The Business of Pharmacy Podcast™

In this episode, Julia Regan, MBA, founder and CEO of RxLightning Inc, takes us on a journey of healthcare innovation as she shares how her company is streamlining the patient journey for specialty medications. RxLightning's end-to-end SaaS platform digitizes paper processes and connects doctors, patients, and stakeholders, bringing transparency and efficiency to the complex world of specialty drug access. Join us as we explore the challenges involved in insurance coverage, prior authorizations, and ongoing therapy management, and learn how RxLightning eliminates outdated practices to create a seamless, interconnected ecosystem. Julia also provides valuable insights on business development, mergers and acquisitions, and the power of networking in the healthcare industry. Tune in to discover how RxLightning is transforming the landscape of healthcare by streamlining the patient journey. https://www.rxlightning.com/ If you enjoyed this episode and want to explore more content from The Business of Pharmacy Podcast, head over to our website at ⁠www.bizofpharmpod.com⁠. There, you'll find a treasure trove of episodes, articles, and transcripts for you to explore. Plus, you can discover various ways to listen to our podcast and stay connected with us. So, don't miss out! Visit ⁠www.bizofpharmpod.com⁠ and embark on a journey of pharmacy knowledge and insights.

In this episode, Sohail Masood, the founder and CEO of KabaFusion, shares his inspiring journey as an immigrant from Pakistan and his entrepreneurial success in the United States. Sohail discusses his educational experiences, including his studies in biology and pharmacy, and how he was drawn to home infusion pharmacy due to his desire to help HIV/AIDS patients. He talks about the challenges he faced as an entrepreneur and the growth of his company, KavaFusion, which has become the largest home infusion company in America. Sohail reflects on his motivations beyond financial success and his passion for making a positive impact in the healthcare industry. The conversation also touches on topics such as non-compete agreements, the importance of staying connected to employees as a CEO, and Sohail's plans for the future, including his desire to retire in the next few years. Throughout the episode, Sohail's dedication to giving back and supporting charitable causes shines through. https://www.kabafusion.com/ If you enjoyed this episode and want to explore more content from The Business of Pharmacy Podcast, head over to our website at www.bizofpharmpod.com. There, you'll find a treasure trove of episodes, articles, and transcripts for you to explore. Plus, you can discover various ways to listen to our podcast and stay connected with us. So, don't miss out! Visit www.bizofpharmpod.com and embark on a journey of pharmacy knowledge and insights.

Mike Koelzer, the host, engages in a conversation about pharmacy leadership with Jason Chenard, an experienced and knowledgeable pharmacy professional. They discuss the importance of assembling the right team and making necessary personnel changes. Jason Chenard shares insights and expertise based on his extensive experience in the pharmacy industry. The conversation emphasizes the value of understanding team members' strengths and personalities for a harmonious work environment. Emotional intelligence and active listening are highlighted as crucial skills for effective leadership. Writing is recognized as a valuable tool for organizing thoughts and generating insights, and Jason Chenard's articles on platforms like LinkedIn and Medium are mentioned. Mike praises Jason's leadership skills and encourages listeners to engage with his content and training. Jason Chenard's full name is mentioned. The episode concludes with appreciation for Jason's contributions to the pharmacy world and an invitation for listeners to stay connected. https://www.layeredleadership.ca/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠

Episode Summary: In this episode, host Mike Koelzer interviews Colin Carr, a commercial real estate agent specializing in representing healthcare providers. They discuss the challenges and considerations specific to healthcare professionals when it comes to real estate transactions. Colin shares his expertise and insights on various topics, including the impact of aesthetics in healthcare facilities, the effects of COVID-19 on the commercial real estate market, zoning considerations for medical offices, and the importance of tenant representation. Listeners gain valuable knowledge on how to make informed decisions and optimize their real estate strategies in the healthcare industry. Episode Highlights: Understanding the Unique Demands of Healthcare Providers: Different personality types among healthcare specialties Importance of aesthetics in healthcare facilities Creating a positive patient experience through cleanliness and attention to detail Navigating the Impact of COVID-19 on Commercial Real Estate: Sectors that remained strong (e.g., industrial, multi-family properties) Changes in large office spaces due to remote work and downsizing Resilience of retail spaces driven by strong retailers and economic conditions Zoning Considerations and Classifications for Medical Offices: Different state zoning laws and regulations Classifications of medical office buildings (Class A, Class B, Class C) Involvement of architects in navigating building codes and regulations Neighboring Businesses and Building Conversions: Parking challenges and congestion from successful neighboring businesses Importance of landlords and property managers in maintaining a positive environment Opportunities and challenges of building conversions and repurposing Insights on the Self-Storage Industry and Lease Negotiations: Rise of multi-story storage facilities and pod storage solutions Common mistakes healthcare providers make in lease negotiations Importance of tenant representation to secure competitive lease terms The Complexity of Commercial Real Estate Negotiations: Various factors in negotiations (lease rates, build-out periods, concessions) Non-binding letters of intent and extensive lease agreements The need for professional representation and multiple negotiations The Importance of Professional Advice and Representation: Real-life example highlighting the consequences of inadequate representation Comparing real estate to seeking medical expertise rather than self-diagnosing Balancing confidence and arrogance in negotiations The Ratio of Property Ownership vs. Leasing in the Healthcare Industry: Percentage of healthcare providers who own vs. lease their properties Factors influencing the decision to lease or own (availability, market demand, flexibility) Advantages of leasing (relocation, lower upfront costs, concessions) vs. owning (equity, tax deductions, control) Key Takeaways and Next Steps: Importance of understanding the long-term implications of real estate decisions Hiring professional representation to navigate the process effectively Exploring lease and purchase options, negotiating with multiple parties Contacting Carr Healthcare Realty for expert assistance with real estate needs Closing Remarks: Gratitude to Colin Carr for sharing valuable insights and expertise Encouragement for healthcare professionals to make informed real estate decisions Preview of upcoming episodes and topics in the healthcare real estate industry https://carr.us/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠

Introduction: In this episode, we sit down with Mike Johnston, the founder and CEO of the National Pharmacy Technician Association. We discuss the unique challenges faced by pharmacy technicians, the dynamics of the community pharmacy landscape, and how we can foster a more supportive environment within the industry. Johnston shares his personal journey and his innovative ventures aimed at enhancing the pharmacy profession. Key Points: Johnston narrates his personal experience with independent community pharmacies and the inception of the National Pharmacy Technician Association (NPTA). He reveals how a tutoring class for pharmacy technicians sparked the formation of NPTA. The discussion explores Johnston's company, Mock Meds, which manufactures fake drugs for educational purposes, providing realistic training for students in nursing and pharmacy schools. Johnston emphasizes the struggles of pharmacy technicians in large chain pharmacies. He criticizes the lack of value these corporations place on their staff and the consequent implications for both employees and customers. The episode delves into the potential for independent community pharmacies to attract skilled technicians amidst the current chaos in chain pharmacies. Johnston advocates for the recognition of technicians' value in both the clinical and business aspects of pharmacy. Johnston expresses his frustration with online complaints that don't contribute to positive change. He urges dissatisfied individuals to seek out proactive solutions and limit negativity. The conversation highlights the significance of respect and appreciation in the relationships between pharmacists and technicians. Johnston points out the necessity for mutual understanding and effective communication in order to foster a healthier work culture. Johnston outlines his mission to connect high-performing technicians with independent community pharmacies. His initiative focuses on career development, mentorship programs, and investment in technician development to improve patient care and reduce turnover costs. https://www.pharmacytechnician.org/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠

Show Notes Introduction: Mike hosts Vinay Patel, the founder of MakoRx, a company aiming to integrate telemedicine and local community pharmacies for improved healthcare access and affordability. Role of Local Pharmacies: Delve into the potential of local pharmacies to function as community healthcare hubs, offering essential services and bridging the gap between traditional in-person care and modern telemedicine. Telemedicine in Action: Understand how telemedicine can cater to the healthcare needs of diverse demographics, particularly in rural areas, forming an important piece in the puzzle of comprehensive healthcare access. Overcoming Challenges: Discuss hurdles encountered while introducing novel healthcare services and the importance of early adopters and real-time market feedback for strategy refinement. Innovative Pharmacy Benefit Models: Discover an innovative cost-plus model for pharmacy benefits administration and learn about strategic partnerships that contribute to success. Entrepreneurial Growth Journey: Learn about the transition from being an employee to owning a Pharmacy Benefit Management (PBM) company, how strategic partnerships have fueled growth, and how initial ideas evolved into concrete healthcare solutions. Membership Healthcare Services: Understand the structure and benefits of a membership program, a subscription model offering basic healthcare services, providing a distinctive alternative to traditional insurance. Artificial Intelligence in Medicine: Engage in a thought-provoking conversation on the potential and ethical implications of AI in healthcare and beyond. Personal Reflections: Gain insights from personal experiences and challenges faced by both Mike and Vinay in their careers, alongside thoughts on managing a growing company and advice to fellow pharmacists. Value-based Healthcare: Wrap up with a discussion on the importance of patient investment in their own healthcare, the value proposition of cash pay services, and the role of the internet in accelerating the cycle of value assessment. https://www.makorx.com/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠

In this insightful podcast episode, pharmacist Marwa from Canada joins Mike to delve deep into the concept of disruption in the healthcare sector. They navigate the challenges and benefits of incorporating innovation, explore the role of external consultants, and discuss the significance of change management across various business environments. Main Points: The Impact of Genuine Disruption in Healthcare: Marwa and Mike discuss the importance of bringing meaningful and significant changes in the healthcare sector beyond superficial adjustments or buzzword usage. Balancing Stability and Exploration in Professional Growth: The conversation delves into the restlessness many professionals experience for growth, the balance between stability and exploration, and the significance of continuous learning and self-discovery. Harnessing Transferable Skills and Exploring New Opportunities: Marwa shares her journey from pharmacy to business, emphasizing the value of recognizing transferable skills and the need for pharmacists to be open to new opportunities beyond traditional roles. Quotes: Marwa: "True disruption involves making significant changes and not just rearranging things superficially or making empty claims." Mike: "I have this idea where I would spend 20 minutes at a business and give them a list of 10 things they could change to improve their operations. It's about the concept of fresh eyes." Marwa: "Sometimes, I find joy and passion in my profession and career. It's exciting to continually seek new possibilities, blurring the line between anxiety and excitement." https://www.agatemedcare.ca/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠

In this episode, we host Ed Ullman, CEO of Wellness RX, who sheds light on the struggles of independent pharmacies. He proposes transforming for-profit pharmacies into nonprofit entities, focusing on community well-being and sustainable operations. https://www.wellnessrxllc.com/ Key Points: Economic pressures and reimbursement issues in the pharmacy sector. Ullman's vision for a new pharmacy model, including mental health and wellness services. Experiences from opening the first nonprofit community pharmacy in the U.S. Reflections on pharmacists' role during the COVID-19 pandemic. Advocacy for legislative change, particularly Medicaid reimbursement. Quotes: "The public seeks leaders prioritizing community well-being." - Ed Ullman "Nonprofit option offers stability and opportunity to make a salary without accumulating debt." - Ed Ullman "Pharmacy profession can regain relevance by prioritizing community service, wellness, and sustainability." - Ed Ullman Connect with Mike: Instagram: https://www.instagram.com/bizofpharmpod/ Facebook: https://www.facebook.com/BizOfPharmPod YouTube: https://www.youtube.com/c/TheBusinessofPharmacyPodcast Twitter: https://twitter.com/bizofpharmpod LinkedIn: https://www.linkedin.com/company/bizofpharmpod Website: https://www.bizofpharmpod.com Leave us a review and rating here: https://www.bizofpharmpod.com/reviews/new/

In this podcast, host Mike Koelzer and three individuals from Zillspace - Zach Chirico, Sebastian Endicott, and Aaron Hannah - discuss how their company helps independent pharmacies grow their business by serving as an outsourced sales and marketing team, building relationships with physicians, and utilizing a combination of in-person and remote meetings. Z Space - healthcare access. Outsource sales, marketing. Personal interaction preferred. Empathy, customer service. Remote work challenges. Building long-term relationships. Amazon, Google, Berkshire Hathaway. Mixed success healthcare disruption. Specialized healthcare knowledge. Collaboration for problem-solving. https://www.zillspace.com/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠ Please support The Business of Pharmacy Podcast™ by checking out our sponsors at⁠ https://www.bizofpharmpod.com⁠

Mike Koelzer interviews Mike Zaccaro, CEO of Pharma Logistics. They discuss various aspects of pharmaceutical reverse distribution. Some of the topics covered: Return policies affect credit recovery Importance of systems and processes Brand promise: clean, comply, collect Pharmacists lack leverage in returns Data-driven solutions for reverse distribution Importance of correct structure Customer service and customization Separating from the competition Potential for expansion Focus on reducing waste, maximizing value https://pharmalogistics.com/ Connect with Mike: Instagram:⁠ https://www.instagram.com/bizofpharmpod/⁠ Facebook:⁠ https://www.facebook.com/BizOfPharmPod⁠ YouTube:⁠ https://www.youtube.com/c/TheBusinessofPharmacyPodcast⁠ Twitter:⁠ https://twitter.com/bizofpharmpod⁠LinkedIn:⁠ https://www.linkedin.com/company/bizofpharmpod⁠ Website:⁠ https://www.bizofpharmpod.com⁠ Loved this episode? Leave us a review and rating here:⁠ https://www.bizofpharmpod.com/reviews/new/⁠ Please support The Business of Pharmacy Podcast™ by visiting ⁠ https://www.bizofpharmpod.com⁠