Monty Rogers, R.Ph., and president of Pharm Assess, has released the results of two independent studies documenting the economic benefits received by pharmacies using the company’s services.
Rogers says that in order to gain an independent assessment of the company’s performance it arranged for the University of Kansas School of Pharmacy to have a Pharm.D. candidate review the results of the business support services the company provides to small chain and independent pharmacies.
The comprehensive study documents that the average pharmacy subscribing to the full menu of programs Pharm Assess provides brought an additional $6,250 a month to the bottom line, for a return on investment (ROI) of 6.4 to 1. Rogers points out this number is a combination of money saved by implementing changes recommended by the pharmacy’s dedicated account manager and actual increases in revenue gained from programs his company provides.
Rogers explains that Pharm Assess provides a number of services such as: third-party payer contract assistance, reconciliation and cash pricing strategies. It helps manage inventory to improve turns, as well as do 340B opportunity assessments and negotiate for increased service fees.
And, Rogers says his company arranges for a number of services that pharmacies often purchase from other vendors as part of their basic fee. At the top of that list are programs to support med sync; Medicare Part D plan selection; blood pressure kiosks; third-party payer reconciliation; third-party payer audit protection; and a proprietary web-based services that simplifies compliance for employee training, certification and attestation for fraud, waste and abuse, and HIPPA.
Which leads to the second study on open enrollment return on investment. This report comes from iMedicare, a product of Amplicare, Inc., one of the vendor programs Pharm Assess provides. This program is credited with generating significant extra revenue, which is why Pharm Assess is a major supporter of this service and includes if for free when a pharmacy enrolls in the full-service package.
The open enrollment return on investment report shows Pharm Assess accounts utilizing the Medicare Part D plan selection tool scored at the top of the charts for all chains using this popular iMedicare service. The report shows that 39 Pharm Assess accounts using this service performed 1,753 plan reviews during open enrollment in 2017. A key finding of the report is that 81 consumers participating in a plan review had not had a prescription filled in a Pharm Assess pharmacy in 2017. But, upon selecting a new plan for 2018 these 81 people transferred their prescriptions to the participating pharmacy and, in the first quarter of 2018, filled prescriptions valued at $14,218, or a projected annual revenue gain $56,872.
“We were also pleased to learn that patients who selected a plan using the service provided by our client pharmacies also saved $1,000 on their annual medication costs,” says Rogers. “This validates the fact that their first priority is to meet the needs of the patient, while at the same time bringing an economic benefit to pharmacies using the Medicare Part D plan selection tool.”