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 an Independent Pharmacy from scratch is a challenging process. From choosing your location to forming a business entity, there’s much consider. In this article, we break down the steps you should follow when starting a Pharmacy, and provide you with information on the costs of opening a Pharmacy both legally and efficiently. 1. Choose a Location for Your Independent Pharmacy Opening a Pharmacy begins with choosing the right location. You must consider factors including the location of your competitors,
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
Determining the Price of Your Pharmacy 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
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. In this article we will cover the ten basic steps in the selling process to give you an idea of what to expect. By no means is
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