CardinalRBC Recap: Key Pharmacy Strategies for a Better 2022
Booth 612 was the place to be at Cardinal Health’s Retail Business Conference (RBC). Members of the PDS Team were on hand to discuss with attendees the many ways to help independent pharmacies thrive. Cardinal Health RBC occurs annually and has been where more than 4,500 independent pharmacy owners converge for the last three decades to learn and connect. The mission of RBC is to support independent pharmacies in an ever-changing marketplace. Similarly, PDS provides our members with the strategies needed to focus on what matters today, tomorrow, and in the future. Let’s jump right into this CardinalRBC recap!
My name is Cynthia Jean; PharmD; I am a pharmacist and pharmacy copywriter at PDS. If you missed the conference this year, don’t worry, we had ears on the ground, and I am here to share the most impactful strategies pharmacy owners are implementing. Don’t take my word for it; keep reading to learn more about what’s working in independent pharmacy this year. Today’s insights are from interviews with PDSers, Donnie Jordan, Julie Thayer, and Christy Day.
- Donnie Jordan – Managing Business Coach, Former Pharmacy Owner
- Julie Thayer – Onboard Concierge, Independent Pharmacy Advocate, and Industry Leader
- Christy Day – PDSreach Program Manager and Member Care Specialist
Cardinal RBC Recap: Common Challenges and Opportunites
What was the most pressing concern for independent pharmacy owners?
Christy: Everyone is experiencing low reimbursement rates and high DIR fees while trying to find other sources of revenue.
Julie: A common theme I heard was that owners feel the need to replace their COVID activities with new ways to increase revenue as vaccinations and testing have dropped off so much.
Additional Cardinal RBC Recap Resources:
Watch our collaborative webinar replay with PQS on leveraging EQuIPP to develop a plan to lower your risk of high DIR fees OR maximize true bonus dollars.
Can you give an example of the activities these owners are now focusing on outside COVID care?
Donnie: Many owners are going back to what they know works. They want to maximize their Med Sync programs to help drive adherence and improve inventory turns. Going back to basics is a great approach. A strong pharmacy is built on the foundation of a robust Med Sync program. Med Sync allows pharmacy owners to forecast inventory expenses and make a better staff schedule based on expected high-traffic days in the pharmacy. Anytime someone mentioned Med Sync, I was happy to show them PDS’s resources on this topic.
Julie: Point of Care Testing (POCT) also came up in many conversations I had with attendees. Many pharmacy owners are building on their expanded community presence from COVID testing and vaccines by offering other POCT services. Having a solid POCT strategy is something we at PDS have long been promoting via webinars, blog posts, and other assets we put together for members and industry owners.
Additional Cardinal RBC Recap Resources:
COVID-19 has created a shift in the role of community pharmacists. We are viewed as testing experts and pharmacies are being recognized as destinations for comprehensive testing and care. Watch the latest webinar replay and access your Point-of-Care Testing Expansion Guide.
What was the most attended educational session at Cardinal RBC this year?
Christy: PharmaComplete held a session on Long Term Care (LTC) – it was standing room only. There was a lot of interest in that area at CardinalRBC.
Donnie: I noticed that too, and it makes sense for this to be a hot topic for independent pharmacy owners. The feeling is that it stands to boost pharmacy revenues in much the same way as a strong 340b program would. Increased dispensing fees and no DIR fees are significant advantages in this space. In addition, most pharmacies can do a combo shop to take advantage of the medical at-home opportunity.
For the sake of the pharmacy owners out there who are new to the LTC space, Donnie, would you please explain the meaning of a combo shop?
Donnie: Sure, a combo shop is when a pharmacy attains a separate NPI and NCPDP to be able to bill LTC claims via retail. GeriMed is the most well-known Group Purchasing Organization (GPO) in this space, but others include Innovatix and Managed Health Care Associates, Inc. (MHA).
Additional Cardinal RBC Recap Resources:
Register for our upcoming webinar on August 11th, 2022 at 7 pm with Pharmacomplete. Whether you are looking to start an LTC program or want to improve your current operation in this niche, this is a session you won’t want to miss.
We have discussed Med Sync, LTC, and POCT. What other clinical services are pharmacy owners offering?
Donnie: Expanding nutrition and nutrient depletion are also on the radar for many owners. Owners and pharmacists are becoming more deliberate when Med Synced patients pick up their monthly medications. Many patients who take multiple medications are unaware of the nutrient depletions caused by their prescription regimen. Since an informed patient is an empowered decision maker, educating patients on nutrient depletion can create a win-win for the patient and the pharmacy.
Pharmacy owners are laser-focused on caring for their community and ensuring their doors remain open. Do you think there is more optimism in the industry?
Donnie: Absolutely, pharmacists are not defeated! Speaking with passionate owners about their patients and communities is always energizing. They are pivoting and refocusing as they see fit so their businesses can continue to thrive!
This has been your CardinalRBC Recap, pharmacy owners! A significant opportunity exists to pivot and create a profitable and thriving pharmacy business. Are you interested in starting or expanding any of the initiatives mentioned? Click here to set yourself up for success in 2022 and beyond.
