Pharmacy Bargain Hunting with MatchRx – Monthly Mastermind March 2024
Lisa Faast led a mastermind call on pharmacy bargain hunting during the DIR fee apocalypse, emphasizing the use of Match RX to save cash flow. Match RX facilitates pharmacy-to-pharmacy transactions, offering discounts on non-controlled drugs and helping manage almost dead inventory. The platform, used by over 7,000 pharmacies, ensures DSCSA compliance and supports state regulations. Faast highlighted savings of $3,000 monthly per pharmacy and encouraged using the app for easier transactions. She also reminded participants about office hours, membership benefits, and the importance of documenting purchases for PBM audits.
Outline
Pharmacy Bargain Hunting Introduction
- Lisa Faast introduces the monthly mastermind call focused on pharmacy bargain hunting during the DIR fee apocalypse.
- Emphasizes the importance of bargain hunting to improve cash flow, especially with tight cash flow expected for the next three months.
- Encourages participants to ask questions via chat or by raising their hand during the call.
- Mentions the brevity of the topic and its potential significant impact on pharmacies.
Overview of Match RX and Its Benefits
- Lisa Faast explains the philosophy and benefits of using Match RX for pharmacy bargain hunting.
- Highlights the savings potential, mentioning her pharmacy saves about $3,000 a month using Match RX.
- Describes Match RX as a platform for pharmacy-to-pharmacy selling, avoiding the need for a wholesaler.
- Emphasizes the importance of using secondary wholesalers and bargain shopping for drugs.
Understanding Match RX and Its Compliance
- Lisa Faast clarifies that Match RX is a platform for pharmacy-to-pharmacy transactions, not a wholesaler.
- Discusses the compliance aspects, including DSCSA compliance and the role of Match RX in ensuring state regulations are met.
- Mentions that Match RX is not allowed in all 50 states but is generally allowed in most states.
- Explains the requirement to document purchases for specific patients in some states.
Limitations and Legal Considerations
- Lisa Faast outlines the limitations of Match RX, such as not dealing with controlled substances and ensuring products are not expired.
- Discusses the importance of keeping invoices for PBM audits and the manual process until DSCSA compliance is fully implemented.
- Emphasizes the need for pharmacies to be compliant with state rules and the support provided by Match RX.
- Highlights the benefits of using Match RX, including discounted products and the ability to move almost dead inventory.
Quick Steps to Get Started with Match RX
- Lisa Faast provides a step-by-step guide to creating a Match RX account, including using the NC PDP number for easier registration.
- Recommends window shopping on Match RX to find discounted products.
- Suggests starting to sell almost dead inventory to recapture cash flow.
- Advises using the Match RX app for easier product uploads and barcode scanning.
Final Tips and Member Perks
- Lisa Faast encourages pharmacies to get their employees involved in using Match RX for better savings.
- Mentions the quick turnaround time for receiving payments after selling products on Match RX.
- Reminds participants about other member perks, including graphic design requests, office hours, and adding employees to the membership.
- Concludes the meeting by thanking participants and encouraging them to start using Match RX to improve their pharmacy’s cash flow.