Revolutionize Medicare Part D, Save Pharmacy

Revolutionize Medicare Part D

Here at PDS, we have many incredible solutions partners that have the ability to revolutionize pharmacies through their products and services. We’re so excited to share with you one of them — iMedicare. They would like to share with you the blog they wrote below about how you can join the revolution to reshape Medicare Part D. Read on!


Like PDS, iMedicare shares the same dedication and passion to helping community pharmacies win. Recently, we conducted a survey that polled 5,000+ of our pharmacy customers and discovered that many want to see real change in the industry. A change that serves the independent community, while being patient-focused. So we decided to investigate how pharmacies like you could create a profitable Medicare Part D plan.

Curious? We hoped you’d be! The following will be a thorough step-by-step plan on how to get started building your profitable Medicare Part D plan and help patients along the way:

Step 1: Start an insurance company.

All Medicare plans must have a license from the Department of Insurance (DOI) of the state they want to do business in. Each state has different requirements, the most important one being the capital and surplus requirement.Capital and surplus refers to cash in the bank (assets minus liabilities) and some states require as much as $10 million, as in the case of Iowa.Find each state’s capital requirements from the NAIC (National Association of Insurance Commissioners) here.

So what do you do? You start the new insurance company in North Carolina, which has a $1.1 million capital requirement, then fill out all the forms and get a Certificate of Authority for Insurance. Next, you apply toNAICto get a risk-bearing entity code. Now, you can apply in other states as an out-of-state insurance company to get the Certificate of Authority for each state. Note: you will still need to fulfill the capital requirements for each state. So,you will need around $10 million to ensure all state requirements are satisfied.

Why would you want to apply in every state? Because more states equals more Medicare patients, and more premiums. Having a large number of patients on your plan is key to Medicare plan financials.

But here’s the real reason: Around 400,000 LIS (low income subsidy) patients lose their coverage due to plan and premium changes every year. These low income patients are auto-assigned into one of the LIS-eligible Medicare Part D plans offering a $0 premium for LIS patients. There are 6 LIS-eligible plans in each state, on average. So, if you have a LIS-eligible Part D plan, you will capture 400,000 / 6 = 66,000 new patients in your plans without doing anything – simply due to the way the system works. Let me say this again:

If you have a plan with a premium below the benchmark in all 50 states, you will automatically get 66,000 Medicare patients on your plan each year.

But before you get too excited, you must start a Part D plan and go through the Center of Medicare and Medicaid (CMS) application process. There’s an important CMS rule to be aware of: In the2014 Final CMS Rule, CMS introduced the requirement thatall new Medicare plans must have 2 years of experience in health insurance OR 5 years of experience as a PBM for health insurance.

This CMS rule makes it much harder for new plans to enter the market. You have 2 choices:

  1. Run your new health insurance company for 2 years before applying to CMS.
    (i.e., offer Medicare Supplement plans)
  2. Buy a failing insurance company with 2 years of experience.

Based on our research, the buying route seems to be the preferred method for many companies.

Examples:

The most cost-effective option is to buy aninsurance shell company. These companies go for about $80,000 per state license (that’s about $4 million for 50 states). This does not include the capital and surplus, soyou are looking at a minimum investment of $14 million. The risk with these transactions is the unknown liabilities they bring from previous insurance policies they may have used in the past. While there are some preventive measures to minimize this, trust is a big factor in these transactions.

Step 2: Hire a Pharmacy Benefit Manager (PBM)

While the health insurance company has the licenses, the name, marketing, and contract with CMS, the day-to-day operations of a Part D plan are done by a pharmacy benefit manager.

PBMs do the work behind the scenes. PBMs create and administer the plan formularies, pharmacy networks, rebates, reimbursements, enrollments, phone calls, prescription claims processing, reporting to CMS, and compliance.

You may be tempted to start your own PBM, but it is unlikely that you can comply with all the CMS requirements your first few years.Others have tried, and failed:

SmartD was suspended by CMS after just 2 years on the market.

By freezing all new enrollments, CMS can put any plan out of business with a stroke of a pen.

To hire a large PBM for all the functions above, you will likely have to pay a signup credit of a few hundred thousand, and then $10-$15 per member per month (PMPM). Or you can get a smaller PBM for $4-$5 PMPM.

Besides the PBM cost, you will need to spend an additional $550k per year: Actuary ($100k), a lawyer ($100k), CMS consultants ($100k), and a Statuary Accountant required on staff full-time ($250k)

Step 3: Create a business plan for your Part D plan

Every year, Medicare plans place a bid on the premium for their plan. For 2017, the average premium was $35.63/month.Click here for the CMS announcement.

Create a business plan for your Part D plan

CMS subsidizes the premium with an additional $25.45/month per patient, depending on the health risk score of each patient. Moreover, CMS covers 80% of the costs in the Catastrophic phase through what is called “Federal Reinsurance,” which will be around $70 in 2017, judging from theMillimanandKaiser Family Foundationreports. So, added up,Part D plans will receive over $1,500 per member in 2017.

Then there’s DIR. Direct and Indirect Remuneration (DIR), refers to rebates and fees from manufacturers and pharmacies that the PBM negotiates on the plan’s behalf.From 2012 to 2015, DIR has increased from $10 billion to 23 billionaccording to a recent CMS factsheet.The same study shows that DIRs lower the plan’s liability from $1,077 to $666 per member per year (PMPY).

Revolutionize Medicare Part D, Save Pharmacy

A Part D Plan’s gross profit is $1,500 – $666 = $834 PMPY. PBMs take at most $180 PMPY. Other G&A expenses such as compliance, IT, rent, employees take another $216 PMPY.So the EBITDA of a Medicare Part D plan comes to around $438 per member per year.

So given the $438 in profit per member per year, what do we need to make this a reality?

  • Q: First, how many enrollments do you need to make a Part D plan profitable?
    A: Depends on the expenses to win an enrollment. With $0 marketing expenses, 100,000 enrollments would put a plan definitively in the black. By pricing the plan premium below the low income benchmark (as we discussed in the last article), your national Medicare Part D plan will receive ~60,000 enrollments automatically from the low-income patients auto-assigned in a plan each year across all 50 states. However, for a Part D plan to truly win the market, it will need closer to 1 million enrollments.
  • Q: How does the competition get enrollments?
    A: Some Part D plans price their premium below profitability in order to beat the competition. Other plans use insurance brokers to drive enrollments. The commission for these enrollments are around $28 per patient per year for a Part D plan, and ~$400 for a Medicare Advantage plan.
  • Q: How can a start-up plan beat the competition?
    A: One of the best ways is by partnering with pharmacies.
    A start-up plan can partner with pharmacies in each community to drive down patient costs. By lowering patient costs, the Medicare Plan would surpass any other plan’s profitability, and have a key stakeholder in each community.
  • Q: Why would pharmacies partner with a Part D Plan?
    A: Because pharmacies would have ownership in the Medicare Plan entity.

Hence, the best way for a new Medicare Plan to succeed is if pharmacies themselves own the majority of the new entity.

To make this collective plan a reality, pledge below.

pledge below

The moment $50 million in pledges is reached, iMedicare will help with the plan setup, to help make pharmacies a real player in the insurance market.

 

PDS 2017’s Most Valuable Programs

UNconference
PDS 2017's Most Valuable Programs

If you’ve been paying attention to or attended the 2017 PDS All Star Super-Conference, you know that we unleashed some profit-rich programs and strategies that boast incredible ROIs to our attendees.

5 programs, in particular, have generated a buzz among independent pharmacies. These are:

  1. Tax Savings
  2. Data Mining
  3. Clinical Services
  4. Allerpac
  5. Pharmbuilder

PDS member pharmacies have the advantage of a complete guide and walkthrough to get started on these profitable programs. But now you can download the free 2017 MVP Summary to get the basics of how to get started on these 5 programs.

Keep your engines roaring for PDS 2017 and download your free MVP Summary today! This short, high-level summary will provide a basic recap of these 5 strategies so you can get more information on how to get started and any resources you may need.

> Download the 2017 MVP Summary 

Remember, these are only 5 of the many popular strategies we offered at the conference — and we intend to make them your most successful initiatives of 2017. Help us set you up for success and download the free report today!

Dreaming of February 2018? Reserve your tickets for the 2018 PDS Super-Conference today and take advantage of early ticket pricing!

 

A Case Study in Inventory Management Success

Winning with Pharmacy Automation

Committed to the excellence of the pharmacy industry, the number one goal of the team at RxSafeGrand Event Sponsor at the PDS All-Star Super Conference, is to streamline retail pharmacy workflows and inventory management.

In the following casey study, we spotlight the team at Paw Paw Village Pharmacy and how they used their RxSafe 1800 system to diminish $98,000 in excess inventory.

Meet Paw Paw Village Pharmacy: RxSafe 1800 Customer
Meet Paw Paw Village Pharmacy: RxSafe 1800 CustomerPaw Paw Village Pharmacy is a family-owned pharmacy that has served the residents of Paw Paw, Michigan for more than 35 years. They pride themselves on providing fast and friendly service and are dedicated to helping patients find the best and most cost-effective solutions for their needs. Paw Paw Village currently fills an average of 450 scripts per day, and over 700 prescriptions on a busy Monday.

The Pharmacy’s Challenge
Paw Paw Village had a lot of technicians walking back and forth pulling bottlesand counting drugs as fast as they could on multiple counters throughout the pharmacy in order to keep up with demand. This negatively impacted their technician hours, error rate and service delivery.

In addition, Paw Paw Village was considering purchasing another pharmacy, which would cause their inventory value and prescription volume to increase by over 20% overnight. They would need a way to incorporate, manage and track this new inventory.

Finding Inventory Management Solutions
Paw Paw Village purchased the RxSafe 1800 two-tower system in order to increase accuracy and efficiency, and improve patient safety. Eighty percent (80%) of the pharmacy’s prescriptions are now filled through the RxSafe. The system pulls medications by bar codes so the NDC codes are correct and there is far less room for errors.

Paw Paw Village acquired another pharmacy and its inventory a year after purchasing the RxSafe system. The RxSafe allowed them to assimilate all of their new inventory into their pharmacy over the course of a weekend. RxSafe’s bottle-picking algorithm automatically selected soonest- to-expire medications first, which enabled them to dispense newly-acquired inventory that might otherwise have been discarded. Over a period of six weeks they were able to deplete $98,000 of excess inventory.

Paw Paw Village’s Results

  • Paw Paw Village's ResultsSecurity. Secure storage and tracking of drugs prevents theft and diversion. Joe Romph, co-owner told us, “With the reporting features we’re able to track the movement of each prescription bottle to show what prescription it filled and what technician filled it. The tracking and accuracy are unparalleled.”
  • Accuracy & Efficiency. Eliminate filling errors and increase workflow efficiency. According to Joe, “We don’t have pulling mistakes anymore. Technicians used to pull and count the incorrect medication and if there was a mistake we wouldn’t catch it until the pharmacist checked it. We wasted time and effort by having someone count something that was incorrect. Then they would put the drug back in the bottle, retrieve the correct drug, and recount it. With the RxSafe, we don’t have any mistakes because it pulls by the barcode.”
  • Inventory Management. Increase inventory turns and reduce physical inventory. Joe says, “We’ve seen our inventory turns go from 19 turns to 25 turns per year. When we acquired a new pharmacy recently and added their inventory to our pharmacy it was easy with the direct-to- overstock feature—it’s a great program and it saved us!”
  • Reduction in Labor Hours. Reduction in the time required for technician counting, pharmacist verification, and inefficiencies related to inventory management. Joe shared, “Three months after introducing the RxSafe we saw a reduction in technician labor hours of between 200–250 hours per month. This reduction basically covers the cost of the RxSafe.”
  • Profitability. Increase inventory turns, reduce labor hours and increase profitability. According to Joe, “Along with a quieter, smoother and more efficient operation, we’ve also able to increase our inventory turns and our profit with the RxSafe.”

Client Testimonials
“With the reporting features we’re able to track the movement of each prescription bottle to show what prescription it filled and what technician filled it. The tracking and accuracy are unparalleled.”

“Filling prescriptions using the RxSafe completely changed our workflow. We used to have multiple technicians pulling drugs, filling prescriptions and lining them up on different counters for the pharmacist to check. Now that 80% of our volume is filled at the RxSafe with only one tech, we have a much more organized process of setting up the prescriptions on one counter for the pharmacist.”

“I’m happy with the RxSafe because it’s improved our inventory turns, reduced my labor hours, and it’s given us the opportunity to take care of our customers in new ways (such as MTM, blister packaging, and delivery service).”

About Paw Paw Village Pharmacy
Paw Paw Village Pharmacy is a family-owned, professional pharmacy serving the residents of Paw Paw, Michigan and the surrounding communities since 1982. The Paw Paw Village Pharmacy staff consists of two full-time and two part-time pharmacists, as well as 11 technicians. At Paw Paw Village Pharmacy, we pride ourselves on bringing you individualized service and attention and are dedicated to helping you and your physician find the best and most cost-effective medication for you.

Visit RxSafe, LLC
For pharmacy owners who are focused on improving the accuracy, safety, and security of their business operations, RxSafe is an automated, high-density robotic storage and retrieval system that helps pharmacies avoid medication errors and enhance narcotics security. Unlike traditional automation, our products provide the peace of mind that comes with unparalleled accuracy in the tracking of pharmacy drugs and narcotics.

You can visit the website at www.rxsafe.com for more information. To stay connected, follow RxSafe on Twitter, LinkedIn and Facebook.

[Watch] How to Develop the Pharmacy Marketing Plan of Your Dreams

marketing plan
How to Develop the Pharmacy Marketing Plan of Your Dreams

Let’s take a look at your pharmacy marketing.

Are you implementing the foundations of marketing to drive traffic through your door? If you’re like most independent pharmacy owners, you don’t have a fancy marketing team for implementation. In fact, most pharmacies have limited time, money or resources for marketing. That is where most owners give up and focus solely on clinical solutions (which is a mistake, ask me why here or in the comments below!). But since you’re reading this blog, you’re not like most owners, are you?

The need for a dedicated marketing team is a myth. Sure, it’s nice, but you already have the right people on your team, you just have to put the process in place. Now that you know you have the manpower, how do you get access to the right processes and profit strategies?

PDS members have unique access to our member training courses, one of which is Marketing 360. This is a live class taught by PDS pharmacy marketing and business experts, Dr. Lisa Faast (me) and Lisa Baker. We both have an extensive background in marketing specifically for the independent pharmacy industry.

This course shows indepenedent pharmacies how to:

  • Build the right team within your pharmacy
  • Create anactionable strategy
  • Focus on target audiences
  • Leverage marketing tools that will optimize your existing efforts
  • Infuse the marketing angle on all the PDS profit strategies
  • Eliminate the trail and error of developing a marketing plan for your pharmacy.

PDS members who take this course start driving traffic to their pharmacy — fast.

Not a PDS member? Don’t worry, not everyone can be perfect! But you can chat with us about joining if you want to see the same incredible results in your pharmacy. (Just in case you’re wondering… we’re not making this stuff up.)

Watch the video below as Dr. Lisa Faast, PDS’ resident pharmacy expert and VP of Marketing, shows you how to easily get started on your dream marketing plan.

 

Now is the time to start establishing the supporting tactics for the 2017 strategies you’re implementing. We know that you have limited time, money or resources for marketing. So use yours more efficiently by becoming laser-focused on your marketing efforts.

The next session of Marketing 360 begins on March 30, 2017 in Ft. Lauderdale, Florida. Here’s how you can attend:

PDS Members: Click here to get registered for Marketing 360 and start seeing results.
Non PDS Members: Click here to chat with us!

 

Optimizing Inventory Management and Decreasing Errors

Optimizing Inventory Management

RxSafe, the  Grand Event Sponsor at the 2017 PDS All-Star Super Conference is fiercely committed to challenging conventional wisdom, upending the status quo, and developing technology that will define the future of the retail pharmacy industry.

In the following pharmacy automation case study, we feature RxSafe customer Ed Potts, owner and pharmacist at Medicine Shoppe 0805. Continue reading to see how his team leveraged RxSafe’s technology to minimize errors during peak hours and streamline their inventory control processes.

Ed PottsMeet Ed Potts: RxSafe 1800 Customer
Medicine Shoppe 0805 is located in Fairfield, Illinois and focuses on providing caring service for their customers. The owner and pharmacist, Ed Potts, has spent the past several years focusing on changing the company culture. Technicians now think of themselves as health care providers and really listen and educate their customers. Potts says that owning a pharmacy isn’t just about filling prescriptions, it’s about caring for people.

The pharmacy processes an average of 275 scripts per day and primarily serves older people who are on multiple medications. They provide free delivery for people who are unable to leave their homes and offer specialty services such as flavoring antibiotics for children. The pharmacy has many loyal, long-term customers, including one who has been with them for almost thirty years.

His Pharmacy’s Challenge
Ed Potts’ main concern as a pharmacist is accuracy. He realized that they weren’t achieving 100% accuracy during peak periods, which was unacceptable. Potts says, “The medication has to be the right drug, with the right count. It gets very busy sometimes and mistakes can be made. It can be easy to grab the wrong medication strength or count the incorrect dose.”

He was also focused on improving inventory management and control. Knowing where specific drugs are located and how many are on hand is important, as well as tracking expiration dates and usage.

Potts was looking for a solution that would address these key issues as well as free up pharmacist and technician time in order to allow them to provide a higher level of patient care to their customers.

Finding a Solution   
As Ed’s Rx got busier he realized something had to be done. Ed’s Rx purchased the RxSafe 1800™ and Eyecon™ to work in tandem with their existing ScriptPro 200™.

Potts shared, “We‘ve had a ScriptPro 200 for eight years and we set it up next to the RxSafe so the workflow is very efficient. We liked the ScriptPro, but it’s inconvenient to have to keep filling cells. We only use the ScriptPro for large quantities that we go through quickly.”

MedShoppe0805_V1 (1).jpgGame-Changing Results

  • Improved accuracy. One hundred percent accuracy for drug and dose when proper processes are followed. Potts says, “RxSafe solved my accuracy problem. I know what comes out of the machine is always the right drug and the right count.”
  • Inventory management and control. Previously Ed’s Rx had an inefficient and time consuming manual inventory system. Potts says, “Now a technician can just check the RxSafe inventory report to see what we need to order. We can also get a report of expired drugs so we can send them back.”
  • Space savings. Raise productivity, increase accuracy and free up valuable retail space for other uses. “Our RxSafe automation freed up space, time and people in our pharmacy so we could do other things.”
  • Labor efficiency. Reduction in the time required for technician counting, pharmacist verification and inventory management, and as a result, reduction in the labor force. Potts shared, “RxSafe has helped our pharmacy tremendously. The machine saves time in pharmacist verification, technician counting and filling, and inventory management. Now I only need one person instead of two and have been able to move a tech over to our MedSync Program.”
  • Improved patient care and introduction of new programs. Patient care improves and resources can be reassigned. According to Potts, “RxSafe has allowed us to free up a significant amount of work time, which allows us to provide a higher level of patient care. We’ve been able to add a Medication Synchronization Program as well as recently introducing a Weight Loss Program, further benefiting our patients.”

About Ed’s Rx / Medicine Shoppe (MS0805)
Ed’s Rx is The Medicine Shoppe Pharmacy in Fairfield, IL. We are here first and foremost for our patients because we care. We want you to have a welcome experience when you enter our doors and to receive the best possible service with caring, trained professionals who will listen and provide you with what you need for your health. We offer a full range of products and services to meet all your pharmaceutical needs. Our pharmacy staff is always available to answer your questions and assist you in any way possible. Our goal is to always provide our patients with superior service and compassionate care.

Connect with RxSafe! 
To learn more about RxSafe and their cutting-edge pharmacy automation technology, go to www.RxSafe.com. Also plan to stop by their booth #100 at the 2017 PDS All-Star Super Conference in February in Orlando, Florida.

Read Another Pharmacy Automation Case Study!
Have a few more minutes? Learn how Jana Bennett utilized technology to increase her pharmacy’s output… without having to hire a another technician! Read the pharmacy automation case study now.

 

Saving Small Business One Pharmacy at a Time

small business

Saving Small Business One Pharmacy at a Time

Approximately 20,000 independent pharmacies are operating in the U.S. today, and all are facing fierce competition ready to knock them out of the game. The resources and budgets of independents can’t compare to those of a multi-million dollar retail pharmacy, so independents have to get ‘creative’ by harnessing the talents and providing professional development, for everyone on their team.

A new wave of indie pharmacy owners are working to dispel the notion that they are a dated and dying breed of healthcare providers. Here are a few reasons why your local store is the place to visit for your healthcare needs.

  • Indie Pioneer: Hashim Zaibak, owner of Hayat Pharmacy, saw the opportunity to save their patients money by providing a low-cost epinephrine pen alternative. This safe and comparable option to an expensive life-saving medication helped uninsured patients when retail giants could not.
  • Indie Pioneer: Patient Synchronization (SyncRx) isn’t a new program to the pharmacy industry, but Jason Turner of Moundsville Pharmacy recognized how valuable it could be to patients with complex medication regimens. He developed a Medication Therapy Management (MTM) component which allowed his team to provide OTC solutions for patients suffering medication side effects. Jason changed the game by providing personalized patient solutions.

Your community pharmacy is your local health care destination. No one has the knowledge and latitute to address community health care needs like your local pharmacy. Many have community-centered programs that are beneficial to anyone such as wellness clinics, immunization programs, and disease testing and education.

The end all, be all goal of independent pharmacies is successful patient outcomes.

{WATCH} Real Success From Real Pharmacists

Real Success From Real Pharmacists
Your Roadmap is Waiting

Your Roadmap is Waiting

When you attend our Super-Conference, you’ll notice that one of our beloved traditions is to recognize the PDS members who have shaken the ground in their success in the last year. These are pharmacy owners who, in one short year, have claimed their success over a variety of struggles. Be it cashflow issues, cultural deficits, financial decline, stagnation — you name it, these owners have come out on top.

Have you ever wondered how successful pharmacy owners have managed to bet against the house and win? Well, we have your roadmap, and it’s easier that you think! You just have to come and sit at the table.

Hundreds of your peers can attest to the success they’ve achieved. We have proof in what your peers are saying and in hard numbers. This is the real deal and we have a guarantee to back it.

If you want to learn more about the PDS Super-Conference, watch the video below as our very own Nicolette Mathey, PharmD and Pharmacy Expert shows real success from real pharmacists… and how their success is your gain!

Watch the video below!


 

The PDS Super-Conference is the pharmacy event of the year that is guaranteed to change the way you run your business. Join us for the next event in February! Click below for details.

PDS 2018

Leveling the Profitability Playing Field: A Pharmacy Automation Case Study

leveling profitability

The team at RxSafe, the Grand Event Sponsor at the 2017 PDS All-Star Super Conference, walks into the office every day with one goal in mind: to streamline retail pharmacy workflows and inventory management.

Meet Jana Bennett: RxSafe 1800 Customer Today we share a pharmacy automation case study featuring RxSafe customer Jana Bennett, owner and pharmacist at Medicine Shoppe 0708, and her path from being understaffed to more efficient without hiring a new technician.

Meet Jana Bennett: RxSafe 1800 Customer
Medicine Shoppe 0708 is a pharmacy in Sherman, Texas that is dedicated to friendly, personalized service. The owner and pharmacist, Jana Bennett, is committed to providing accessible and helpful service to customers. She practices the philosophy of treating all customers like they were family.

The pharmacy processes between 375 and 600 scripts per day and primarily serves customers who are 65 and older.

Her Pharmacy’s Challenge

Prior to installing the RxSafe 1800, Medicine Shoppe 0708 was growing quickly and considering hiring more employees in order to get the work done. However, they knew that hiring new employees can sometimes be a challenge and the amount of time needed to manage those resources, substantial.

They were also concerned about internal and external security. The pharmacy previously had two employees who were stealing controlled substances. They had also been burglarized recently. Additionally, in order to better serve their customers, they saw the need to increase efficiency and reduce any chance of human error related to filling.

Finding a SolutionFinding a Solution
Medicine Shoppe 0708 purchased the RxSafe 1800 after thoroughly researching the competition.

“The competitors only handle the top 200 medications, but we wanted something that would hold and manage all of our inventory,” says Jana Bennett. “The RxSafe 1800 could handle 80% of our volume and the payment was less than hiring another technician. We thought about automation but didn’t think we could afford it. RxSafe changed our mind.”

Game-Changing Results

  • Payroll reduction. Significantly increased the volume of prescriptions processed without increasing employee count. Offers the ability to grow significantly without adding any more payroll. “We’ve been able to grow a lot without increasing payroll. Our payroll was 9 percent before, after installing the RxSafe it’s at 7.3 percent.”
  • Internal and external security. Secure storage and tracking of drugs prevents theft and diversion. “RxSafe has saved me a lot of mental anguish knowing that I can look at a drug and identify everyone who’s interacted with it. I can tell you in five minutes who has touched any drug.”
  • Increased efficiency and reduced error rate. Increased efficiency by removing bottlenecks, accurately tracking all drugs and eliminating filling errors. “RxSafe has eliminated the frustration of trying to locate a bottle—you always know where every drug is.”
  • Inventory management. Reduction in physical inventory time and audit process. Eliminates the need to do audit counts. RxSafe does audit counts and transfers the data to the pharmacy management software system. “We’ve been able to increase our inventory turns. Now our average inventory turn rate is between 13-14, before it was around 11.”
  • Workflow. Significant reduction in technician’s walking, searching and returning time. “Our employees are happier because the workflow is smoother, it saves a lot of time with put-away, the workspace isn’t cluttered, it’s the same process every time for every script.”

About Medicine Shoppe (MS0708)
The Medicine Shoppe pharmacy was established in 1968 by a pharmacist whose mission was to bring to his community a pharmacy that was both dedicated to personalized service and managed by the pharmacist. Medicine Shoppe International, Inc. (MSI), a Cardinal Health Company, is still distinguished by its commitment to providing expert, personalized health care. MSI is one of the largest franchisors of independent community pharmacies in the U.S. with over 500 Medicine Shoppe and Medicap Pharmacy locations across the United States, and more than 200 international pharmacies.

Connect with RxSafe! 
To learn more about RxSafe and their cutting-edge pharmacy automation technology, go to www.RxSafe.com. Also plan to stop by their booth #100 at the 2017 PDS All-Star Super Conference in February in Orlando, Florida.

 

[LISTEN] Why You Should Be Concerned with “Piercing the Corporate Veil”

Piercing the Corporate Veil

Why You Should Be Concerned with "Piercing the Corporate Veil"Most business owners think that they’re safe from personal liability when they formed their corporation or LLC. This protection is called your “corporate veil.” For the most part, this is true… if you follow the rules.

If you don’t follow the rules of the club to keep you in the bubble of protection, a court can pierce your corporate veil. This leaves you as the owner, your shareholders, or members of your corporation or LLC personally liable for corporate debts. Once your protection is peeled back, creditors can go after your home, bank account, investments, and other assets to satisfy the corporate debt. It is very easy to open yourself up to this threat and leave you vulnerable to litigation that will not only target your business, but your personal assets. Business owners are being attacked by entities like the IRS and lawyers who lie in wait to catch your protection off guard.

What can you do as a business owner?

You need to follow the rules to keep your protection firmly in place. The asset protection and tax saving benefits are only guaranteed if your company follows specific rules of operation—known as Corporate and LLC compliance. These rules state that your company needs to “act” like a Corporation or LLC. Taking action such as consistently recording minutes and instituting resolutions are a few examples. Follow these defined rules and you have all the benefits that Corporations and LLC promise. Disregard these rules, and you could potentially lose everything.

Our very own Dr. Lisa Faast had a conversation about how pharmacy owners can protect themselves with Scott Burnett, a former trial lawyer who is considered to be one of the nation’s leading legal authorities on asset protection and tax education for corporations and LLC’s. Many of his cases involved peeling back the protection of corporation and LLC’s, and attacking the personal assets of the owners. He now teaches business owners how to avoid frivolous litigation, and over taxation.

Scary stuff, right?

Listen totheir short discussion to keep you on the right track below. Make sure to listen to the end for an incredible gift for you that will keep your veil in place and protect you from litigation.



The PDS Super-Conference is the pharmacy event of the year that is guaranteed to change the way you run your business. Join us for the next event in February! Click below for details.

PDS 2018

{WATCH} The Pharmacy UNconference: The Most Important Pharmacy Event of Your Career

UNconference
  The Pharmacy UNconference

Come Sit at the Table

If you’ve ever attended a pharmacy event, tradeshow or conference, you know the drill. You’re fed clinical, sponsored education that focuses on the pharmacist, not the pharmacy owner. While clinical training keeps your gears oiled as a pharmacist, it does nothing to grow your business in the ways you need to stay viable.

We call our show the Pharmacy UNconference because if you have never attended our event, you will be blown away by our programming. Unlike any other industry event you have ever attended, this is 3 days with only the most progressive pharmacy owners and industry experts in one room. These presenters aren’t just speaking at you, they want you to know success, and they have all the ways laid out for you achieve — if you’re willing to take a seat at the table. Continue reading “{WATCH} The Pharmacy UNconference: The Most Important Pharmacy Event of Your Career”