The Pharmacy Podcast Show is the industry's first audio blog about the 'Business of Pharmacy'. The Pharmacy Podcast Network is dedicated to the pharmacy profession and is a collection of content with diverse topics within the pharmaceutical industry. The Pharmacy Podcast Show is about good useable content, information, and innovative ideas that we believe will advance the pharmacy profession. We are always expanding our programming to Independent Retail, Compounding, Long-term Care, Specialty, Hospital Systems, and Small Chain Pharmacy Businesses. We're expanding content for Patients and Pharmacy Students and encourage our listeners to submit ideas for future shows. The Pharmacy Podcast Show is about dynamic people in the pharmacy industry making a difference for our profession, customers, and patients.

JW & Dr. Shaw discuss the finer things in Life: 

  • Flu-Shots
  • Birth Control
  • Bad Jokes

Shout out to @RoguePharm

Direct download: Flu-Shots_Birth_Control_Bad_Jokes.mp3
Category:Pharmacy -- posted at: 6:00am EDT
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Show Notes:
 
 
2. Petetheplanner.com - Peter Dunn's website
3. Pete on Amazon - http://amzn.to/2xotqg0
4. Please post your questions and topics relative to this miniseries on social media: #BacktoSchoolRx 
Direct download: Back_to_School_Series_PART_1.mp3
Category:Pharmacy -- posted at: 6:27pm EDT
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First time pharmacy buyers must be careful when buying a pharmacy.

An ill-advised pharmacy purchaser may find himself purchasing a headache, and a prepared pharmacy purchaser may find herself getting a better deal than originally anticipated.

The first 2 major questions to answer before beginning the process is to determine the type of pharmacy to purchase and the way you intend to purchase it.

  1. 503A v 503B
    1. Is there adequate space
    2. Compounding within state v out of state
    3. Patients in state v out of state
    4. Large volume compounding v small volume compounding
    5. Sterile v non sterile

Licenses

Recommended Agreements

  • Agreements with various insurance providers
  • Lease on facility
  • Building/store lease
  • In-store vending machines, such as copiers or photo-processing kiosks
  • Collection service contracts, such as water, utility or phone
  • Business or franchise contracts with third parties, such as UPS or the United States Post Office
  • Building and/or parking lot maintenance contracts
  • Drop-ship vendors for front-end products
  • Direct accounts with suppliers of gifts, cards and so on
  • Pharmacy automation equipment
  • Pharmacy services, such as compounding

Regulations

  1. Have SOPs in place
  2. Training required for SOPs

Laws of Interest

  1. HIPAA
  2. FCA
  3. Anti-Kickback
  4. Advertising and coupons

Fraud

Audit the pharmacy

  • All prescriptions have valid prescriptions
  • Billing concerns

Some recommended clauses

  1. Indemnification
    1. Stock purchase v asset purchase
      1. License use/continuation of contracts
  2. Ownership of issues like name etc
    1. State v area of focus
  3. Non Compete/ Non Disparagement
  4. Likely involves some amount of employment by previous owner

Deal Exhaustion is a real thing!!

Darshan Kulkarni, Pharm.D, MS, Esq.
The Kulkarni Law Firm
2929 Arch Street, Suite 1700
Philadelphia, PA 19104
Office Number: 215-948-8183
Twitter: @FDALawyers
Direct download: Your_First_Pharmacy.mp3
Category:Pharmacy -- posted at: 5:31pm EDT
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#NCPA2017 Vaxigo Booth 434

We interview Dr. Cheryl Lee Eberting, founder and CEO of Vaxigo, with Justin Wilson, PharmD, David Nau, PhD, PharmD, and Rannon Ching, PharmD, from the Vaxigo Team to discuss this innovative & dynamic new technology platform positioned to revolutionize the immunizations opportunities for COmmunity Pharmacies. 

Vaxigo is an innovative Vaccination Management System leveraging self-service applications to transform the delivery of vaccines for both patients and providers. Most importantly, Vaxigo empowers patients to take charge of their immunization records with a Personal Vaccination Portal. Patients can build, keep, and share their personal vaccination record in a secure platform.

Vaxigo delivers an interoperable solution for patients, physicians, pharmacists, and nurses to digitally collaborate. This aids in the reduction of over-vaccinations      and helps reduce vaccine-preventable diseases. This enables healthcare organizations to more effectively deploy their staff, improve inventory management, and deliver world-class patient experiences.

“Vaxigo enables patients to combine all of their immunization information from different sources into a real-time, consolidated and shareable digital record,” said     Dr. Cheryl Lee Eberting, founder and CEO. “Patients control which healthcare professionals, schools, family members, and employers have access to their Personal Vaccination Portal.”

Vaxigo™ is a product from AZOVA Inc.’s Healthcare Commerce Cloud™.
 
To learn more, please visit www.AzovaHealth.com or email info@AzovaHealth.com.
Direct download: The_Vaxigo_Impact.mp3
Category:Pharmacy -- posted at: 5:00pm EDT
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We welcome Doctor of Pharmacy & Legal Eagle, Dr. Kay to the RxRated Podcast as Dr. Shaw & JW solve all the problems of the world. Listening to this podcast will change your life in Pharmacy for ever.

May the Force be with You.

(NO,...not 'May you live long and prosper' --- that's just stupid.) 

Direct download: RxRated_Podcast_8_10_13_2017.mp3
Category:Pharmacy Comedy -- posted at: 6:00am EDT
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Intriguing interview with Steve Light Vice President of Consumer Health with Cardinal Health while we covered the RBC 2017 in San Antonio Texas.

Steve’s team are a passionate bunch part of the Consumer Health division at Cardinal Health dedicated to helping pharmacies implement successful strategies for diversifying their revenue, driving front-end sales and supporting patient health.

Check them out here:

http://www.cardinalhealth.com/en/services/retail-pharmacy/business-solutions/retail-advantage/retail-solutions.html 

Interview touches on the following:

  • Maximize the productivity and profitability your pharmacy’s front-end
  • Receive the most accurate and up-to-date information on merchandising tips, new items, suggested end caps and private labels
  • Promote consumer and over-the-counter items to your customer base with easy-to-use tools
  • Automatically ship products to take advantage of seasonal display opportunities
  • Utilize pricing strategies that fit your competitive environment
  • Receive personalized guidance and product assistance

For more information call: 888.206.6448

Direct download: RBC_2017_Part_4_.mp3
Category:Pharmacy -- posted at: 9:12am EDT
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If targeting Millennials is not part of our overall marketing strategy, it should be.

Guest Chris Cielewich, Senior Vice President for FlavoRx and cohost Nicolle McClure discuss why it’s important to be including the younger demographic in your marketing, and how easy it is to target them digitally, through prescribers and in your local community. With over 80 million Millennials in the United States, the demo is too large and influential to be ignored.

Nicolle McClure

GRX Marketing 

2929 Westown Pkwy., Suite 100

West Des Moines, IA 50266

515.440.1270 

 

Direct download: Millenials_Marketing_podcast.mp3
Category:Pharmacy -- posted at: 11:07am EDT
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Talking with Jim Springer, VP South Region, about the importance of preserving and supporting pharmacy ownership and the impact on community health. 

Part One of our Three Part Series with RxOwnership

About RxOwnership:

Ensuring the smooth transfer of pharmacy ownership Pharmacy ownership transfer has never been more complex. With that in mind, RxOwnership® was created with one purpose: to help pharmacy professionals with the sale, purchase or transfer of independent pharmacies.

RxOwnership brings together the unmatched expertise of McKesson with the dedication of our ownership advisors to support the needs of current and future pharmacy owners. Whether you’re looking to sell a chain of pharmacies that’s been in your family for generations, or purchase your very first pharmacy business, RxOwnership is the ultimate resource for everything from planning to staffing.

How and why we started In 2007, we discovered that many of our long-time customers and prospective owners had few tools or resources to help them get answers they could trust when they were ready to buy, start or sell a pharmacy. Since then, the RxOwnership program has recruited a skilled team of ownership advisors to manage the growing demand for RxOwnership services on a regional level.

Today, the team works closely with their customers and McKesson Field Sales, Marketing, Analytics and Finance to help with nearly every aspect of buying or selling a pharmacy. Since the start of the program, the RxOwnership team has helped more than 4,000 pharmacy owners through the pharmacy transition/ownership process.

No-fee, experienced advising for every phase of your pharmacy career There is no service quite like RxOwnership. We’re not a broker. Instead, we are here to share our industry expertise and facilitate your ownership goals. We never charge a fee and there are no obligations or contracts to sign. 

CONTACT US TODAY:

Jim Springer

VP South Region | RxOwnership

813-267-4209

McKesson Corporation

5111 Rolling Fairway Drive

Valrico. Florida 33596

http://www.rxownership.com

Direct download: RxOwnership_Part_1_0f_3.mp3
Category:Pharmacy -- posted at: 12:11pm EDT
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Doc-JW & Dr. Shaw discuss the complexities of their favorite patients. 

Customer: *walks straight up to the counter* “Hi. I can’t find your stamps.”

Me: “Uh, sorry, ma’am; we don’t sell stamps here.”

Customer: *immediately becomes frustrated* “What kind of post office doesn’t sell stamps!?”

Me: *indicates to medications surrounding the entire counter* “This is a pharmacy. The post office is just down the hall.”

Customer: “SO?!”

(She then stormed out the door as though we had offended her.)

Me: “Good evening, and thank you for calling [Big Name Pharmacy]. How can I help you?

Customer: “I need to identify a pill.”

Me: “Absolutely. Can you give me a description?”

Customer: “It’s a yellow, round pill with an ‘A’ on it. It’s pretty dirty, though.”

Me: “Oh, I really wouldn’t take any medication that appears damaged or contaminated.”

Customer: “No, it’s okay. I found it on the ground outside.”

Me: *professionalism waning* “Uh… what? You found it where?”

Customer: “I found it on the… the street just now, and I want to make sure it’s okay to take.”

Me: *professionalism out the window* “Do you usually eat random s*** off the street?!”

Customer: *hangs up*

Direct download: RXRATED_7.mp3
Category:Pharmacy -- posted at: 3:13am EDT
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RxSafe sponsor's this episode of the Pharmacy Podcast to help educate pharmacy owners, directors, and pharmacy business stakeholders about the benefits of Section 179 Tax Deduction. 

2017 Deduction Limit = $500,000
This deduction is good on new and used equipment, as well as off-the-shelf software. To take the deduction for tax year 2017, the equipment must be financed/purchased and put into service between January 1, 2017 and the end of the day on December 31, 2017.

2017 Spending Cap on equipment purchases = $2,000,000
This is the maximum amount that can be spent on equipment before the Section 179 Deduction available to your company begins to be reduced on a dollar for dollar basis. This spending cap makes Section 179 a true "small business tax incentive" (because larger businesses that spend more than $2.5 million on equipment won't get the deduction.)

Bonus Depreciation: 50% for 2017
Bonus Depreciation is generally taken after the Section 179 Spending Cap is reached. Please Note> Bonus Depreciation is available for new equipment only; used equipment qualifies for Section 179 Deduction, but does not qualify for Bonus Depreciation

Special Guests:

Trey Crawford

Diket’s Professional Drugs

1107 Jefferson Street

Laurel 39442

Phone: 601-425-2527 

Peter B Davison

ADVANTAGE FINANCIAL SERVICES, LLC

221 Tunxis Road

West Hartford, CT 06107

pdavison@advantage-financial.com

website: www.advantage-financial.com

860 233-7465

Direct download: RxSafe_179_TAX_Benefit.mp3
Category:Pharmacy -- posted at: 9:44am EDT
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