The pharmacy industry is well aware that government agencies and private insurers are moving away from fee-for-services models and toward value-based payment methodologies. In fact, according to the American Medical Association, payment with some form of value-based measurement will increase by at least 30% by 2019.
That’s a big jump for any pharmacy –– but it’s huge for smaller independent pharmacies.
So what can your pharmacy do to ensure you’re moving the needle in a value-based reimbursement environment?
It turns out there’s quite a bit you can do.
Below are three key services your pharmacy can provide that help nurture positive outcomes for your customers, and increase your ability to compete –– and survive –– in today’s increasingly competitive healthcare market:
Despite continued campaigns to increase vaccination rates in the United States, vaccine-preventable illnesses and deaths among adults continue to be a major health concern. In fact, 50,000 deaths per year in the U.S. are attributed to vaccine-preventable causes.
One barrier identified, that drives this alarming figure, is a lack of access to regular care. Community pharmacies can help provide that access. By offering immunization services in your pharmacy, you will decrease a customer’s probability of a vaccine-preventable illness and increase the possibility of positive outcomes –– a key component to profitability in a value-based payment environment.
Medication Therapy Management
Medication therapy management (MTM) is another effective service community pharmacy can use to grow business and move the needle in a value-based payment environment.
MTM’s list of services make it a tool that’s tailor-made for positive outcomes and continued pharmacy growth. Some of those services include:
- Medication and therapy reviews
- Medication-related action plans
- Increased health and wellness awareness
- Better Medication Adherence
A Strong Focus on Medication Adherence
Readmission and poor patient outcomes are a direct result of medication non-adherence.
These events are also known to be the main factors behind continued failure rates, while treating chronic conditions, and adverse medication reactions (exactly what you and your patients don’t want). These factors help drive the continued rise in healthcare costs.
Community pharmacies are in a strong position to set the stage for guidance and education on the importance of medication adherence for customers. Patient education on the benefits of taking medication according to their schedule can be key in helping a patient stay on track, despite negative (known) side-effects that are merely uncomfortable, but non-life-threatening.
Whether a customer is prescribed a new medicine for hypertension or type 2 diabetes, when a pharmacist takes the time to talk to the patient and find out whether they are taking the medicine (correctly), and if they feel the medication is working, and what side-effects may be occurring, that pharmacist increases their chance of improving a patient’s experience by offering appropriate adjustments or measures that can help keep them on track.
This builds customer confidence and improves patient outcomes.
It’s a win-win in a value-based reimbursement environment.
Profit does not have to take a backseat to accommodating evolving payment methodologies.
By focusing more on what your pharmacy can do to optimize operational efficiencies that will benefit your bottom line, while also providing better outcomes for your customers, you will be on track to lower costs and maximize revenue –– even in a value-based payment environment.
What services have your pharmacy provided that have helped accommodate changing payment models? How has your pharmacy benefited –– or not –– from the changes (or services) you implemented?
We’d love to know and may even share those experiences in future blog posts, white papers, and e-books. If you’d like to add your experience, please contact BB Drake.
And, of course, be sure to subscribe to our blog for more tips, insights and bulletins that can help grow your pharmacy and save you money – all from your partners at AlliantRx.