The Business of Pharmacy Podcast™

Join host Mike Koelzer and Stephanie Varner from Capital Wholesale Drug Company for an engaging discussion on the impact of drug tracking systems in pharmacies. This episode sheds light on the challenges, advantages, and future trends in drug tracking and its influence on pharmacy operations. https://www.capital-drug.com/ 0:12 - Episode Introduction with Stephanie Varner 3:05 - Defining Drug Tracking in Pharmacy 8:20 - Historical Context of Drug Tracking 15:30 - Implementation Challenges 22:45 - Impact on Pharmacy Workflow 28:50 - Regulatory Compliance Insights 34:10 - Technological Solutions 40:55 - Case Studies and Experiences 48:30 - Expert Perspectives 53:15 - Anticipating Future Trends The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

Frank Harvey and Andrew Mellin from Surescripts discuss how their technology bridges communication gaps in healthcare, empowering pharmacists with data at the point of care. Topics include price transparency, prescription quality improvements, expanding pharmacists' clinical roles, interoperability vision, seamless claims processing, and evolving pharmacy practice.

In this insightful episode of The Business of Pharmacy Podcast™, we delve deep into the deceptive practices of Pharmacy Benefit Managers (PBMs) within the workers' compensation arena. Our guest, Colleen Shields, CEO of Rescue Meds Pharmacy, sheds light on the often-hidden manipulations of PBMs and their impact on pharmacies and injured workers. Join us as we explore the intricacies of workers' comp, the challenges pharmacies face, and the fight for fairness in the industry. https://rescuemeds.com/ Time Stamps: [00:00:15] Introduction of Colleen Shields and topic overview. [00:01:17] Discussion on PBM practices in workers' comp and their impact on profits. [00:02:30] Overview of the history and purpose of workers' compensation. [00:04:26] The mandate of using Optum PBM in certain states and its implications. [00:08:36] Colleen Shields explains the operations of Rescue Meds Pharmacy. [00:12:09] The risks and challenges in managing large receivables in workers' comp cases. [00:16:00] Insights on business projections and strategy for Rescue Meds Pharmacy. [00:20:24] Addressing the urgent financial needs of patients facing housing insecurity. [00:24:37] Discussion on the strategic location and growth plans of Rescue Meds. [00:30:09] Exploring potential business opportunities in the workers' comp space. [00:34:11] Identifying the bad players in the workers' comp industry. [00:38:27] Personal insights from Colleen Shields on leadership and business management. [00:44:09] The role and expertise of pharmacists in the workers' comp field. [00:47:37] The evolution and challenges faced by pharmacists in the industry. [00:52:56] Closing remarks and contact information for Colleen Shields. The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

Patti Mara, a pharmacy business coach for over 15 years, shares strategies for transforming pharmacy culture through communication, feedback and defining team success. Website: https://pharmacysuccess.com/ [00:00:15] Introductions [00:01:43] Hiring for pharmacy culture [00:04:15] Importance of business and personality [00:05:05] Matching talent to pharmacy roles [00:05:43] Systematizing routine to handle exceptions [00:08:28] The 4 pillars for team success [00:09:38] Why weekly team huddles are critical [00:14:12] Tips for effective huddles [00:16:05] Keeping huddles focused [00:18:02] In-person huddles more impactful [00:18:13] Huddles drive staff empowerment [00:18:41] Team position agreements [00:21:10] Performance feedback strategies [00:24:53] Acknowledging positive contributions [00:27:34] Giving focused corrective feedback [00:29:30] Clarifying pharmacy value proposition [00:32:29] Maintaining core focus [00:35:14] Turning complaints into opportunities [00:38:05] Ensuring consistent experiences [00:40:30] Characteristics of ideal customers [00:42:31] Staying positive through challenges [00:43:35] Wrap up The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

On this episode of the Pharmacy Leaders Podcast, we talk with Sean Duffy, owner of Integrity Pharmacy Consultants, about the current state of pharmacy buying and selling. Sean shares insights on market trends, factors impacting transactions, and key considerations for pharmacy owners looking to buy or sell. https://www.integrity-rx.com/ [00:12] Introducing Sean Duffy [01:03] COVID's impact on transactions [02:58] Pharmacist perspective changes[03:59] Retail pharmacist shortage [05:26] Slowdown in transactions [06:28] Medicaid helping independents [08:25] Buyer/seller age averages [09:48] Managing frustration [14:11] Buyer approach changes [18:18] State ownership regulations [19:15] Staying in state [21:30] Selling low volume [23:08] Minimum to be sellable [25:39] Assessing opportunities [28:15] Lucrative businesses[30:56] Sean Duffy's book [33:02] Using consultants [34:30] Selling only once [35:58] Keeping sale confidential[38:04] Buyer interest compounding [40:06] Selling building first [41:21] Book key points [43:44] Needing financial history [45:46] Reducing expenses [47:34] Expenses impact value[48:21] Customizing for buyer [50:47] Avoidances selling to chain [51:49] Conclusion and thanks The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this episode of The Business of Pharmacy Podcast, host Mike Koelzer interviews Dr. Jonathan Baktari, an entrepreneur and physician who founded several successful healthcare businesses. They discuss the mindsets and skills needed to be a successful entrepreneur, especially for those with medical and pharmacy backgrounds. BaktariMD.com Key Points: [00:00:15] Introducing Dr. Jonathan Baktari and overview of discussion topics [00:01:04] Transitioning from medicine into business and healthcare administration [00:02:30] Getting global perspectives of healthcare by working with various stakeholders [00:04:28] Changes in physician practice ownership over the past 20 years [00:06:08] Entrepreneurship requiring specialized skills, not just personality traits [00:09:01] Taking practical steps to learn about a business before launching it [00:10:42] Challenges tech entrepreneurs face without industry experience [00:12:36] Mitigating risks in a thoughtful, step-by-step manner [00:15:10] Advantages of building technology alongside an existing business [00:20:03] Creating a "blue ocean" strategy to make competitors irrelevant [00:24:53] Personality and motivations still important for entrepreneurs [00:27:53] Maintaining integrity and honesty as core leadership principles [00:30:06] Clearly defining your competitive positioning and strategy [00:34:04] Resisting temptation to expand into too many areas [00:35:47] Dependence on early employees before redundancy is built [00:40:09] Achieving true redundancy to enable organizational maturity The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

Lucas Morgan, a partner at Frier Levitt, joins host Mike Koelzer for an in-depth discussion on pharmacy law, working with boards of pharmacy, common issues that pharmacists face, and tips for avoiding trouble. https://www.frierlevitt.com/about/attorneys/lucas-w-morgan/ [00:00:15] Introducing Lucas Morgan [00:01:05] Interacting with pharmacy board inspectors [00:02:56] Mistakes made when dealing directly with boards [00:04:00] Unique pharmacy regulations by state [00:05:51] Emotions involved with board disciplinary actions [00:06:52] The role of intent and negligence [00:08:06] Discretion given to pharmacy boards [00:09:47] Challenging board conclusions [00:11:16] Using boards to determine correct interpretations [00:12:57] Level of formality in board procedures [00:15:10] Obtaining advisory opinions from boards [00:16:29] Requirements for pharmacy operating hours [00:17:59] Limitations of new pharmacy licenses [00:20:13] Temporary pharmacy closures [00:21:05] Saddest disciplinary cases [00:24:11] Power dynamics with licensing boards [00:27:42] Differences between mitigating and exculpatory factors [00:29:34] Violations vs. intent and penalties [00:32:24] Objectivity challenges with boards [00:36:54] Transparency in board rulemaking processes [00:40:10] One action listeners could take regarding boards [00:42:03] Staying informed on pharmacy laws and regulations [00:43:04] Challenges researching pharmacy laws [00:44:17] Value of legal expertise The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

In this episode, Florida pharmacy owner Jesse Brashear shares his experience getting involved in state-level advocacy and pharmacy reform. https://www.brashearspharmacy.com/ Key topics covered: 0:22 - Jesse talks about his background in political science and pharmacy 0:59 - Jesse discusses getting involved in pharmacy advocacy in the state legislature 2:18 - How a pharmacy reform bill gets introduced in a state legislature 4:49 - Jesse describes literally knocking on legislators' doors at the state capitol 6:33 - Jesse talks about speaking on pharmacy bills in legislative committees 8:19 - Jesse recounts how long it takes to get pharmacy reform bills passed 10:06 - Jesse wanted to go to law school or become an urban planner after college 16:52 - Jesse brings his kids to speak at committee meetings for pharmacy reform 18:18 - Factors that led to introduction of a pharmacy reform bill in Florida 23:49 - Ways for individual pharmacists to get involved in advocacy 25:38 - The role of state pharmacy associations in advocacy efforts 28:24 - Advocating for pharmacy issues at the federal level 30:32 - Getting new pharmacy graduates involved in advocacy 32:25 - Would Jesse still pursue pharmacy today? 35:10 - Sitting vs standing as a pharmacist 36:40 - Tips for getting started in pharmacy advocacy 39:09 - Taking action beyond just complaining about issues 40:39 - Jesse's goal in coming on the podcast 42:15 - Closing thoughts The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

Pramod John, CEO of VIVIO Health, discusses issues with drug pricing and competition in the pharmaceutical industry. He talks about how the current system incentivizes higher spending on healthcare rather than better outcomes, and how lack of transparency and access to data prevents true competition. [00:00:15] Introduces VIVIO Health mission [00:02:07] Background and improving healthcare [00:05:40] US overspends on drugs [00:08:39] Public benefit corporation [00:12:11] Rebates misalign incentives [00:17:29] FDA approves ineffective drugs [00:24:15] FDA efficacy vs. effectiveness [00:29:47] Health insurance exchanges [00:33:03] Humira lacks competition [00:40:51] Lower cost Humira biosimilars [00:44:38] Employers overpay despite alternatives [00:47:53] Consultants have misaligned incentives [00:51:46] Importance of fiduciary duty [00:53:39] Data access drives competition [00:55:33] Similar issues in other industries [00:57:31] Ask doctors for data on treatments Learn more: https://www.viviohealth.com The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.

The Business of Pharmacy Podcast™ brings you in-depth, candid conversations with pharmacy business leaders. This week's episode features an exclusive interview with Stellus Rx founder and CEO Tony Willoughby, who gives us an inside look at how his company leverages technology to creatively scale more robust and personalized pharmacist-patient relationships and drive better health outcomes - tune in every Monday morning for a new episode. [00:00:23] Founded Stellus Rx pharmacy [00:01:12] Worked on frontlines firsthand [00:02:58] Provides tech adherence and engagement [00:03:50] Dispensing from local and central [00:05:09] Revenue majority services, some meds [00:10:31] Virtual relationships robust [00:14:04] COVID spurred virtual healthcare [00:18:05] Pharmacists review history beforehand [00:23:26] Meds enable behavior improvement [00:35:49] Scaled through smart technology [00:38:36] Added automated central fill [00:53:06] Grateful for sharing story https://www.stellusrx.com/ The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by pharmacist Mike Koelzer, each episode covers new topics relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.