In pharmacy, as with most industries, the ones who are successful are the ones who are mindful of the future. So what is the future of pharmacy? While there are different ideas about where the pharmacy industry is heading, most agree that it is changing. Soon, simply filling prescriptions will not be enough to keep the doors open.
The Future Is Now: The New Era Pharmacy Defined
It’s a common saying in the business world that if you’re not growing, you’re dying. Pharmacies that aren’t diversifying the care they provide aren’t truly growing. In order to survive, pharmacies need to enter a new era.
In a recent FDS case study, Dr. Steve Hoffart of Magnolia Pharmacy said, “If you’re not doing something other than filling prescriptions, and if you’re not meticulous about the prescriptions you’re filling, you’re not going to be in business a year from now.”
Hoffart knows what he’s talking about. Before he started using analytics and med sync solutions, his pharmacy nearly suffered a financial crisis when its biggest prescriber suddenly moved. If Hoffart had relied solely on his prescription revenue to sustain the business, Magnolia Pharmacy would likely not be around anymore. But he and his staff turned to business intelligence and analytics to turn things around, improving both their profitability and their patient outcomes.
Hoffart’s Magnolia Pharmacy is an example of a New Era Pharmacy. But what do we mean by that? Let’s explore:
A Trusted Provider of Clinical Patient Care
A New Era Pharmacy is more than just a pill dispenser. These stores have pharmacists on staff who can provide clinical patient care for everyone who walks through their doors. New Era Pharmacists provide immunization services, medication therapy management (MTM), diabetes prevention and management programs, diagnostic testing, and more.
It’s not enough to just provide them, however. A New Era Pharmacy also understands how to be compensated fairly and quickly for these services. Having the right medical billing solution is key.
An Innovative Business Powered by Data
A New Era Pharmacy is always looking for opportunities. Backed by the power of business intelligence, pharmacies can find both financial and patient care opportunities simply by analyzing their pharmacy data. You can look at which of your patients are not ordering their refills on time and help get them back up to speed. (Doing so can net your pharmacy an extra 2-3 refills per patient per year.) You can also discover which drugs you’re selling at a loss, then develop a plan to either remedy the issue or find ways to make up the difference.
Any pharmacy can gather data (and almost all of them do). However, a New Era Pharmacy uses that data to foster business growth and improve the lives of its patients.
A Stalwart Champion of Medication Adherence
A New Era Pharmacy understands the importance of medication adherence — and does something about it. It’s not just about filling every prescription available to get the most revenue; it’s about creating better outcomes for your patients.
“That’s why we do this every day,” said Dr. Hoffart. “To make sure our patients are well.”
Pharmacies can improve medication adherence by following up with patients who are refilling their prescriptions late — or not at all. By diving into the problem on a patient-by-patient basis, you can help solve it. Maybe they’re not picking up refills because they’ve simply fallen behind on their medication. Maybe they’re having a hard time getting to your store, and they would benefit from a delivery program. Perhaps they are on a fixed income, and it’s getting harder to pay for their prescriptions. You won’t know unless you find out.
To get proactive about medication adherence, New Era Pharmacists turn to med sync. When a patient’s prescriptions are synced, they can come into the pharmacy (or schedule their delivery) on a specific day each month and reduce the risk of slipping into non-adherence. A recent report by the NCPA revealed that med sync patients are 2.5 times more likely to be adherent to their medication plan. You can’t argue with numbers like that.
In order to survive — let alone thrive — pharmacies need to be more than just fill-and-bill drugstores. They need to be providers of personalized patient care. They need to be champions of data-driven innovation. Most of all, they need to dedicate themselves to improving their patients’ lives in every way they can. That’s what New Era Pharmacies do.