WHY SOMETIMES THE BEST ANSWER IS ‘NO’
How to Handle Financial Losses From Brand-Name Prescriptions
We never want to say “no” to our patients, but sometimes, it might be the only option to save our pharmacy. Let’s dive into the often tough decisions we face today with losses on brand-name prescriptions and why, sometimes, saying “no” is necessary and the right choice for sustaining your business. THE COSTLY CONUNDRUM OF BRAND-NAME PRESCRIPTIONS As pharmacists, we primarily aim to serve our patients and ensure they receive their medications. Yet, there comes a point when you must consider the financial sustainability of your pharmacy, especially when filling certain brand-name prescriptions results in substantial losses. I’ve seen cases where these losses run into the hundreds of dollars per transaction — a situation no pharmacy can bear indefinitely. NAVIGATING LOSS-MAKING PRESCRIPTIONS When you encounter these “loser” prescriptions, the dilemma of how to proceed can be challenging. Here are two approaches I’ve considered. OPTION 1: THE DIRECT APPROACH Directly saying “no” and advising the patient to have their prescription filled elsewhere is my least favorite approach. It feels like we’re abandoning our duty to the patient. There’s also a real risk of losing not just that one customer but potentially their family and friends, too, which can ripple negatively through your business. OPTION 2: A COMPROMISE SOLUTION In my own pharmacies, we’ve adopted a more balanced strategy. We offer to transfer the prescription for the loss-making medication to a mail-order pharmacy while continuing to fill the rest of the patient’s prescriptions. This method allows us to maintain our relationship with the patient without suffering financial losses. We implemented this with the help of Retail My Meds, a fantastic resource developed by a fellow pharmacy owner and a member of PBU. This platform has been instrumental in training our staff and managing the logistics of transferring prescriptions while ensuring we still provide
excellent service to our customers. Check them out at RetailMyMeds.com .
A CAUTIONARY TALE: THE 340B PROGRAM Here’s a word of caution from my own experience — don’t overlook the details of your prescriptions. In my pharmacy, I initially missed that some of the prescriptions we labeled as financial losers were actually profitable under the 340B drug pricing program. Transferring these would have been a colossal mistake. Always double-check your pharmacy management system (PMS) and understand the full implications before deciding to transfer any prescriptions. Navigating the financial aspects of pharmacy management while maintaining strong patient relationships is a delicate balance. Always opt for strategic solutions like selective prescription transfers to protect your business’s bottom line and continue to offer personal care. Saying “no” isn’t about turning away business; it’s about making informed decisions that ensure the sustainability of your pharmacy for years to come.
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