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Illinois got rid of the triplicate requirement quite a while ago.
Congrats Doctor M on your success!!! Do you mind sharing what type of pharmacy software you went with? thanks!
We have a quote for almost $30,000 from QS/1(nrx) and approx $20,000 from VIP so far. Upfitting the store= $15-20,000. Am starting to get discouraged!
I work at CVS now but am in the first stages of opening a new independent. It's VERY overwhelming!
If it works it will be worth every penny just to get out of CVS HELL!!!
Sign me up for that class!LOL!!
You're an inspiration-again Congrats!
Great work Doctor M!
Apologies if this was already answered in this thread, but how many hours a week would you say you put into your business? What responsibilities do you have when your not the dispensing Pharmacist?
All I was saying from my experience independents will fill rxs for oxycodone 30mg #120 as long as it looks legit even if in the back of their mind they may think it's fake because they want the profits. So I was saying if you did that you would not only make profits on that but also on their future detox. not saying you would, but it would be a lucrative practice although unethical. But not illegal because if you don't check with the dr and it is written according to law, and not filled early you didn't do anyrhing wrong.
UM, it's not just the independents.... not sure why the chains would be any "MORE" honorable about filling any number of C2s, esp if it means a sale of $2000 CASH in today's till....
If you work at a chain where the pharmacists fill these rxs then it is the pharmacists who obviously don't care about dispensing fake rxs. They are gonna get paid the same whether they fill them or not, an independent gets to keep the money in their pockets. The chains of course want you to fill them to make money but if I turn them away it doesn't affect my salary. Also the ones I turn away aren't going to complain because their doing something illegal.
OH HELL YES!!! I cannot even begin to tell you how much better is...I wish I could teach a class on how to start your own independent...Then we could take the profession back from the chains...hmmm...thats not a bad idea...
I still remember the first claim I ran when we opened...paid claim for albuterol neb! How exciting!
OH HELL YES!!! I cannot even begin to tell you how much better is...I wish I could teach a class on how to start your own independent...Then we could take the profession back from the chains...hmmm...thats not a bad idea...
I still remember the first claim I ran when we opened...paid claim for albuterol neb! How exciting!
I'm sure that Prof. Fiebelkorn would love to have you do that in his management class...he's adding a second semester starting next year.
I'm sure that Prof. Fiebelkorn would love to have you do that in his management class...he's adding a second semester starting next year.
Ok, so the month of March was a big month! We were asked by the home healthcare nurse of the ALF if we would like to be marketed at other ALF's for the "terrific"job we are doing there...Although we were flattered, we politely declined for now...Although we are financially stable, another huge acct would may set us back to far...We asked them to wait a few months before they consider a move to us...I for see a few more accts in the coming months! This month we are on pace for a 10-15% increase in volume/sales...we are on pace to fill around 2600-2700 rx's for the month...Our average Gross Margin for rx sales is 25%, with a generic utilization of 76%. I think we are doing ok
How is the reimbursement for Medicaid or Medicare? Brand / Generic dispensed?
Doctor M - I love reading this thread, keep up the good work man. I am happy to read that things are continuing to be on the up and up for you and your partner.
So, Lifecare has been opened for 8 months or so. We are up to 85-100 scripts daily on average. On monday of this past week we filled 227 rx's due in part to an ALF acct. We expect to be doing around 1100 rx's weekly at our 1 year anniversary. I will keep updates monthly!
Doctor M: Thank you for your updates. I have a question. In California it used to be that you made about $10 a script. Average cost was around $50 and gross margins were 20-25% depending on your mix. With medicare and less cash prescriptions the average reimbursement has gone down.
I think it is about $8 a script now due to many factors. Lower reimbursement from insurance agencies, less cash Rx's, etc. How are you able to maintain such high $ per rx filled? Is it because you fill predominately psych and pain meds? Are other independents in Florida doing well also?
Have you considered adding compounding yet? The gross profit is very high!
Going back to the $8 per rx in Cali, where did you get those numbers? Because those numbers are too low...Im still flabbergasted at those numbers...We would have either shut down or cut our labor to just 2 of us!
The reimbursement for medicaid varies from state to state...For the most part,I believe in Florida, Brand name single source pays at around AWP - 17% + a $3.73 fee. Generics are a bit different...For a single source generic AWP-20% and for multi source generics AWP - 45% + a $3.73 fee...You make your money when a single source generic goes multi source...For example, Tamsulosin was a single source generic for 2 months or so...It went multi source like 3 weeks ago...Most Ins were still reimbursing at the single source rate and the wholesale price dropped drastically....
Medicare reimbursement depends on the PBM administering the plan...For the most part, Medicare and Medicaid pay decent...One certain INS company pays at WAC - 0.6% for brands, so you actually lose on brand name drugs...Realize however that most pharmacies buy at WAC - 2.75% to 4% after rebates depending on the wholesaler you purchase from...
We are still waiting to see what will happen to reimbursement when the new healthcare reform kicks in in 2014 and also the lawsuit with PAL's versus First Data Bank...AWP reimbursement will be gone and will depend on WAC...Scary...
Hope this helped a bit...
I use to work for a pharmaceutical co. and was under the impression the first company to file for generic had a 6 month exclusivity on the generic market? Is this not true?
I worked at Schwarz Pharma and they were the first to file the generic for omeprazole, we had 6 months of exclusivity and at one point 72% of the US market share. We had $180M worth of product sitting in our warehouse waiting for the day we received the okay with the generic. Astra hates SP because we got around their patent.
The short answer is: it depends. There are two big buckets - patent expirations and patent challenges, but each has its nuances.I use to work for a pharmaceutical co. and was under the impression the first company to file for generic had a 6 month exclusivity on the generic market? Is this not true?
Update: 3000+ rx's this month...
Update: 3000+ rx's this month...
The short answer is: it depends. There are two big buckets - patent expirations and patent challenges, but each has its nuances.
That's great. To do those numbers in the summer is no small achievement for any pharmacy.Our 1 year anniversary will be July 17th 2010. We started at 10-25 rx's per day.
Our 1 year anniversary will be July 17th 2010. We started at 10-25 rx's per day.
What are your hours of operation? And is the neighborhood where you keep your pharmacy an urban, rural, or suburban neighborhood?
That's great. To do those numbers in the summer is no small achievement for any pharmacy.
Are you going to do flu shots, come Fall? And pneumo shots? Florida has all the retirees who should be getting them... it feels like half New Jersey now drives with Florida plates, since all the old people came back for the summer a month ago.
I have just moved to north Westchester County after three years in New Jersey, so it's not really that Upstate, but I think White Plains is technically the cut-off, and I am half an hour north of there. It *feels* a lot more Upstate than NYC, the small towns and everyone knowing everyone's business. Just like when I disagreed with the GPS and took a very scenic detour on the way to the Niagara Falls and we ended up stopping for lunch at some one-street town good hour away from the Thruway, and got a grilling from the owner - where we were from, and how do we like it here, and why we were there anyway - along with a list of about a hundred places we should see on our way from there to Buffalo.Yes,
we are licensed to immunize...if we can get a hold of the flu shots that is...we are doing well...cant complain one bit! Where in upstate are you from? I am from Buffalo (grew up in Orchard Park)...