Up to date information in the field of Independent Pharmacy written by the PRS Pharmacy Consulting Experts and Pharmacists for Pharmacy Owners. Experience Matters.
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
The goal of any pharmacy owner come tax time is to get their net income as low as possible to save on payments to Uncle Sam. Things listed as tax write offs are normal and every business does this including pharmacies so there is no shame in this game. It is a great idea, except when it comes time to find the real value of the pharmacy for sale. Having these items in the mix lowers the income for the
Opening your first pharmacy can be an exciting, scary, and beyond stressful endeavor. Naturally, fear of failure, which means potentially losing hundreds of thousands of dollars, would give anyone pause. No big deal, right? It’s only money. [Insert sarcastic laugh here.] Seriously though, where do you begin when you are just starting to plan for your dream of owning a pharmacy? Location, of course. Let’s say you have already found the “perfect location.” You are convinced it will be very
So, CVS offered to buy your pharmacy. It looks like a great deal on the surface, but chains have gotten wise about structuring contracts that give the best return on investment…to them. Here are some of the top items to keep in mind when thinking of selling your pharmacy to a chain, especially if they are doing the valuation. Will I be paid in full upfront? Sellers prefer full payment at closing. Chains do not. Do not be surprised when
Let’s talk about starting a CLIA-Waived Point of Care Testing Program in a Pharmacy setting to diversify your services and bring additional revenue as third parties continually lower reimbursements and we see continual DIR creep. In most cases, your POCT will be a cash service, but CMS and privacy payers may pay for these services. Depending on your State, the Pharmacist can order these Tests and, in some cases, actually prescribe medication (or alter medications that have already been prescribed)