Medicare-Focused Insurance Agency Could Benefit Independent Pharmacies
Drug Topics
APRIL 19, 2024
A Q&A with Joe McKamey, general manager at Marcrom’s Pharmacy in Manchester, Tennessee.
Opening a Medicare-Focused Insurance Agency Offers Benefits to Independent Pharmacies
Drug Topics
APRIL 6, 2024
Joe McKamey, general manager at Marcrom’s Pharmacy in Manchester, Tennessee, talks about why pharmacies should open their own Medicare-focused insurance agency and what steps and preparations they can take to ensure a successful launch and operation.
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Independent Pharmacies Must Prioritize Cybersecurity
Drug Topics
APRIL 9, 2024
Brian Rakers, senior vice president of distribution and member support at Pharmacists Mutual Insurance Group, talked cybersecurity during a session at AAP 2024.
STAT+: FTC report finds PBMs profit at the expense of patients and independent pharmacies
STAT
JULY 9, 2024
Moreover, the FTC found the prescription drug market is “highly concentrated” because the largest PBMs are owned by insurers and, in turn, own specialty, mail order, or retail pharmacies.
STAT+: Wall Street wags say a bill to force insurers or PBMs to sell pharmacies has low odds
STAT
DECEMBER 11, 2024
A proposed Senate bill that would prohibit companies that control health insurers or pharmacy benefit managers from owning pharmacies rattled investors on Wednesday, but some Wall Street analysts believe the legislation is unlikely to gain much traction, at least for now.
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How to get insurance to cover Ozempic for weight loss
The Checkup by Singlecare
JUNE 28, 2024
Although some healthcare providers prescribe Ozempic off-label for weight loss, insurance often won’t cover Ozempic for these uses unless it’s medically justified and no alternative treatments exist. We’ll explain when insurance covers Ozempic and how to advocate for coverage. When does insurance cover Ozempic for weight loss?
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How much is NuvaRing (etonogestrel-ethinyl estradiol) without insurance?
The Checkup by Singlecare
JUNE 13, 2024
Without insurance, the prescription birth control, NuvaRing, costs $234 for 1, 0.12-0.015 Is NuvaRing covered by insurance? Most health insurance plans usually cover NuvaRing. This means your insurance company wants to verify NuvaRing is medically necessary before they agree to cover it. 0.015 mg/24-hour ring.
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Comparing Mark Cuban Cost Plus Drug Company (MCCPDC) and Independent Pharmacies
Digital Pharmacist
JULY 21, 2022
MCCPDC is able to offer low pricing because they “cut out the pharmacy middlemen and negotiate directly with manufacturers” In this blog, we will explore the differences between independent pharmacies and Mark Cuban Cost Plus Drug Company and how MCCPDC could potentially affect independent pharmacies. .
The Evolution of Patient Needs: How Independent Pharmacies Can Grow & Adapt
Digital Pharmacist
APRIL 13, 2023
In this changing environment, independent pharmacies face increasing competition from retail, online, regional, and mail-order pharmacies. To stay competitive, it is key for independent pharmacies to adapt to changing patient needs by leveraging technology and providing elevated patient care beyond their medication needs.
How much is Tresiba without insurance?
The Checkup by Singlecare
JUNE 9, 2024
Although Tresiba may be covered by insurance, people without health insurance may bear the full retail cost of the medication. Is Tresiba covered by insurance? Most commercial insurance plans cover Tresiba. How much does Tresiba cost without insurance? A 10 mL vial may cost around $450 without insurance.
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Empowering Your Independent Pharmacy Employees
DiversifyRx
JULY 30, 2024
My goal at DiversifyRx is to make owning a pharmacy fun and profitable again. Empowering your independent pharmacy employees is a great way to reduce your burden and have happy employees. Running an independent pharmacy is both rewarding and challenging. Some fire is always happening in an independent pharmacy.
Is Independent Pharmacy Right for You?
The Happy PharmD
JUNE 5, 2024
Embarking on a career path in independent pharmacy is a significant decision. Independent pharmacies, unlike their larger chain counterparts, operate with a distinct flair. Independent pharmacy salaries vary, but they generally lean towards the lower end compared to big chains. Let’s talk numbers.
Independent Pharmacy Profitability: Direct Billing Workers’ Compensation
DiversifyRx
SEPTEMBER 19, 2024
The state or work comp insurer pays the exact same amount regardless of who sends the final paper bill to the adjuster. So we called all the numbers we could find for the insurer and got lucky in getting a super-friendly adjuster. Let’s work together to turn independent pharmacy ownership into a rewarding and profitable venture.
How To Properly Use A Manufacturer Coupon in Independent Pharmacy
DiversifyRx
MAY 7, 2024
What primary insurance does the patient have? Also, if the patient has no primary insurance, you won’t be able to use many coupons because they require secondary coverage only. This loss of contract would devastate most independent pharmacies. This restriction is ubiquitous across all PBMs.
STAT+: Would the federal government defer to states to regulate PBMs?
STAT
MARCH 15, 2023
Insurers determine what drugs are covered, where their customers can obtain these drugs, and how much drug costs their customers must pay for. After years of complaints from independent pharmacies, both state and federal lawmakers have become increasingly interested in opening up pharmacy networks.
How much is Novolin N without insurance?
The Checkup by Singlecare
DECEMBER 12, 2024
Without insurance, Novolin N costs $148 for 1, 10 mL of 100 units/ mL vial. Is Novolin N covered by insurance? Novolin N can be covered by commercial insurance , but coverage may vary by plan. Each private insurance plan has its own drug formulary and eligibility requirements. Its usually given one to two times per day.
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What Pharmacies Need to Know About Amazon RxPass, a $5/ Month Generic Drug Subscription
Digital Pharmacist
JANUARY 26, 2023
❌ RxPass is not Available Nationwide RxPass is currently only in 42 states and Washington, D.C. ❌ RxPass Doesn’t Provide Personal Interactions One of the major disadvantages of Amazon Pharmacy and other online pharmacies is the lack of personal care and connection one receives at an independent pharmacy.
How much is Zenpep without insurance?
The Checkup by Singlecare
AUGUST 17, 2024
Without insurance, Zenpep costs $1,775 for 90, 40,000-126,000 unit capsules. Is Zenpep covered by insurance? Zeppep coverage depends on the specific insurance plan or Medicare plan eligibility requirements. How much does Zenpep cost without insurance? It depends. Here are other ways to save money on Zenpep: 1.
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How much is Synjardy without insurance?
The Checkup by Singlecare
SEPTEMBER 19, 2024
Without insurance, the average cost of Synjardy is $789 for 60, 12.5-1000 Is Synjardy covered by insurance? Coverage varies depending on your specific insurance plan. Each health insurance company has certain eligibility requirements, including its drug formulary. How much does Synjardy cost without insurance?
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How much is Novolog without insurance?
The Checkup by Singlecare
JULY 30, 2024
Without insurance, the average cost of Novolog is $143 for one 3 mL pen of 100 units/mL. Without insurance, the average retail price of insulin aspart is $217 for one 10 mL vial of 100 units/mL. Is Novolog covered by insurance? How much does Novolog cost without insurance? It contains the active ingredient insulin aspart.
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The Power of Monthly Recurring Revenue (MRR) Memberships for Independent Pharmacies
DiversifyRx
SEPTEMBER 15, 2023
Independent pharmacies often face fluctuating revenues due to changing healthcare policies, market dynamics, and seasonal demands. Independent pharmacies often face fluctuating revenues due to changing healthcare policies, market dynamics, and seasonal demands.
How much is Invokana without insurance?
The Checkup by Singlecare
AUGUST 9, 2024
The average cost of Invokana without insurance can range between $600 and $800 for a 30-day supply. However, the retail cost can vary depending on the dosage and pharmacy. For those without insurance, several strategies may be available to reduce the cost of Invokana. Many private insurance plans cover Invokana.
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What Pharmacists Should Know About Medicare Open Enrollment 2023
Digital Pharmacist
OCTOBER 5, 2022
The Medicare Open Enrollment period for 2023 is quickly approaching – this is a critical time for both your patients and your pharmacy. This leaves very little time before patients need to re-evaluate their insurance. . Below are a few tips on how your pharmacy can prepare for the upcoming enrollment period.
Why Non-PBM Revenue to Increase Pharmacy Profitability?
DiversifyRx
MAY 24, 2024
Increasing your Non-PBM Revenue is a great way to increase your independent pharmacy’s profits. Having a significant portion of your pharmacy’s revenue tied to a PBM introduces uncertainty and anxiety for pharmacy owners. Currently, most pharmacies operate at around 5-10%. We all detest the PBMs. It is easy.
What Pharmacists Should Know About Medicare Open Enrollment 2024
Digital Pharmacist
SEPTEMBER 20, 2023
The Medicare Open Enrollment period for 2024 is quickly approaching – this is a critical time for both your patients and your pharmacy. This leaves very little time before patients need to re-evaluate their insurance. Every year, the enrollment period runs from October 15 to December 7.
Does Medicare cover Ozempic?
The Checkup by Singlecare
MARCH 7, 2024
The truth is that its prices can vary depending on a lot of factors, including insurance coverage. Without insurance , Ozempic costs vary but average about $1,300 per pen (a month’s supply) depending on the dosage , where you live, and which pharmacy you use. How much does Ozempic cost? Does Medicare cover Ozempic?
The Pharmacy Owner’s Guide to Navigating PBM Headaches in 2025
DiversifyRx
DECEMBER 12, 2024
PBMthose three little letters have caused more headaches for independent pharmacy owners than we care to count. What to Do: Explain the Problem: Many patients don’t understand how PBMs affect their medication prices and your pharmacy. Use simple language to explain why independent pharmacies are often the better option.
Pharmacy Profit Summit Speaker Highlights 2022 – Day 2
DiversifyRx
AUGUST 25, 2022
Hospice services need independent pharmacies to properly care for patients. The StreamCare advantage eliminates greedy PBMs from work comp claims and allows you to bill the insurance carrier directly. There were three main areas she covered: 1) Get quick wins – get quick results and start winning with your changes.
Amazon Pharmacy: What You Need to Know
Digital Pharmacist
SEPTEMBER 12, 2022
They have simple search engines on their site that allow easy access to checking prices with and without insurance. Many customers are already familiar with Amazon and trust the brand but on the other hand, Amazon Pharmacy does lack the personal touch and in-person interactions that independent pharmacies can provide.
Pharmacy Valuation: The Power of Add-backs
DiversifyRx
AUGUST 23, 2024
Common Add-backs in Independent Pharmacies To implement add-backs effectively, it’s crucial to identify the common expenses that can be adjusted. Here are some examples that are common in independent pharmacies and will impact your pharmacy’s valuation.
Top 2022 Pharmacy Blog Posts For Non-PBM Revenue
DiversifyRx
DECEMBER 22, 2022
Non-PBM revenue can sometimes still have a middleman – a doctor’s office, an employer, or an insurer, as examples. This is a critical pillar to growing your pharmacy profitably. Low pharmacy profitability, shady audits, bad cash flow, negative reimbursements, and many other issues are brought on by PBMs.
How do I get Ozempic for $25 a month?
The Checkup by Singlecare
MARCH 21, 2024
The good news is that those prices can vary based on factors like insurance coverage and the reason for taking it. Without insurance coverage, an Ozempic pen can cost $1,322.61 What about insurance? The most common way to save money on any prescription drug is by using health insurance, which can drastically drop the price.
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Pharmacy Closures in 2024: What’s Really Happening and What It Means for You
The Happy PharmD
NOVEMBER 19, 2024
This mass closure affects both large chains like CVS, Walgreens, and Rite Aid, as well as smaller independent pharmacies that serve rural and underserved communities. Unfortunately, PBMs often don’t provide pharmacies with a clear picture of how much they will be reimbursed, leaving pharmacies to lose money on many prescriptions.
What is pharmacy delivery?
SingleCare
JANUARY 14, 2021
Mail order pharmacies vs. pharmacy delivery services Pharmacy delivery services are similar in nature to mail order pharmacies, but they differ slightly and it’s important to know in what way. With pharmacy delivery services, a doctor will call in a prescription to a local pharmacy.
Does Medicare cover Synthroid?
The Checkup by Singlecare
AUGUST 6, 2024
The cost of Synthroid can vary based on several factors, most prominently insurance coverage. Many insurance and Medicare Part D plans cover it, but it depends on the specific plan and why it’s prescribed. But that price can vary based on insurance coverage, plus other factors, like dosage or the specific pharmacy that provides it.
3 Critical KPIs for Pharmacies in 2024: Boosting Cash Flow
DiversifyRx
OCTOBER 5, 2023
As the new quarter begins, it’s time to reflect on your pharmacy’s performance in the previous quarter. Were your plans and ideas overshadowed by the daily grind of managing your independent pharmacy? Many pharmacy owners find themselves dissatisfied with their progress in the last quarter.
A Message From Alex October 2024
Oswald's
OCTOBER 8, 2024
There’s no better time than now to support your local independent pharmacy! To put it simply, PBMs are ‘middlemen’ between your insurance company and Oswald’s (or any pharmacy you use) that are supposed to ‘save’ you money. If you’re not a prescription customer—what’s stopping you? Yang Rohr and Sen.
Maximizing Your Pharmacy’s Revenue and Impact: An Introduction to Remote Patient Monitoring and Chronic Care Management
DiversifyRx
SEPTEMBER 29, 2023
Many pharmacy owners are desperate to increase non-PBM revenue for their independent pharmacy. Breaking free from the PBMs allows pharmacy owners to be in more control of income, their services, and their patients’ health. We prefer a more synergistic, local approach—partnering with local independent pharmacies.
Navigating CVS’s New Pricing Models: What to Know About CVS CostVantage and CVS Caremark TrueCost
Digital Pharmacist
JANUARY 4, 2024
This initiative will shift how CVS retail pharmacies are compensated by eventually requiring all payers and PBMs contracted with CVS retail pharmacies to reimburse the pharmacy chain accordingly. How will CVS’s CostVantage impact the industry? However, according to Adam J. Fein, Ph.D.,
Options For Financing Pharmacy Working Capital
DiversifyRx
OCTOBER 27, 2022
When I talk to pharmacies, I often tell them that working capital, your cash flow, is the money you need to pay your wholesaler before you get paid from insurance. There are many reasons why a pharmacy might be low on working capital. I almost grew myself out of business several times in my first pharmacy.
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Low-Cost Ways To Get New Pharmacy Patients
DiversifyRx
JULY 27, 2022
Whether you focus on dispensing prescriptions, selling supplements, or fixing hormones, you need pharmacy patients. . Over the years, I have perfected many tactics that work well for independent pharmacies as we want our patients to come to us, IRL (in real life!). I am a huge fan of guerilla-style marketing.
Getting Started with Doctor Detailing
DiversifyRx
NOVEMBER 11, 2022
Here are some examples of great external reasons to visit a prescriber’s office: A new employee at the pharmacy. Insurance issues. Learn more about leveraging a drug take-back program to boost your pharmacy. . Just One Part Of Your Pharmacy Marketing Plan. You started a new service. Industry changes.
Pharmacy Profit: 5 Steps For Ending Strong
DiversifyRx
DECEMBER 4, 2024
Refill Profitable Rxs Before January 1: We all know the insurance chaos that happens at the beginning of the year. Step 3: Insight Into Your Pharmacy Profit—Reflect on This Year’s Wins (and Challenges) Take a moment to give yourself a pat on the back. Celebrate your wins and analyze your challenges.
The Importance of Gross Profit Margin for Pharmacy Owners
DiversifyRx
OCTOBER 20, 2023
Understanding and managing this metric is crucial for making informed decisions, optimizing profitability, and maintaining the quality of pharmacy services. Let’s review the Gross Profit Margin for pharmacy owners and how it impacts your independent pharmacy. What should a pharmacy’s gross profit margin be?
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