Why these 3 KPIs are critical
Not much else matters in your pharmacy if these 3 KPIs are in the “red”. If you don’t have these controlled then you will never be able to fill up your bank account. You will work longer and harder and have nothing to show for it. In order to have a thriving pharmacy, work on […]
Maximize Dead Inventory
You need a better reverse distributor. Why? You need to get the highest value for your dead inventory. What is dead inventory? I am glad you asked. Dead inventory is mostly expired or soon-to-be-expired products. Not all reverse distributors are created equal. I bet you are not using Flash Returns. In my experience, Flash Returns […]
In-Store Cash Discount Card
Weirdly, the number of cash-paying patients is increasing. You should be trying very hard to attract these patients to your pharmacy. I highly recommend creating a cash program for your pharmacy. There are many options and ways you can do this. Check out my presentation from a recent Pharmacy Profit Summit for ideas. You don’t […]
Benefit Claim Checks
Stop sending test claims to determine if a product is covered. Not only are you violating your PBM contract, and you are also putting yourself at risk for an audit. Instead of test claims, you can use benefit claim checks to see what is exactly covered for your patient for one or multiple drug classes. […]
A Better Secondary Wholesaler
Purchasing a majority of generics through your primary is leaving $10,000, $20,000, or even $30,000 in profits on the table EACH MONTH! When you purchase large amounts of generic drugs through your primary, you are killing your cash flow and reducing your profits. We all know that the big primaries are not our friends. What […]
Solubiomix Niche Products
I wanted to share with you my favorite products from Solubiomix. If you can find just a few patients that would clinically benefit or you could reduce their out-of-pocket costs with these, then it is a win-win-win! #1 Clemastine Syrup – Prescription allergy medication that is good for seasonal or chronic allergies and many dermatitis […]
Direct Bill Worker’s Compensation
This is one of my favorite strategies to reduce reliance on PBMs while dramatically increasing your pharmacy’s profits. For your worker’s compensation claims, you can ditch the PBMs and their terrible reimbursements and instead bill the work comp carrier directly. The work comp insurance pays the same amount no matter who bills them, but when […]
Primary Wholesaler Alternative
I am going to be bold here. Your primary wholesaler is screwing you more than you realize. They are not only harming your cash flow, but they are also reducing your profits because you are not getting the lowest price either. We all know that the big primaries are not our friends. What most pharmacy […]
Optimizing Pricing Tables
Throw out everything you think you know about maximizing your reimbursements from PBMs. My mind was blown back at the beginning of 2021 when I first spoke with Robbie at Pricing Systems. I was always taught that you program your PMS to bill huge amounts to the PBMs to get the most reimbursements. It turns […]
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