Real Value Products | The Ins And Outs Of Controlled Ordering From Secondary Wholesalers – Monthly Mastermind November 2023

Real Value Products | The Ins And Outs Of Controlled Ordering From Secondary Wholesalers – Monthly Mastermind November 2023

Real Value Products | The Ins And Outs Of Controlled Ordering From Secondary Wholesalers – Monthly Mastermind November 2023

Links mentioned:
Real Value Products: https://realvaluerx.com/

Summary:

Lisa Faast hosted a mastermind call on leveraging secondary wholesalers like Real Value Products (RVP) to improve pharmacy profitability. She criticized primary vendors for high costs and restrictive payment terms, advocating for RVP’s generous 30-45 day payment terms and comprehensive services. RVP offers a wide range of products, including high-reimbursing items and controlled substances, with flexible purchasing limits. They also provide a 10% discount on subscriptions for EasyScript RX users. Faast emphasized the importance of secondary suppliers for cash flow, especially with upcoming DIR fee changes, and highlighted the benefits of using platforms like SureCost for automated ordering.

Action Items

• Contact Real Value Products at realvaluerx.com or call their 855 number for account setup and product information.
• Check with pharmacy management software vendors about existing DSCSA partnerships before selecting a third-party solution.
• Consider establishing relationships with 1-2 secondary wholesalers for both controlled and non-controlled substances as backup suppliers, even if maintaining primary wholesaler relationships.
• Run reports on prescriptions over $500 (or lower threshold) and contact patients about refilling high-margin medications before year-end benefit changes.
• Look up the correct Metformin dosage information that was discussed during the presentation.

Authority

• Lisa Faast is the host and appears to be an influencer for independent pharmacies.
• Tom Napolitano is described as a “jack of all trades” at RVP, helping with products, sales, and education.
• JD is introduced as the compliance expert for RVP.
• Eileen is from Easy Script RX, which works in tandem with RVP.

Budget

• RVP offers generous payment terms, with 30-45 days being standard.
• RVP’s prices are often significantly lower than primary wholesalers, with examples of $25 products being sold for $6.
• Easy Script RX offers a 10% discount on all subscriptions for RVP customers.

Competition

• Primary wholesalers (referred to as “the big guys”) were mentioned as competitors.
• Primary wholesalers were criticized for overcharging and offering rebates that are not transparent.
• RVP was presented as offering better prices, more generous payment terms, and additional services compared to primary wholesalers.

Objections

• Some pharmacies believe they need to close their primary wholesaler account to use a secondary, which is not true.
• There’s a misconception that secondary suppliers can’t sell controlled drugs.
• Some pharmacies are hesitant about high-margin products due to past experiences with questionable practices.

Need

• Cash flow issues due to quick payment terms from primary wholesalers.
• Lack of transparency in rebates from primary wholesalers.
• Upcoming DIR fee changes in January 2024 that will impact cash flow.
• Difficulty in optimizing drug reimbursements due to limited options from primary wholesalers.

Questions

• “Is EDI ordering work? Or is it more manual?”
• A question about the Metformin dosage mentioned earlier.

Sentiment

• The overall tone of the call was positive. Lisa Faast spoke enthusiastically about RVP and their services, praising their customer service and flexibility.
• The speakers from RVP provided detailed information about their services and addressed potential concerns in a positive manner.

Outline

Introduction and Purpose of the Meeting

• Lisa Faast introduces the monthly mastermind call for November 2023, delayed due to Thanksgiving.
• Lisa emphasizes the importance of the topic: leveraging secondary wholesalers to improve pharmacy profitability.
• She criticizes primary vendor agreements for their high costs and restrictive payment terms.
• Lisa highlights the benefits of secondary wholesalers, particularly Real Value Products, for better cash flow and comprehensive services.

Overview of Secondary Wholesalers

• Lisa explains the advantages of secondary wholesalers, including generous payment terms and comprehensive services beyond just drug supply.
• She mentions Real Value Products’ additional services like profitability optimization, prescription generation, and compliance assistance.
• Lisa invites representatives from Real Value Products to discuss their offerings and services.
• She introduces the RVP team members: JD (compliance), Tom Napolitano (multi-tasker), and Eileen (Easy Script RX).

Introduction of RVP Team Members

• Lisa provides brief introductions for each team member, highlighting their roles and expertise.
• JD is introduced as the compliance expert, Tom as a multi-tasker, and Eileen as part of the Easy Script RX team.
• Lisa transitions the discussion to the basics of pharmaceutical wholesale and how Real Value Products differ from other wholesalers.
• Speaker 1 and Speaker 2 discuss the importance of understanding pharmacy business needs and the benefits of carrying multiple NDCs of the same product.

Discussion on Payment Terms and Controlled Drugs

• Lisa emphasizes the importance of payment terms, noting that Real Value Products offer generous terms compared to primary wholesalers.
• JD explains the flexibility and support offered by Real Value Products for pharmacies struggling with cash flow.
• The discussion shifts to controlled drugs, with JD confirming that secondary suppliers can sell controlled substances.
• JD describes the infrastructure and processes in place to handle controlled drugs, including the use of robotic automation.

Optimizing Pharmacy Operations with Real Value Products

• Lisa and the RVP team discuss the benefits of using Real Value Products for controlled drug purchases and the importance of having secondary suppliers.
• JD explains the control ratios and the vetting process for controlled drug purchases.
• The team discusses the importance of having multiple secondary suppliers to ensure continuity in case of primary wholesaler issues.
• Lisa highlights the need for pharmacies to have established relationships with secondary suppliers for emergency situations.

Introduction to Easy Script RX

• Lisa introduces Easy Script RX as a benefit claims check system to help pharmacies optimize their operations.
• She explains the difference between a benefit claims check and a real claim, emphasizing the accuracy of Easy Script RX.
• Eileen provides an overview of the Easy Script RX platform, its features, and how it helps pharmacies optimize their medication choices.
• The team discusses the benefits of using Easy Script RX for high-performing medications, refill optimization, and patient care.

Q&A and Closing Remarks

The meeting concludes with Lisa thanking the RVP team and encouraging pharmacies to explore the benefits of secondary wholesalers.

Lisa opens the floor for questions from the audience about using secondary wholesalers and the benefits of Real Value Products.

The team answers questions about the ordering process, EDI capabilities, and the importance of high-margin products.

Lisa emphasizes the importance of leveraging secondary wholesalers to improve cash flow and profitability, especially with the upcoming DIR fee changes.