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Nov 16, 2012

Interview with Tom Rhoads, CEO Parata Systems

Tom & I discuss a five step success program for Independent Pharmacy.

Number 1: Review your patient data, and identify your chronic medication users, those taking three or more prescription meds a month. Based on trends we see nationally, and across Parata’s pharmacy customers, about 10 percent of your multiple medication patients represent about 50 percent of your revenue. Get a plan together now to help them remain more adherent, and thus healthier. If you do that, your chances of losing them to a competing provider – whether a hospital, chain or other outlet – will be greatly diminished. (And if you don’t have a solution, contact Parata and ask to learn about Parata PASS and the Companion PASS business training program I mentioned earlier.)

Number 2: Conduct some research to find out if hospitals in your area have launched either accountable care organizations or patient centered medical homes. (CMS.gov, the Medicare website, is a good place to start. Search for Medicare Shared Savings Program, Advance Payment Initiative or Pioneer ACO Model.)

 Number 3: Identify employer partners for your business. Talk to their HR and health insurance resources about their interest in collaborating to manage medication adherence for their chronic patients.

Number 4: Reach out to your Medicare Advantage insurers, and begin a dialogue about the opportunity for your pharmacy to help them bring down the cost of care for the three disease states targeted by CMS: hypertension, diabetes and dyslipidemia.

Number 5: Research the institutionalized group quarters (a U.S. Census term) in your area to understand the density of independent living, correctional facilities, group homes, hospice  and other providers of residential care. Most of these organizations are challenged to assist with medication management effectively, and would welcome a strong pharmacy partner.

Our company’s tagline is Parata Puts You Out in Front.  I hope what I’ve shared with you today reflects that we as a company are striving to live up to our vision to collaborate closely with customers, understand and respond to their needs and define our success by our ability to help pharmacies meet their service and growth goals.

We invite you to visit www.parata.com to take advantage of the webinars, insights and programs offered on a continuing basis in support of our vision.