Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce American Associated Pharmacies (AAP). Read on for their sponsored blog post about building your bottom-line.
Data is everything. It can drive business growth, increase profitability, and improve your relationships with your patients, but only if you use it.
Here are just some of the key categories of data you should be interested in, and suggestions for how to get started acting on it.
Questionable and Open Claims
It’s important to monitor all claims going through your pharmacy. A good practice would be to double check any claims outside of some key financial rules that make sense for your business, to help avoid negative outcomes. If no copay is collected on a cash claim, was it processed correctly? If the profit margin on a prescription is less than the cost, are you purchasing that drug correctly?
Be sure to monitor and resubmit claims that are reversed. It’s also to your advantage to monitor changes in Average Wholesale Prices and consider other claims to resubmit. One pharmacy generated $2,000 in additional revenue in only a week using a tool to access up-to-date AWP data.
Timeliness of Refills and Missing Patients
Does your pharmacy monitor when patients are due for refills, or if patients disappear altogether? Using that data to stay in contact with these patients can mean better care for them, and more revenue for your pharmacy. Pharmacies using one tool have proven that contacting just a few dozen of these patients in a month can mean an average of $11,000 or more of increased revenue. With the added benefit of increasing adherence and Star Ratings, along with building essential loyalty with patients who feel cared for, it’s data you can’t afford to ignore.
Other Marketing and Outreach
Marketing and outreach are important ways to take the data you already have and apply it. Patient data can tell you if you have patients nearing 65 who may need help selecting a Medicare plan; it can tell you if you have brand new patients who could use some outreach to build a relationship; it can tell you if there are prescribers in your area who aren’t sending prescriptions your way, or if there are others who may make up a large share of your fills. Data can help you target your marketing efforts and spend less to do more for your pharmacy’s health and growth.
These are only some of the opportunities that can deliver great benefits from the data your pharmacy collects on a daily basis! The good news is, there are tools like AAP’s ProfitAmp that can sift through your dispensing, patient, and prescriber data and provide easy-to-use reports with immediately-actionable data.
Saying pharmacy is a busy profession is an understatement, especially considering current events. However, watching these metrics as much as possible can be a key way to optimize profitability.
About the Author
As a cooperative of over 2,000 member pharmacies with an independently owned warehouse and specialty pharmacy and qualified preferred partners, American Associated Pharmacies (AAP) is so much more than a buying group. AAP provides the tools and resources needed for members to improve their bottom lines, such as business intelligence tools, a powerful proprietary ordering system that syncs across devices, and more! Visit RxAAP.com/ProveIt to learn more.
https://www.pharmacyowners.com/wp-content/uploads/2020/03/Untitled-design-16.png788940Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2020-03-27 13:07:582020-03-31 08:50:24What Can Your Pharmacy Data Do?
Here at PDS, we take pride in highlighting some of our incredible partners. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce RxSafe. Read on for their blog post about planning for success with adherence packaging in your independent pharmacy.
You’ve no doubt heard the saying, “If you fail to plan, you’re planning to fail.” Marketing adherence packaging is no different. If you begin with the end in mind, you’ll have a much better chance of success.
At RxSafe, we’ve worked with hundreds of independent pharmacy owners, including a few who have successfully added 15-30 new adherence patients each and every month. How did they do it? It starts with a plan, which incorporates best practices as well as taking into account your local market and its needs, your unique value proposition, your competition, the strengths of your team, and other factors.
“It’s definitely not Field of Dreams, like ‘If you build it, they will come’… you really have to build it and then go out and tell everybody about it,” says PDS member Matthew Massey, pharmacist and owner of Massey Drugs, with three stores in Florence and Tuscumbia, Alabama. “You have to educate your patients, you have to educate the doctors and your community that you’re doing this, and why it’s important. But I really believe you can grow this quickly, pick up new customers and take care of those customers better than they were being taken care of before. To me, it’s all about what’s in the best interest of the patient.”
Like Massey, fellow RapidPakRx owners and PDS members Bruce and Lisa Kocian have a lot of experience with compliance packaging.
“When you’re starting out, I would say to focus on communication,” says Lisa Kocian. “This is a new concept for a lot of people, and they don’t necessarily understand it, and they may have expectations that are not realistic. And so, we’ve learned to thoroughly explain the program to the patient, that we’ll have to sync their prescriptions first, and then we can get them in the RapidPakRx. People are so excited about getting their prescriptions in the packaging, they want them immediately in the packaging. And sometimes it takes a refill cycle to get everything synced up. But communication and doing a really good job of explaining what they should expect from the program, I think makes things run smoothly.”
PDS member Clayton Gilde, owner of McBain Family Pharmacy, recommends a multi-pronged marketing approach.
“We usually get about seven patients per week from the PakMyMeds Network (social media advertising), Gilde explains. “When we get a lead, we’ll usually reach out to them and ask them how they’re currently taking their medications. Sometimes the patients are taking it from another provider like PillPack, or something else, and they’re happy to switch over to someone local.
One thing we noticed was that we put in the PakMyMeds box right by the register, and by the drop-off area, it was able to spark a lot of conversations with our patients that are already using us. We also use ads in local newspapers and radio explaining the PakMyMeds program and how it can benefit patients.”
The three most important things to do when adopting automation for your synchronization program are:
Make a plan for marketing and promotion.
Effective communication and set proper expectations.
Don’t rely on one marketing approach, use a variety of methods to get the word out.
About the Author
RxSafe is the leader in robotic automation that improves patient safety and boosts profitability for retail pharmacies. Our RapidPakRx™ adherence strip packager enables pharmacies to run a 30-day med cycle at the lowest possible cost. RxSafe’s BlistAssist™ medication blister card packaging assistant improves the manual preparation and verification of single or multi-med blister cards. Our RxSafe 1800™ system helps pharmacies achieve better accuracy & speed, space savings, narcotics security, and inventory management. Learn more at www.rxsafe.com.
https://www.pharmacyowners.com/wp-content/uploads/2020/02/AdobeStock_301931869-scaled.jpeg8532560Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2020-02-25 08:07:042020-03-31 08:51:01Planning for Success with Adherence Packaging in Your Independent Pharmacy
Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to Drug Topics. Read on for their sponsored blog post about how vaccination programs can bring additional profits to your pharmacy
The majority of pharmacies in the United States now offer vaccinations, but there is still a significant opportunity to turn a well-run vaccination program into a profitable
endeavor that benefits both patient and pharmacy.
Many adults still fail to get the recommended vaccinations each year. According to the CDC, just 37.1% of adults received the flu vaccine during the 2017-2018 flu season. This presents a significant opportunity for independent pharmacies to improve these numbers by expanding their immunization efforts, marketing their programs to the community, and relying on what makes a pharmacy a unique health care setting.
“Pharmacies have a huge advantage right off the bat of being readily available and accessible,” said Beverly Schaeffer, RPh, of Katterman’s Sandpoint Pharmacy in Seattle, WA.
Katterman’s was one of the first to offer vaccines—starting their program back in 1996. Schaeffer said the pharmacy had been hoping to give 300 vaccines but found themselves administering 1,200. Since then, the program has continued to grow and the pharmacy now offers all available vaccines in the state and can even administer to children and infants.
“All pharmacists could be doing more immunizations than they are if they wanted to,” she said.
Expanding immunization efforts can not only improve public health, but it can also serve as an increased revenue stream for community pharmacies. Close to 100 million Americans get the flu shot each year, translating to $4 billion to $5 billion in revenue, PBA Health reported.
Immunizations outside the influenza vaccine can often bring in even larger administration fees for pharmacies. “Almost all immunizations pay an administration fee that varies from plan to plan, but you get paid for the vaccine plus an administration fee,” Schaeffer said.
Vincent Hartzell, PharmD, president of Hartzell’s Pharmacy in Catasauqua, PA, said successful immunization programs not only provide revenue for a pharmacy on their own, but they also often drive other areas of business. “Vaccines have allowed us to provide marketing and attract new customers,” he said.
The most effective marketing strategies, he said, don’t always have to be costly and can be as simple as an effective social media post, informing local physicians and area senior centers of the pharmacy’s immunization services, or using banners and signs.
Schaeffer has found one of her best marketing tools is a sandwich board placed outside the pharmacy each day that highlights different services such as its tetanus shots, travel vaccines, or the highly sought-after shingles vaccine.
Her pharmacy does a significant amount of business in travel vaccines, so she also tries to drive other store business through a separate travel aisle where customers can find everything needed for an upcoming trip; anti-diarrhea medications, rehydration packets, eye drops, all in one convenient area.
Hartzell believes it’s important that all the pharmacists in a community pharmacy be trained to give immunizations so that there is always an available staff member whenever a customer arrives at the store.
To improve the workflow, he said, non-pharmacist staff should also be a critical aspect of vaccination programs. Those workers should have ways to identify patients who may be behind on immunizations or could benefit from annual vaccines such as influenza and pneumococcal vaccines.
“Make sure that your technicians know how to do the billing, make sure your technicians know how to fill out the consent forms because that’s the stuff that you don’t need a pharmacist for,” he said.
Overall, Schaeffer and Hartzell agreed, successful vaccination programs can yield big rewards for community pharmacies and their patients.
About the Author
Drug Topics is the leading pharmacy journal for retail, health system and specialty pharmacists. Drop Topics provides news, information and trusted perspectives through peer-based forums and opinions, relative to all aspects of pharmacy practice and also offers direction on elevating your profession and career. Check it all out at drugtopics.com.
https://www.pharmacyowners.com/wp-content/uploads/2020/02/AdobeStock_87654681-scaled.jpeg16962560Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2020-02-17 11:47:492020-03-31 08:51:01How Vaccination Programs Can Bring Profits to Your Independent Pharmacy
Are you thinking about purchasing new equipment to offset income or to begin expanding your services to improve your business? Make the purchase and install it by the end of the year to qualify for a Section 179 deduction.
Why Leverage Section 179?
The tax code is certainly a beast that many of us never want to think about and yet if you understand it, you can take actions that will benefit you and your pharmacy. Pharmacy automation improves operational efficiency while also expanding services. An investment in equipment is often the best step to improving automation. You can leverage Section 179 to help attain pharmacy automation at the lowest cost is possible.
What is Section 179?
Section 179 refers to a tax deduction that allows businesses to deduct the full purchase amount of qualified equipment in one large deduction rather than having to slowly depreciate the equipment over many years. For tax year 2019, this allowance can be as high as $1,000,000. This deduction goes directly against any business income for this year and if your deduction is higher than your income, you can carry any remaining deduction over to future years!
What kind of equipment will qualify?
Equipment will qualify at any price point, there is no minimum purchase amount. It also does not have to be new equipment; it just needs to be new to you. Since this is a business deduction, the equipment must be used for business purposes more than 50% of the time. If you want to take this deduction in 2019, you need to have the equipment installed in your pharmacy by December 31, 2019.
Are there any changes coming for Section 179?
While we can’t predict the future, the Section 179 deduction seems to be secure but it’s important to note that significant changes in politics can affect the tax code. Section 179 was recently increased from a maximum of $500,000 to its current level of $1 million.
Section 179 at a Glance
It can only be used to offset business income
The equipment must be new to you
It must be installed before the end of the year
Maximum amount is $1,000,000 for 2019
Any remaining amount not offset by 2019 income can be rolled over to offset 2020 income
RxSafe RapidPakRx Will Qualify for a Deduction
A popular piece of automation for independent pharmacies is the RxSafe RapidPakRx strip packager. Pharmacy owners choose this equipment because of its speed and small footprint. It also enables them to compete against Amazon PillPack by having their own compliance packaging service.
Priced at $175,000 ($165,000 for PDS members), it will certainly qualify for a Section 179 deduction as a business equipment purchase if installed by the end of the year. Time is running out but RxSafe still has the ability to take orders and get them installed before the deadline. If you would like to learn more about the RapidPakRx and how it can help you grow your business, please reach out to RxSafe here.
The answer is maybe. If you are getting regular monthly financials and having strategic calls with your accounting team then you probably know what your year to date income looks like. If you are not receiving accurate financials or pharmacy specific accounting advice, please reach out to our PDSfinancials team to discuss how critical financials are for you to make smarter business decisions and to operate your pharmacy at peak performance.
To help you get caught up with your 2019 financials, PDSfinancials is offering to rebuild your entire 2019 financials for free for all new PDSfinancials members in 2019 (a $10,000 value!). Even if you are not positive you have income to offset this year, you could still make those strategic equipment purchases that will help you produce a profit in 2020 because the Section 179 deduction is allowed to be carried over to future years’ tax returns.
Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce RJ Hedges, a company that provides HHS & Medicare turnkey healthcare compliance programs for independent pharmacy owners. Read on for their sponsored blog post about how to develop an immunization compliance program for your business.
Developing a new niche for your business, such as an immunization program, is a great way to generate more traffic and increase OTC, retail, and prescription sales. Getting started may seem daunting and we want to show you that it’s easier than you think.
It’s time to get an Immunization Compliance program IF:
A physician does not sign your Standing Orders and Emergency Protocols
You and your pharmacy are not protected with all licensure, insurance, and compliance requirements
You need to provide a policy and procedure manual to your insurance company in case of an adverse reaction
We are here to guide you with the top nine steps to starting a vaccine program in your independent pharmacy.
Step 1: Check with your State Pharmacy Board
Every state has its own regulations. Your State Pharmacy Board sets standards and regulations for pharmacies to follow for immunizations. Contact your Board, or review their webpage, for your state-specific regulations, and to see what types of immunizations your pharmacy may be limited to.
Step 2: Sign Up for Immunization Training
Usually, to get your pharmacy immunization license, you, or the pharmacist who will be giving the immunizations, will need to attend an immunization course. These are typically provided by a local university’s School of Pharmacy, or in some cases, by your State Pharmacy Association. Once you’ve completed your immunization training, you’ll need CPR training and a CPR card, which you can obtain through the American Red Cross.
Step 3: Submit Your Application to Your State Board
After you or your pharmacist-in-charge has completed all the necessary training, fill out your application, and submit it to your State Board. Once they process the application, they will grant you an immunization license, and you are now ready to start moving forward with immunizations.
The immunization license approval process can range from three weeks to three+ months, depending on your state.
Note: All pharmacists must be licensed to give immunizations.
Step 4: Apply to Get a Medicare Part B Number as a Mass Immunizer
You can quickly expand your audience and get more traffic into your pharmacy by having a Medicare Part B number. Currently, in 2019, the fee is $586 to apply. This application gets processed relatively quickly, usually within a month.
Step 5: Get Your Immunization Documentation in Order
As “Compliance Experts,” we believe firmly in keeping your pharmacy in compliance to ensure the safety of your patients and to safeguard your license. Check with your State Pharmacy Board for their regulations or sign up for our Pharmacy Immunization Compliance Program.
Specific policies and procedures are not required by law but are highly recommended. Having an immunization compliance program in place will help you “dot your i’s and cross your t’s” when it comes to adding a new service to your business. Plus, having a compliance program significantly helps with accomplishing the next step, which IS REQUIRED by every state.
Step 6: Get Your Standing Orders Signed by a Physician
Talk to a physician and ask if they will sign your standing order. In most cases, if you have a good relationship with the physician, they will sign it. If you have an immunization compliance program, physicians are more likely to support your business and sign the order. Additionally, there are other entities, like some wholesalers, that have a physician on staff who will sign all of their members’ standing orders. Every standing order that you have needs a physician’s signature. We recommend that the physician signs the standing orders every year.
Note: If the patient has a prescription for the vaccine, standing orders are not required.
https://www.pharmacyowners.com/wp-content/uploads/2019/10/rj-hedges-featured-image.jpeg9601440Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2019-10-25 14:29:302019-11-13 12:23:29Top Nine Steps to Starting an Immunization Program in your Independent Pharmacy
Last month Walgreens announced the closing of 200 stores. Last April Fred’s decided to begin closing 159 stores and stated that they were getting out of pharmacy. We also heard about Shopko going out of business. These changes in the industry mean thousands of patients will be looking for a new pharmacy and YOU, the independent pharmacy, are their best option. Therefore it is time to kick your pharmacy marketing into gear.
Now that the closings are underway this presents an opportunity to attract those patients. We thought it would be helpful to remind PDS members and the independent pharmacy community at large about the first steps to reaching (and attracting) these patients.
At PDS we classify our pharmacy marketing efforts into three buckets: inside the four walls, outside the four walls and digital marketing. Within each of these groups, there are steps you can take to start attracting new patients.
Building these relationships and ensuring that your customers are happy within your own independent pharmacy business is very important. Below are three ways you can strengthen your skills towards more profitable relationships with your pharmacy’s customers.
Inside the Four Walls
Are you ready to take on more customers? If you were to bring in 100, 200 or 500 new patients, would you be able to accommodate them and provide excellent customer service? Your new patients need to see, feel and experience an unprecedented level of service. Make sure that you have a New Patient Process and New Patient Packet set up or updated.
Promote your Referral Program to your existing patients. Use your current patient base to promote the valuable services you offer.
Outside the Four Walls
As soon as you hear about a closing, make your first stop a visit the store’s management. They are probably concerned about their patients and by establishing a relationship with them, they will feel comfortable referring their patients to you. During your visit there may also be an opportunity to recruit some great talent.
Use traditional marketing techniques. Put up a banner outside your store stating that you welcome new patients. Send a direct mail postcard in your area.
There is some urgency to getting this done so lean into your local printer to get these materials produced quickly.
Digital Marketing
Use social media to reach new customers. Create a Facebook ad with photos of your team and your pharmacy that will be displayed within your target area. Be specific about the store closing and that you are welcoming new patients.
In your communication to these new patients, it is important to convey that their health and well being are your priority. Show them that you can offer quality care, convenience and competitive pricing. If you have an efficient medication synchronization program, promote the benefits it will offer them as a patient of your pharmacy. At a time when these patients need to make a switch, we have a great opportunity to show them that an independent pharmacy, your pharmacy, is the best place for them.
https://www.pharmacyowners.com/wp-content/uploads/2019/09/AdobeStock_185066266.jpeg9241384Matt Tompkinshttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMatt Tompkins2019-09-25 09:22:002019-09-25 09:22:00Pharmacy Marketing: Attract New Patients from Store Closings
Here at PDS, we take pride in highlighting some of our incredible exhibitors. We know these companies have the potential to revolutionize pharmacies just like yours through their products and services. We’re excited to introduce GRX Marketing, pharmacy marketing experts who offer customized solutions for your pharmacy’s unique marketing needs. Read on for their sponsored blog post about creating customer delight and building profitable relationships in your independent pharmacy.
Customer
relationship management. A simple enough concept that focuses on just that;
managing customer relationships. While every business, and person, has their
own methods of customer interaction, the building and maintaining of profitable
customer relationships is often the biggest piece that needs to be honed.
According to a
study conducted by SmallBizTrends.com, a 5% increase in customer retention can
lead to an increase in profits of between 25% – 95%. Additionally, 47% of
customers would take their business to a competitor within one day of
experiencing poor customer service!
Marketers define
customer value as the customer’s evaluation of the perceived differences
between all the costs and benefits of competing companies. This is often the
primary reason they choose your independent pharmacy, rather than anyone else.
Think about the
stores that you are loyal to (grocery, restaurant, gas station, convenience
stores, etc.). Why do you keep going back? Is it the prices, the products, services
offered, location convenience, or is it the customer service? Why do you continue
to use them, rather than any of their competitors? It’s because at some point,
you decided to value them for what they have to offer. Now think about how much
money you have given them over the years, compared to their competitors.
Building these relationships and ensuring that your customers are happy within your own independent pharmacy business is very important. Below are three ways you can strengthen your skills towards more profitable relationships with your pharmacy’s customers.
Three Ways to Gain More Profitable Relationships
Be adaptable. Independent pharmacists know as well as anyone that no two customers are alike and even the same customer can be different week to week. No matter who you are talking with, be sure to be empathetic, patient and focus on delivering clear communication.
Practice active listening. Active listening is a technique that is used in counseling, training, and solving disputes or conflicts. It requires that the listener fully concentrate, understand, respond and then remember what is being said. As it relates to independent pharmacies, active listening can lead to improved sales and patient adherence by constantly thinking about what each customer needs and what products or services you can provide to help them. Active listening lets you show your respect, support, and concern, and promotes trust between you and the customer.
Provide a way for customers to provide feedback. In-store and email surveys are a great way to gauge feedback from your independent pharmacy customers. The good, the bad, and the ugly are all important to know so that you can continuously improve and avoid having unhappy customers voice their feedback publicly. By being open to suggestions and criticisms, you are showing your customers that you are listening to them and their concerns. More importantly, you are willing to change based on that feedback. Once you have developed those relationships, and customers continue to come back month after month, the next step is to ensure they stay happy. The easiest way is to simply go above and beyond whenever possible.
Examples of Going Above and Beyond for Your Pharmacy Customers
Start offering a rewards program
Send happy birthday messages
Start a new patient welcome program
Add little goodies to their bag when
they pick up their medications
Offer one month free of medication
packaging
Host a customer appreciation event
There are so many
things that can be done to help create delight with your independent pharmacy
customers. The bottom line to keep patients happy is to consistently deliver
what you promise and then continually strive to deliver more. Any independent pharmacist
can fill a prescription, but only the best goes above and beyond for their
patients!
As fellow pharmacy owners, GRX Marketing knows what works! Over the past decade, we have perfected the art of developing, and implementing, marketing plans for each independent pharmacy’s unique needs. By customizing proven marketing tactics such as in-store, email, patient outreach, social media and more, our program allows pharmacy owners to focus less on marketing their business and spend more time on creating happy customers. Contact us today at www.grxmarketing.com or call 515-280-2914.
https://www.pharmacyowners.com/wp-content/uploads/2019/07/creating-customer-satisfaction-in-independent-pharmacy.jpg1197924Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2019-07-09 13:10:452019-07-09 13:11:48How to Build Profitable Relationships and Create Customer Delight in your Independent Pharmacy
is a new safety standard with the intent to minimize the exposure to hazardous drugs from healthcare personnel, patients, and anyone else coming into contact with these drugs written by the United States Pharmacopeia (USP) and the Food and Drug Administration (FDA)
The standard regulates the practice and quality standards of handling hazardous drugs (HDs) to promote patient safety, worker safety, and environmental protection. Handling HDs includes but is not limited to, the receipt, storage, compounding, dispensing, administration, and disposal of sterile and non sterile products and preparations.
Since all pharmacy operations handle hazardous drugs, you must make sure your pharmacy complies with these guidelines by December 1, 2019 or risk your pharmacy license and your pharmacist-in-charge-license. If you have not made these changes, please contact us immediately!
What Are the Steps to Comply With USP <800>?
We’ve broken down the steps needed right now for getting in compliance for USP <800>.
Identify Hazardous Drugs (HDs) for their final dosage form
Designate a hazardous drugs point person in your store
Complete an Assessment of Risk annually
Ensure hazardous drugs are dispensed or returned a minimum of nine months prior to expiration
Training – Hazardous Communication, Spill control, competency
Let’s unpack the steps below so you can get a clear understanding of the actions you must take to ensure your pharmacy isn’t at risk.
1. Identify Hazardous Drugs for Final Dosage Form
Final dosage form is when a HD is packed by the manufacturer in a pill or capsule and the pharmacy only counts and repackages them. The existing practices you use to manage this workflow is most likely in compliance, however, there are steps you need to be aware of to comply with 800. You must segregate your HDs from your regular stock. The way you segregate these drugs, whether it’s on a shelf or a rack, is up to your discretion, as long as it is segregated and labeled as a “Hazardous Drugs Storage Area.” This applies to all pharmacy operations, whether you’re retail, long-term-care or compounding pharmacy.
Ensure that your wholesaler is segregating your drugs when they come to you.
Inventory all your drugs. Document the hazardous drug name, whether they are a tablet, capsule, liquid, and if there is dust in the container.
Some of the HD’s that require more manipulation (if you’re mixing, splitting/crushing or pouring) may require a containment primary engineering control (C-PEC), which is a ventilated device designed and operated to minimize worker and environmental exposures to HDs. We get into more details on this device and how to segregate in our on-demand webinar, USP <800> and Your Pharmacy – What You Need to Know.
2. Designate a USP <800> HD Designee in Your Pharmacy
Assigning a point person in your store is critical to ensure proper processes and procedures are in place. This person should be your pharmacist-in-charge, a pharmacist, or your compliance officer.
3. Perform an Assessment of Risk
This is the most important step you must take as a retail pharmacy operation. An assessment of risk must be performed annually for every hazardous drug dispensed from the pharmacy and must, at a minimum, consider the following:
Drug Name
Type of hazardous drug
Contained in manufacturer’s packaging
What form is the hazardous drug in?
Is there any type of manipulation needed?
Assessment completed annually
Whether you write your own assessment of risk or find other resources online, the bottom line is that this document is not intended to be complicated. As long as you conduct your assessment of risk annually and you include the above information, you’re on your way to compliance. This document must be created before December 1, 2019 and must be renewed annually. In our on-demand webinar, USP <800 and Your Pharmacy – What You Need to Know, we detail the second part of the assessment of risk involving an alternate containment strategy plus more options for your pharmacy. Watch it here.
4. Ensure Hazardous Drugs are Dispensed or Returned a Minimum of Nine Months Prior to Expiration
Trace hazardous drug waste includes empty vials with dust or other HD residue in the containers. This type of waste must be disposed of in a licensed hazardous waste landfill. Expired HDs are also considered hazardous waste. Expired HDs are a black hole for money. Even if only one tablet is leftover in a bottle, the cost you pay to dispose of them properly is significant.
How do you solve this? In order to comply with USP <800> standards, you should pull hazardous drugs a minimum of nine months prior to their expiration date unless you are guaranteed to dispense within 45 days. If you cannot guarantee dispensing, you must return back to your returns company. You’ll also want to keep a lookout for the drugs you receive from your wholesaler. If they send you products that will expire within one year and it is a large amount you know you will not use, do not accept it from your wholesaler, otherwise you will get stuck with the waste and have to take steps to dispose of them. Watch our on-demand webinar, USP <800 and Your Pharmacy – What You Need to Know, for more information on hazardous waste and proper disposal practices.
Insider Tip: EPA and State Environmental Agencies are checking pharmacies now for ‘warfarin’ to see whether you are in compliance with the expired drug and whether it is listed as a hazardous waste. They will then ask if you have a hazardous waste generator permit, which you don’t need unless you generate >220 lbs per month. If you’re not educated, they will hit you with a fine. Be warned!
5. Training for Hazardous Communication, Spill Control, and Competency
In order to avoid fines or risking your pharmacy license, you must know the intricacies of USP <800> and what it will impact. If you have a hazardous communication program and training (which is required by OSHA), it must be changed and updated to cover hazardous drugs and hazardous waste, per USP <800>.
Who Regulates What for USP <800>? A Quick Cheat Sheet
It’s easy to get lost with all this talk of hazardous drugs and related jargon. Here is a quick list of who regulates and enforces what.
Hazardous Drugs are regulated by the U.S. Health and Human Services
Hazardous Materials are regulated by the U.S. Department of Transportation
Hazardous Waste is regulated by the Environmental Protection Agency
Start Your USP <800> Compliance Process Now
This is not a hard problem to resolve if you start now. You don’t want to be in a panic in October when you have the fear of the USP <800> deadline around the corner. Luckily, PDS has your back! Below, you’ll find resources on how to properly manage your hazardous drugs before December 1st.
Hazardous Drugs and USP <800> Resources
Our on-demand webinar hosted by Jeffrey Hedges with R.J. Hedges & Associates, USP <800> and Your Pharmacy – What You Need to Know goes into more detail on the steps above and provides even more insight on what you need to do and why you need to pay attention. Watch it here.
Don’t do it alone! If you would like more information on how you can get help preparing your pharmacy for USP <800>, contact R.J. Hedges & Associates at
Pharmacy owners are constantly hit with new rules, regulations and other seemingly endless circumstances that affect your business. Partner with a team who has your back and their ears to the ground! PDS can inform you when industry-related news, such as USP <800> will impact your business and show you your biggest growth opportunities.
Click below to take the first steps to a better pharmacy.
https://www.pharmacyowners.com/wp-content/uploads/2019/06/hazardous-drugs-square-e1560833813508.jpg924927Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2019-06-24 12:06:022020-03-15 22:14:10USP <800> and the Steps to Comply
If we were to ask independent pharmacy owners what makes their pharmacy run, many might say their inventory, their customer service or their rock-solid team who keep the ship afloat. While all of those are true, the undercurrent at the heart of these statements is money. Make no bones about it, your cash balance dictates your ability to pay your team (and by extension, their families) and whether or not you shudder at the thought of paying your wholesaler bill.
A large part of understanding the science behind profitability is knowing how your money moves through your business. Once you understand how it works and what financial statements you need to review then you will know what to do to improve your cash balance. Money in the bank means that you have a safety net to see you through those industry forces that impact your pharmacy today, such as lower reimbursements, DIR fees and GER contracts.
As a pharmacy owner, you should be confident in your ability to:
Pay your wholesaler on time, every time.
Sleep at night knowing that your cash balance is on solid ground.
Keep the fear of making payroll a thing of the past.
Know how your money moves through your business.
If any of these statements hit home, read on for a few tips to get you on the track to financial freedom.
Better Outcomes, Better Profits
If you’re to increase your cash balance, you must understand that profitability follows great patient care. This is not something we tout as a feel-good story. We mean that if you look at your dispensing data to find where there are more effective therapeutic options for your patients which also offer higher reimbursements, this is a win-win for you and your patients.
Real-Life Application: One PDS member pharmacy consulted with their patients and prescribers to help their patients get the most effective drug available with their insurance. Without any changes to the total Rx volume, this pharmacy was able to increase their gross profit by $25,000 – all from one drug!
As you continue to analyze your data, you’ll start to
Discover more profitable opportunities
Increase your average margin dollars per prescription
Earn more profits without filling more prescriptions
Mitigate low-yield prescriptions
Build trust as a thoughtful, dedicated healthcare advocate
The foundation for a profitable, high-performing pharmacy is a solid medication synchronization program. Many pharmacies don’t implement this program correctly; therefore, don’t see the benefits of improved workflow, reduced expenses, scheduled staffing, improved adherence, and opportunities for healthy patient interventions.
There’s no magic involved. You don’t have to be a “special kind of owner” to achieve results that impact your profitability so you can rest easy knowing your cash balance is on solid ground. Besides the patient, workflow, prescriber, performance, and marketing impact you gain from implementing a successful synchronization program, the direct financial impact is undeniable.
Your synchronization program should be able to:
Deliver more prescriptions per patient
Lower expenses per prescription
Improve inventory management
Allow for more effective staffing
You’ll see all of these benefits in your financial statements, and the numbers don’t lie. PDS offers a comprehensive training to equip owners with the tools and knowledge they need to properly implement this program and synchronize their way to better financials.
In order to move from the unknown to the known, you have to understand the health of your finances. Stop worrying over how much money you have in the bank and start by creating a plan of attack. PDS is offering a pharmacy performance analysis from an experienced independent pharmacy owner. In this analysis, we’ll show you:
A snapshot of your pharmacy’s performance in four key areas
The eight KPIs you should measure
The tools you need to move the needle
Take the next step to secure your financial freedom and leave the stress of making ends meet in the past.
Ready to Experience Your Best Year Yet?
For over 21 years, PDS has helped Independent Pharmacy Owners thrive. We’re a team of experts dedicated to your success and who focus on your entire pharmacy. Click below to discover your pharmacy’s biggest growth opportunities.
https://www.pharmacyowners.com/wp-content/uploads/2019/06/PDS-Cash-balance-e1560458065594.png923923Marie Wildahttp://www.pharmacyowners.com/wp-content/uploads/2022/01/PDS-logo.svgMarie Wilda2019-06-13 16:32:132020-03-11 13:26:04Three Ways to Improve Your Cash Balance
Data is everything. It can drive business growth, increase profitability, and improve your relationships with your patients, but only if you use it.
Developing a new niche for your business, such as an immunization program, is a great way to generate more traffic and increase OTC, retail, and prescription sales. Getting started may seem daunting and we want to show you that it’s easier than you think.
