FAQs

pharmacy consulting, pharmacy consulting, independent pharmacy consulting, pharmacy brokerage services, pharmacy evaluation, pharmacy regulatory compliance

General

PRS is an Independent Pharmacy Consulting Company that has 3 main segments:

1) Pharmacy Compliance ~ trainings and policies and procedures for Pharmacy regulatory compliance in areas such as HIPAA, Fraud, Waste & Abuse, OSHA, Exclusion Checks and more.

2) Pharmacy Ownership ~ this includes start-ups, Pharmacy TransfersBrokerage Services, Feasibility Studies and more.

3) Pharmacy Operations ~ this includes our product RX Check-Up which takes a deep dive into your entire Pharmacy operations to find and help you fix issues.

We also have PA Exclusive Pharmacy Staffing Services, International Pharmacy Services and more.

We work with all of them. Using PRS’ services isn’t contingent on using any particular vendor.  View our list of partners and affiliations.

Ownership and Brokerage

It depends. Typically most lending institutions require a loan for $450,000 which covers the initial start-up costs such as build out, furniture, fixtures, equipment and working capital until the Pharmacy generates a positive cash flow.  The cost can depend on whether you are starting from scratch or buying an existing established Pharmacy.  There are many different options.  PRS can help you determine which one is right for you.

There are many factors that determine what a Pharmacy is worth.  A Pharmacy Valuation can help determine the fair market value of your Pharmacy so you get what your Pharmacy is worth when selling or if you are buying you know you are making a good financial decision.

The best place to begin is by having a Pharmacy Valuation done to find out the value of your store and to know what you can expect from the market.  Once this is complete, PRS can help you find the right buyer.  We have qualified buyers in all 50 states and D.C.

We PROMISE 100% confidentiality and will never share your information with anyone.  You can view our signed Non-Disclosure Agreement (NDA) here.

The answer to this depends on many factors, some of which can be subjective.  If you purchase an existing store, the up front costs will be more, but as long as you had a proper valuation done you will have revenue coming in the day you take over the new store.  When you open a Pharmacy from scratch you may have less costs, but it could take 1-2 years for you to start to operate in the black.  PRS can help you determine what is best for your particular situation.

The licensing and subsequent third-party enrollments vary per state. Typically you would need to allow 14 weeks following your Pharmacy inspection until you were fully operational. View some of the ownership programs PRS offers to assist you with your start-up.

The first thing you need to do is have a Pharmacy Valuation performed to determine if the asking price is fair.  Second partner with professionals that have experience in due diligence, licensing, third-party contracting, letter of intent (LOI), purchase agreements and Pharmacy operations to help ensure a smooth transition.

We PROMISE 100% confidentiality and will never share your information with anyone.  You can view our signed Non-Disclosure Agreement (NDA) here.

PRS can conduct a site feasibility study to help you determine if your proposed location is a good choice.  Our proprietary site feasibility software will generate a 2 year pro forma by looking at demographic data, traffic patterns and other information to determine the likelihood of a new Pharmacy being successful at a given location.

At PRS we pride ourselves on being a different kind of Pharmacy brokerage service.  We are the only brokerage firm endorsed by NCPA.  We cover everything from buying, selling, transferring, opening a start-up and opening an International Pharmacy. We have programs for every situation and we are owned and operated by Pharmacists so we understand what it takes to succeed and the challenges most owners or potential owners are facing in today’s competitive market.

We PROMISE 100% confidentiality and will never share your information with anyone.  You can view our signed Non-Disclosure Agreement (NDA) here.

In a stock purchase the buyer purchases the seller’s share of the corporation’s stock directly, therefore obtaining ownership of the seller’s corporation.  The Pharmacy operation remains with the same corporation and FEIN.

In an asset purchase, the seller retains possession of the corporation or LLC and the buyer’s corporation purchases individual assets of the company such as Rx files, equipment, inventory and goodwill.

For a more thorough breakdown, please schedule a consultation with one of our experts.

One of the biggest misconceptions is that a buyer does not have to address licensing and third-party contracting during a stock purchase.  Each state Board of Pharmacy determines the definition of “Change of Ownership” differently. In addition, “Change of Ownership” notifications may need to be filed with all appropriate government licensing boards and PBM’s.  The complicated rules and laws involving buying, selling, owning, or transferring a Pharmacy are why you should always hire a reputable company to guide you through the process.  PRS is the exclusive NCPA endorsed broker.

Compliance and Credentialing

No.  As long as you can access them if asked for during an audit, then it does not matter if they are printed or electronic copies.

For more details on your compliance manual and other compliance questions, please reach out to our compliance specialists.

If you need additional compliance products, please visit our compliance page.

There is no fine print.  Our guarantee is simple.  If you are using ComplianceTrack properly and you are audited and fined…WE WILL PAY THE FINE.  No clauses. No fine print. No kidding.

No.  Many of our Pharmacy Compliance products are available`a la carte.   However, in many cases if you need multiple products it is cheaper to purchase the entire suite depending on which products you need.   Check with our compliance specialists for more details on your specific needs.

Pharmacy Operations

Well, you are in the right place.  PRS’s RX Check-Up will look at your entire Pharmacy operation to identify profitability issues and provide recommendations to help your entire Pharmacy run more efficiently.  We look at everything from P&L statements, personnel utilization, vendor agreements, payer reimbursements, inventory control and more.  Contact us today.  Waiting is costing you money.

PRS can do a bumper to bumper check-up of your current Pharmacy operations to determine if your Pharmacy is running as profitably and efficiently as possible.  Our Rx Check-Up product is exactly what you need.

DMEPOS Accreditation

Most suppliers of durable medical equipment, prosthetics, orthotics and supplies (DMEPOS) must file a $50,000 surety bond before they can bill medicare.  Because DMEPOS bonds are required by CMS, they are also known as “Medicare Bonds” or “Medicaid Bonds”.

If you have additional questions, please contact us now.

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P.O. BOX 852
201 Depot Street, Suite 200
Latrobe, PA 15650

Phone: 800-338-3688
Fax: 724-539-1388

CONTACT US