Read time: 15 minutes
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During an interview with Pharmacy Podcast, Parata Systems CEO Tom Rhoads called independent pharmacies to action. In five steps, he outlined a process that will ensure your independent pharmacy has a seat at the healthcare reform table.
The changing healthcare system presents both challenges and opportunities for pharmacies. For independent pharmacies, the biggest opportunities lie in strong partnerships and medication adherence. Independent pharmacies are perfectly suited to succeed with their entrepreneurship, their commitment to customer service, and the agility to capture niche markets.
In the podcast, Tom identifies five steps that can help ensure your pharmacy’s success:
1) Review your patient data, and identify your chronic medication users. Ten percent of your customers represent about 50 percent of your revenue. Get to know them and serve them now.
2) Conduct research. Find out if hospitals in your area have launched accountable care organizations or patient-centered medical homes.
3) Identify partners. Talk with institutions about their interest in collaborating to manage medication adherence for their patients on multiple medications.
4) Reach out to your Medicare Advantage insurers. Begin a dialogue about the opportunity for your pharmacy to help them bring down the cost of care.
5) Research providers of residential care. Gain a better understanding of these organizations and their challenges.
Listen to the podcast now.