links Mentioned:
Solubiomix Pharmacy Brochures: https://drive.google.com/drive/folders/1CsFB5yz1hxa3TKww18bcVleIkIjskHdK
Solubiomix Physician Brochures: https://drive.google.com/drive/folders/1zvucZ__ARGr3B-zRAnnQYrFYBrM9GWac
**NOTE** – Tesofensine was approved by the FDA as a part of Tesomet as an orphan drug designation. There is division among compounders regarding whether the orphan drug status allows Tesofensine to meet the requirements to compound with. Some say yes, and some say no. You will need to decide for your pharmacy.
Summary:
Lisa Faast discussed strategies for mitigating reimbursement losses in pharmacies, emphasizing direct billing for workers’ compensation and hospice, which bypass PBMs and offer full reimbursement rates. She highlighted the profitability of direct billing, citing examples like omeprazole, which increases from $1.88 to $5.96 when billed directly. Faast also promoted RPM and CCM programs, noting their effectiveness in early intervention and cost savings. She introduced higher margin prescriptions, including alcohol swabs, clemastine, coxsanto, and nitrivia, and stressed the importance of bargain hunting on Match RX for cost savings.
Action Items
- @Lisa Faast – Update the list of secondary wholesalers carrying Cox Santo when it becomes available.
- Add Cox Santo and Nitrivia flyers to the manufacturer folder once FDA approval is finalized.
- Get summit tickets using the member link to avoid overpaying.
Outline
Reimbursement Challenges and Profitable Strategies
- Lisa Faast discusses the impact of the DIR fee Apocalypse on pharmacy reimbursements, particularly on Medicare brands.
- She emphasizes the importance of mitigating losses by sending brand name prescriptions to mail order and focusing on profitable opportunities.
- Lisa introduces the meeting’s theme: exploring profitable strategies to offset reimbursement losses.
- She encourages participants to ask questions and mentions the availability of office hours for further assistance.
Direct Billing Workers Compensation
- Lisa explains the benefits of direct billing workers compensation, bypassing PBMs to receive full reimbursement rates.
- She details the three methods: doing it yourself, using Streamcare, or using Serve RX.
- Lisa shares real numbers showing significant increases in reimbursement rates when billing directly.
- She highlights the legal rights to direct bill in most states and the aggressive support provided by Streamcare.
Direct Billing Hospice
- Lisa discusses the challenges and opportunities in direct billing hospice, emphasizing the need to bypass PBMs.
- She explains how hospices can save money by direct billing and the benefits for both hospices and pharmacies.
- Lisa shares a personal story of discovering the benefits of direct billing hospice and the positive impact on patient care.
- She mentions the use of Better RX to facilitate direct billing and the legal protections for direct billing in most states.
RPM and CCM Programs
- Lisa introduces RPM (Remote Patient Monitoring) and CCM (Chronic Care Management) programs, highlighting their growing importance.
- She explains the benefits of these programs, including early intervention and cost savings for Medicare.
- Lisa mentions the need for specialized software like Value Care Suite to manage these programs effectively.
- She shares success stories of members who have implemented RPM and CCM programs, resulting in significant profitability.
Higher Margin Prescriptions
- Lisa discusses various higher margin prescriptions, including alcohol swabs, clemastine, coxsanto, and nitrivia.
- She explains the benefits of alcohol swabs for injectable prescriptions and the potential reimbursement rates.
- Lisa highlights the effectiveness of clemastine for allergies and dermatology patients, noting its broad coverage and low copays.
- She introduces coxsanto, a new once-daily dosing NSAID, and nitrivia, a prescription supplement for nitric oxide deficiency, both with promising early coverage.
Weight Loss Compounding Tactics
- Lisa provides an overview of weight loss compounding options, including non-sterile and sterile methods.
- She discusses the benefits of tesofensine, a peptide that can be compounded orally, and the sublingual formulation for high molecular weight products.
- Lisa mentions the use of nasal sprays for peptides and the potential for partnering with central fill pharmacies.
- She highlights traditional options like phentermine, LDN, and various combinations for weight loss.
Sterile Compounding and Growth Strategies
- Lisa emphasizes the importance of sterile compounding, particularly for GLP-1 drugs, due to high demand and limited supply.
- She suggests diversifying sterile offerings with products like eye drops, NAD, and hormones.
- Lisa recommends partnering with non-sterile or non-compounding pharmacies to expand sterile compounding services.
- She advises leveraging Match RX for bargain hunting and saving on brand name prescriptions.
Bargain Hunting with Match RX
- Lisa explains the process of bargain hunting on Match RX, where pharmacies can find discounted brand name prescriptions.
- She shares her pharmacy’s experience of saving $3,000 to $5,000 monthly by using Match RX.
- Lisa encourages participants to create Match RX accounts and regularly check for bargains.
- She highlights the benefits of offloading brand name prescriptions and finding good deals for independent pharmacies.
Member Perks and Support
- Lisa reminds participants about the benefits of their membership, including unlimited graphic design requests and office hours.
- She encourages adding employees to the membership for better support and training.
- Lisa offers to schedule calls with Mike for direction and assistance with KPIs and other needs.
- She emphasizes the goal of reducing the burden on pharmacy owners and providing comprehensive support.
Q&A and Closing Remarks
- Lisa addresses a question about identifying patients for nitrivia, explaining the process of sending fax requests to doctors.
- She shares a personal anecdote about selling oxyproz and its popularity among surgeons and rheumatologists.
- Lisa provides information on where to find oxyproz and the expected availability through secondary wholesalers.
- She concludes the meeting by thanking participants, encouraging them to reach out with any further questions, and wishing them a great weekend.