Up to date information in the field of Independent Pharmacy written by the PRS Pharmacy Consulting Experts and Pharmacists for Pharmacy Owners. Experience Matters.
Opening a new independent pharmacy can be a rewarding endeavor that offers the opportunity to be your own boss while providing services to the community and patients that helps them take control of their health. However, opening a brand new independent pharmacy from scratch is a challenging process with many details to consider. This article gives you a step by step guide to the main details to be addressed when starting a new pharmacy along with helpful hints on how
What is exposure control? For over two decades, Pharmacies have been moving beyond dispensing Medication. In many cases, these Pharmacies provide services that may expose their employees to bloodborne pathogens through exposure to blood and other potentially infections material (OPIM). This potential for exposure creates risks for employees and regulatory responsibility for the Pharmacy to prevent, minimize, and react to potential exposures. So, OSHA will require you to have an Exposure Control Plan. Before getting into what an Exposure Control
What is my Pharmacy worth? If I were to sell my Pharmacy, how much would I get? How do I determine the Pharmacy’s selling price? All similar questions with the same answer: you need a Pharmacy Valuation to determine the fair market value for your Pharmacy. The fair market value is like the appraisal of a house or non-Pharmacy business. An Independent Pharmacy Valuation gives you a very good idea of the Pharmacy’s value. The actual selling price is dependent
So, you’ve decided it’s time to sell your pharmacy. Take a few deep breaths and remember selling your pharmacy can be a stressful process and you need to be as prepared as possible going in. Missing one of the critical steps or small details could cost you and the buyer money and time. Today we are going to go over the ten basic steps in the selling process to give you an idea of what to expect. By no means
Compliance is a confusing issue for many pharmacy owners. It is made even more confusing when each compliance company says they are the best, most affordable, etc. Thus, how does a pharmacy owner with limited time decide what company to choose? The first thing to know is that most of these companies do not provide everything required for a pharmacy to be fully compliant. They may have the more obvious components, like HIPAA, Fraud, Waste and Abuse and Exclusion Checks.
HIPAA Compliance can take time and money, but a breach will cost you even more money through governmental fines and in repairing the reputation and trust you may have lost with your patients and community. In some cases, you may also have to pay for identity theft monitoring, if the information exposed could be used to steal an individual’s identity – and this would be needed for each patient whose data was breached. In July of 2020, the Office of
Finding the value of a pharmacy is not like appraising any other business. Pharmacy businesses are unique as are the processes and formulas by which they are appraised. Only experienced pharmacy valuation professionals should be determining what your life’s work is worth, but how do you know who to trust. Making matters even more confusing is that most of the information out there discusses “how to value a pharmacy” but very few, if any, advise you on “what not to