If you run or own an independent long-term care (LTC) pharmacy in 2017, you’re probably wondering how your independent LTC pharmacy will compete with chains. There are many things to consider as you look toward the future.
News: Long-Term Care
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In an effort to be proactive, QS/1’s market analysts and sales team keep their fingers on the pulse of what’s happening in the healthcare and pharmacy industries. The industries are in constant flux, so ideologies, practices and technology are as well.
In 1969, a group of entrepreneurial pharmacists, who expanded their community pharmacy businesses to serve residents of nursing facilities, founded the American Society of Consultant Pharmacists (ASCP).
Time and again, independent community pharmacists have proven themselves to be resilient and savvy businesspeople who can modify and reinvent their practices to adapt to economic challenges.
QS/1 is celebrating its 40th anniversary in the pharmacy industry and wanted to take a glimpse into two pharmacists' perspectives. Despite age and gender gaps, the bond of pharmacy binds Lynn Connelly and Ashley Parker. A generation separates Connelly and Parker. Connelly is what some might classify as “old school,” a registered pharmacist who graduated from pharmacy school nearly three decades ago. Parker is considered “new school,” a Pharm.D. with the proverbial ink still drying on her degree, after being awarded four years ago.
As policymakers grapple with reform to improve care quality and lower costs, the demand for medication management services is at an all-time high. While this dynamic presents plenty of opportunities and challenges for pharmacists and pharmacies, there are still many unknowns about alignment of care and payment incentives.
Pharmacies and Home Medical Equipment (HME) providers can gather patient data to improve patient medication adherence, set up synchronization programs and increase revenue.
I remember my dad taking me to watch the Atlanta Braves play the St. Louis Cardinals. I’ll never forget the Cardinals making their arrival, because their shortstop – Ozzie Smith – took the field with a trot, a cartwheel and a backflip. If a back flipping shortstop doesn’t make your heart race, you may not be a baseball fan. Theatrics aside, shortstops are exciting because they are often defensive captains whom others take cues from, the link between the infield and outfield and the second base ghost that keeps runners honest. Similarly, pharmacists are becoming the captains of the patient healthcare team: implementing patient care plans; connecting healthcare team members, patients and family members with meaningful assessments and therapy data; keeping conditions in check and intervening when necessary.
Medicare is a beneficial program for Americans who are over age 65 or have certain disabilities, but providers sometimes find compliance issues a challenge. An understanding of mandates and how to properly submit claims will ensure organizations are reimbursed for Medicare Part B-covered medications, equipment and supplies, such as nebulizer-inhalation medications, oral immunosuppressive drugs and diabetic testing supplies. Occasionally, providers may unknowingly submit noncompliant or even fraudulent claims for the products and services they offer.