For many years, RxSafe has looked forward to the opportunity to participate with industry leaders and independent pharmacies in early Q1 at the Pharmacy Development Systems (PDS) conference.
With the closure of PDS and loss of the yearly PDS Super-Conference in 2022, it appeared that there would be one less major opportunity where pharmacies would meet and network in February.
Enter DiversifyRx’s Pharmacy Profit Summit in Orlando.
Dr. Lisa Faast, pharmacy owner, consultant, and DiversifyRx CEO, created the in-person event in Orlando with the goal of “offering highly impactful content at very low prices to help offset the burden of the previous show being cancelled.”
Here is a recap and some of the highlights from the two-day event, which was attended by pharmacy professionals.
Tempering the Cash-Flow Problem with Cash-Based Business
The theme of the show was how pharmacies can prepare for the looming cash crunch following an anticipated “DIR Apocalypse” in 2024 during the overlap of DIR fee collection during the transition into next year.
Pharmacies already struggling will find it much harder to survive in this crucial period starting Jan. 1, 2024, as DIR fees are collected up front at the point of sale while still having to pay for uncollected fees from prescriptions sold in 2023.
Growing your pharmacy with non-PBM (pharmacy benefits manager) revenue has always been the best way to insulate against any changes in DIR fees and PBM rule changes.
Increasing Profit and Improving Cash Flow Now
Proven strategies on how to increase profits include:
- Lowering cost of goods sold by using a secondary wholesaler
- Using hospice scripts that offer better reimbursements and lower dispensing costs
- Offering profitable items such as supplements and nutraceuticals
Pharmacy 50 Awards Given
Todd Eury of the Pharmacy Podcast Network gave out the Pharmacy 50 Awards to outstanding members of the independent pharma community at the event. Among the notable awardees were DiversifyRx’s Lisa Faast, PharmD, Save-Rite Drugs owner and workflow expert, Adam Robinson, PharmD, and 986 Pharmacy owner, Ken Thai, PharmD.
Pharmacy Services and Profitability
RxSafe hosted a very special presentation on the first day of the show with two of our most influential and successful customers, Adam Robinson of Save-Rite Drugs in Brandenburg, KY and Joe Williams of Brisson Drugs in Saint Pauls, NC. The duo talked about their experiences with pharmacy automation, specifically on how their practices benefited from using packaging automation.
On the second day of the show, Todd Eury of The Pharmacy Podcast Network moderated a special panel discussion with both Robinson and Williams from the previous day’s session, along with pharmacy influencer and business owner Easton Bryant, entitled, “Opportunities to Expand Pharmacy Services & Profitability.”
To go with the general theme of the show about creating profit in the face of a DIR-fueled cash-flow crunch in 2024, the three pharmacy owners discussed how offering strip packaging has empowered their practices to profit and grow.
Automation allowed Brisson Drugs to streamline its workflow and look outside its geographic areas to target places 50 or 60 miles outside local municipalities. “By adding the RapidPakRx, we won back so much time in our day-to-day operations that we were reinvigorated to go out and expand into new markets,” says Williams.
Robinson concurs saying, "We were in the same way that Joe was - using old school blister packs and it was just taking forever.” After “pulling the trigger” on the RapidPakRx and working with RxSafe, local opportunities opened up for his pharmacy: working with a GeriMed contract, serving assisted living facilities, and expanding into areas that were otherwise not available without strip packaging.
Bryant grew his nutraceutical business by leveraging strip packaging early during the pandemic and recognized the importance of offering something that his competitors did not have. “First of all, doing strip packaging at all is a differentiator,” Bryant explains. “We were the first store (locally) to have anything like that,” he continues.
Fast forwarding to 2023, Bryant now ships his products internationally.
Looking Forward to the Next Profit Summit
"We had an incredible time at the DiversifyRx show in Orlando,” says Matt Gilbert, RxSafe’s Director of Business Transformation.
“As always, DiversifyRx brought together the most forward-thinking minds in the pharmacy world. The show had many RxSafe customers in attendance and I enjoyed watching some of them tell their stories on stage. For us to see how each one of them carves out their own niche is absolutely incredible. They're paving the way for the future of pharmacy and RxSafe is proud to partner with them for that journey,” Gilbert explains.
We would like to thank Lisa Faast and her team at DiversifyRx for another successful show, and we cannot wait for their next show in Dallas this August!