Good Neighbor Pharmacy Connect Podcast

48. New Ownership Best Practices and Legacy Landmines

The current economic environment is highly volatile and uncertain.

On this month’s Good Neighbor Pharmacy Connect, industry broker and buy/sell czar, Scott Welle, shares that the value of your store is measured in more ways than just financial calculations and EBITA projections. Buying or selling a pharmacy can be a harrowing experience, and even in a bull market, the difference between failure and success often lies outside of the sales contract. Join your host, Justin Baker, as he unveils some insider trade secrets and tips and explores what they DON’T tell you during the negotiation!

47. How to Have Difficult Conversations: Mental Health & Independent Phcy

We are fortunate to be living in a time where mental health is at the forefront of healthcare conversations. Today’s countertop chat takes a look at mental health as an exciting through a wider lens. Our guest, Lara Zakaria, PharmD., founder of Foodie Farmacist, dives deep into why your customers prefer to confide in their independent pharmacist when it comes to issues surrounding mental health, and shares practical advice on introducing why it is important to create a space conducive to patients speaking about mental health.

Dr. Zakaria is motivational, empowering, and discusses the importance of reframing mental health as “brain health” or “brain science” in order to make it approachable to each patient. In this conversation, Dr Zakaria helps to identify “low hanging fruit” opportunities in your existing patients, and gives entry point options requiring no advanced training and minimal time and resource investments.     

46. 1,073 Reasons for Independents to Implement an Immunization Strategy

We don’t cover ALL 1,073, but guest Gold Eneyo, PharmD., Director of Clinical Services for AmerisourceBergen shares quite a few, and builds a compelling case for immunizations as “the gateway to patient care.” In our most lively and passionate episode to date, Gold and Justin share their vision of the future of our industry, and how the timing couldn’t be more in our favor.

88.9% of Americans live within 5 miles of an independent pharmacy and almost a third of Americans view their independent as the front line in healthcare. Your current patients want to purchase more medical services from you, have trust in your abilities, and are willing to pay for them, rather than split their business with other providers. Prospective patients are looking for the same.

Don’t miss this exciting episode as Gold and Justin walk through opportunities in workflow maximization, technician opportunities and leverage, billing tips, messaging and network building, and next steps for you to practice at the top of your license!

45. Insurance Vs. Cash on the Front End, featuring LifeScan!

With a gloomy economy, patients are looking for realistic alternatives to save money. Pharmacists understand the rising costs associated with being a diabetic patient, and that patients turn to their pharmacists for advice. 

Patients with diabetes continue to grow at 37 million in the US alone. Due to hefty co-pays or lack of insurance, a full third of diabetic patients buy their supplies with cash. This front- end opportunity is the tip of the front- end iceberg for store owners looking to get out from under PBM predatory chokeholds.

Join Business Coach, Justin Baker, and a special guest from LifeScan, Kate Voyten, for a very lively and informative countertop chat filled with options and tips to put more money back into your patient’s pocket, and in yours. Better outcomes… better cashflow!

 

LifeScan OneTouch Information coming soon right HERE!

44. Meeting Patients Where They Are

The beauty of independent pharmacy is that each store is as unique as the communities and patients they serve. Adding a new twist to this episode is guest Kelley De La Fuente. Like your host, Justin Baker, Kelley is also a Business Coach. With Kelley consulting pharmacies in urban Los Angeles and Justin in rural Texas, they see the same struggles, but through two very different lenses.

As different as their pharmacy environments are, one universal expansion strategy they see is right outside the pharmacy front door – becoming a holistic “one stop shop” for formerly unidentified populations in the community. Through readily available data, a sharp owner can satisfy that high profit patient that is looking for both convenience and expertise. Kelley and Justin share examples ranging from specific disease states, ancillary sales opportunities, cognitive services and community, and healthcare partnership initiatives. Join this informative countertop chat and open your front door to a whole new patient base!

43. Pharmacy Deserts: What They Are and Why They May be a Larger Issue Than You Think

Turn up the volume for this eye-opening episode as Justin Baker meets with Ronna Hauser, SVP of Policy and Pharmacy Affairs for the NCPA.

Ronna shares that through her joint research efforts with USC, they have not only uncovered that a quarter of the US population reside in a pharmacy shortage area, but also confirmed that over 30% of census tracts are completely reliant on their independent pharmacy to avoid becoming a pharmacy shortage area.

Their analysis demonstrates that this research can affect all of us, through shifts in pharmacy access standards, legislative and policy making recommendations, reimbursement thresholds, mail order threats as well as the acceleration of clinical service offerings. Tell your friends!

42: Biosimilars; What, How, When?

Please join your host, Justin Baker, as he learns from industry experts, Connor Nell and Brian Biehn, why biosimilars are becoming such an eye-opening opportunity, and why independents need to take a hard look at them.

In addition to being an alternative to expensive brand name drugs, the breadth of biosimilars is growing exponentially, and gaining acceptance with physicians, pharmacists and patients. 

This countertop chat dives deeply into increasing access, understanding their benefits, and gaining confidence in these emerging therapies.

41: Point-of-Care Testing; We’re Only Getting Started!

With her cutting-edge approach to Point-of-Care Testing and clinical services, owner of Springfield Pharmacy and Medical Supply, Chichi Ilonzo Momah, has been stirring up a lot of dust. Justin was lucky enough to sit down with Chichi to discuss what the hubbub was all about – from CLIA waivers to training her staff to expand their clinical service offerings, Chichi discusses why point-of-care testing is the future of pharmacy. She shares what her barriers were in getting started, how she rolled up her sleeves, and more importantly, how she got her staff involved. We also learned that POCT isn’t her end game, it’s just the beginning…   

40: Med D and Open Enrollment; Throw out the Rulebook!!

Med D populations represent between 30-40% of the independent community pharmacist’s patient population.  Historically, we’ve always used October as a defensive strategy to retain current patients, and help them navigate and find the best plans.  Industry expert Michele Elliott joins Justin Baker to add a new twist to the conversation.

Michele proposes that we leverage this opportunity to position ourselves as a healthcare destination for NEW patients. Profitable patients with expectations of point-of-care testing, chronic disease monitoring, and test to treat options that fill care gaps.

 

Don’t miss this game changing conversation!

39: Back to the Front End; You Are a Million Dollar Business. Now Act Like It!

This week’s countertop chat welcomes industry guru Andy Clarey, who shares his insights on capitalizing on pharmacy’s post-Covid evolution, and how our stores’ front end needs to reflect it.  Justin and Andy cover a broad swath of topics ranging from physical transformations to expanded offerings to pricing, perceptions and promotion.

As we develop new niches and begin embrace service as our new normal, the faster we can begin enjoying that non-PBM high margin revenue.  You are a healthcare destination now, start acting like one!

Additional Resources:

wearegnp.com/covid19

OurIndependentVoice.com