INDUSTRY WATCH: May/June 2015
RxNet has announced a new pricing service called ProfitMax that allows pharmacies to lower prices on popular drugs without pricing too closely to the pharmacy’s acquisition cost or being paid at usual and customary pricing. According to Chuck Cannata, president of RxNet, ProfitMax automatically analyzes price overrides and compares these to recent third-party reimbursements, the pharmacy’s acquisition cost, and area market pricing. The pharmacy’s pricing will be adjusted based on its custom preferences, local market pricing, and third-party payment patterns. “Pharmacies will be more competitive and more profitable without risking being paid at usual and customary pricing or pricing too close to the product cost,” he says.
Cannata sees ProfitMax as set apart from other pricing services by its ability to analyze multiple data points simultaneously. “While some pricing services require their staff to act on data, RxNet’s services automatically make adjustments and a summary of what’s been done is provided to the pharmacy,” he says. Cannata says that he has found that a pharmacy’s profit margin can be increased one to three percentage points.