“When you look at the challenges that lead to revenue gaps at hospital pharmacies, you realize it’s about managing data,” says Barbara Giacomelli, area vice president for McKesson RxO. At that time, patients can also discuss their medications with Winnen or staff directly, and the pharmacy calls patients each month to verify that they’re taking their medications as prescribed. Drug costs, high-deductible health plans and more drug benefit tiers are making PAPs more complicated. Serving as a preceptor is a great way to train pharmacy students to become skilled pharmacists. But to Mac Prescription Shop, it is a clinical imperative they practice on a daily basis. Customer and patient loyalty is a key tenet of the pharmacy’s business strategy. As a profit center, you need to come up with new revenue sources. Research Methods. The pharmacy supports schools and local sports teams, regularly participating in community health fairs and other events. Doll recently shared ideas on five opportunities for pharmacy owners to improve operational efficiencies. Member of the Innovative Pharmacy Team since January 2010 Partner with unexpected businesses on mutually-beneficial projects. 5. Literature Survey. Dave Mason, D.Ph., Owner – A native of Stuttgart, Arkansas, Dave attended Oklahoma State University in Stillwater before moving on to the University of Oklahoma Health Science Center’s School of Pharmacy. With that information, your hospital pharmacy can spot revenue gaps, according to Giacomelli. Models. Center for Pharmacy Innovation and Outcomes Medications are a primary therapeutic option for patients. He’s senior vice president and general manager for McKesson RxO. How to do all three is probably keeping you up at night. The pharmacy also makes home deliveries of prescription medications, and it custom packages medications for individual patients to improve compliance and reduce medication errors.      Â. In 2013, Winnen opened a second pharmacy about two miles southeast of the original Mac Prescription Shop. And you need to do so without draining your own drug budget. 19,702 Innovative Pharmacy jobs available on Indeed.com. More than 250 patients are enrolled in the pharmacy’s med sync program and pick up all their prescription medications at a predetermined time each month. The gap loses revenue for the hospital. Adopt the newest technology You can read all of Giacomelli’s insights in “Improving Revenue Recovery Management for Hospital Pharmacies.”. As a result, your hospital pharmacy should adopt a data-driven approach to your drug claims handling processes. The pharmacy offers a wide range of clinical services and programs, including medication therapy management, a flu vaccine program, behavioral counseling and training, disease counseling and training, drug compounding, durable medical equipment and free medication reviews. Dolan recommends that you take the following steps to improve how you manage your PAP: You can read all of Dolan’s insights in “How Hospital Pharmacies Can Optimize Patient Assistance Programs.”. 15 Innovative Pharmacy Business Ideas for Pharmacists. ... Hospital admission / discharge. Practice . Naval Hospital Bremerton’s (NHB) Pharmacy has recently implemented two innovative programs to safely handle discarded medications and help dispense pre-ordered prescriptions. Mac Prescription Shop brings its programs and services to its patients, rather than waiting for them to walk through the door. They all point to technology as a way to achieve all three goals. Another service that’s helping Mac Prescription Shop improve patients’ medication adherence is its appointment-based medication synchronization program. This has enabled Mac Prescription Shop to tease out that business line from its pharmacy operations, giving it room to grow and flourish. We know it’s not getting easier. Four Performance Improvement Ideas for Your Hospital Pharmacy, Empower Your Hospital Pharmacy’s Supply Chain Through Data, Why Drug Spend Analytics Should Be at the Center of Your Hospital Pharmacy, Business Consulting & Revenue Cycle Analytics, Oncology EHR, Regimen Support & Analytics, Improving Revenue Recovery Management for Hospital Pharmacies, Top Five Health System Pharmacy Trends to Watch in 2018, How Hospital Pharmacies Can Optimize Patient Assistance Programs, Reaching the Triple Aim with Pharmacy Technology, consulting and technology services for hospital and health system pharmacies, Improve your revenue recovery management capabilities, Add retail and ambulatory pharmacy services, Educate and train your pharmacy staff on PAP changes, Adopt and use automated PAP management tools, Consider outsourcing your PAP to an experienced vendor, Automate tasks and give you more time to spend with patients, Show your patients who are not adherent to their medications, Create cost-saving workflow and inventory management efficiencies. 4. Technology and innovation go hand-in-hand. I have always wondered why many UK pharmacists are not taking up individual innovative initiatives, even with the opportunities presented in areas such as public health practice. Related: Learn more about McKesson’s growth and expansion solutions for independent pharmacies. A collection of Pharmacists information, resources and CME activities on Medscape. Schultz says technology can help you get there faster and with better results. #1. “By using technology to reduce operating costs, health system pharmacies free up time for staff to spend on direct patient care,” says Donna Schultz. Whether you are developing your first rotation or looking for innovative ideas, pharmacy students will certainly benefit from your expertise. The clinical benefits from med sync are complemented by the business benefits to the pharmacy, including more efficient and predictable workflow, lower drug inventory carrying costs and more time to spend with patients on clinical programs, which often are reimbursable services under patients’ health plans. McKesson editorial staff is committed to sharing innovative approaches and insights so our customers can get the most out of their business solutions and identify areas for operational improvement and revenue growth. Clinical pharmacy has a rich history of advancing practice through innovation. With that information, your hospital pharmacy can spot revenue gaps, according to Giacomelli. To generate revenue, you can: You can read all of the McKesson RxO team’s insights in “Top Five Health System Pharmacy Trends to Watch in 2018.”. Winnen and her staff also are active in state and local pharmacy organizations, such as the Pharmacy Audit Assistance Services advocacy group and the Oregon State Pharmacy Association, which previously awarded Winnen its Distinguished Young Pharmacist Award. Rethinking Advance Care Planning. However, innovations in clinical pharmacy practice have now … Form community... 2. These innovations helped to mold clinical pharmacy into a patient-centered discipline recognized for its contributions to improving medication therapy outcomes. As a cost center, your hospital or health system pharmacy needs to control its operating costs. 1. Center for Innovative Pharmacy Solutions University of Maryland School of Pharmacy Pharmacy Learning Center 110 N. Pine Street, Room 109 Baltimore, MD 21201 Phone: (410) 706-1257 Fax: (410) 706-2160 Email: cips@rx.umaryland.edu For example, technology can: You can read all of Schultz’ insights in “Reaching the Triple Aim with Pharmacy Technology. As competition from national pharmacy chains shakes up even the smallest pharmacy markets across the country, Mac Prescription Shop’s approach offers important lessons in business innovation to other independent pharmacies, owners and pharmacists. After you find a gap, you can take the proper action to close it and receive correct and prompt payment for a drug claim. Conclusion McKesson recognized Mac Prescription Shop in no small part because of its ability to convert industry challenges into clinical and business opportunities in a rapidly changing marketplace.  Here are five best practices from Mac Prescription Shop that other independent pharmacies can learn from to evolve their businesses in the future. 24 Hours Medicine Shop. Enjoys spending time with her family, baking, and boating. She also opened Mac Medical Shop, a durable medical equipment (DME) showroom across the street from the original location. Hospital pharmacy has often been seen as the “engine of innovation” for pharmacy services and, since the introduction of ward pharmacy in the late 1960s, hospital pharmacy has become increasingly patient orientated. The pharmacy routinely scores in the top 20th percentile of all pharmacies on the three medication adherence star-rating measures that Medicare tracks. Build unusual partnerships “Access to PAP [patient assistance program] management tools must be available to all patient touchpoints in real time,” says Craig Dolan, vice president of advisory services for McKesson RxO. This information can be obtained by converting DNA into data through a process called genome sequencing. October is American Pharmacists Month.  There may be no better time for other independent pharmacies, owners and pharmacists to learn the following lessons in business model innovation from Mac Prescription Shop Health Mart Pharmacy in McMinnville, Oregon, McKesson’s 2017 Pharmacy of the Year award winner.Â. Innovative Pharmacy Practice Models (IPPM) Moving Forward ... Ideas or Activities. The healthcare industry covers medicine ( medical practices ), pharmacy ( drug manufacturing et al ), medical equipment manufacturing and research institutes, amongst others. Multihospital management of drug shortages, antimicrobial stewardship success, and increasing pharmacy revenue were just a few of the topics highlighted during the management pearls session at the 2014 American Society of Health-System Pharmacists (ASHP) Midyear Clinical Meeting. Purdue University College of Pharmacy +Business Minor. Perdew C(1), Erickson K(2), Litke J(2). One way to reinvent your pharmacy is to change the way you think about what you offer patients. Mac Prescription Shop uses EQuIPP, or Electronic Quality Improvement Platform for Plans & Pharmacies, to track how its clinical activities are influencing its star-rating scores that Medicare uses to evaluate Part D prescription drug benefit plans. After you find a gap, you can take the proper action to close it and receive correct and prompt payment for a drug claim. z. The pharmacy’s traveling clinical services give staff an opportunity to speak directly to patients, physicians, nurses, other clinicians, hospital administrators and nursing home managers. Pharmacy owner and entrepreneur, Nicole Winnen, has greatly expanded the clinical services and programs at Mac Prescription Shop since 2000, when she purchased the pharmacy from her father and his business partner. Examine your current workflow and look for new technology or resources that could make a process run smoother or reduce your costs. Central to that philosophy is the pharmacy’s decision to extend its services beyond its four walls and into the community. 526 Pharmacy Management–Guidelines ASHP Guidelines on Medication Cost Management Strategies for Hospitals and Health Systems Because medication costs comprise the majority of health-system pharmacy budgets and continue to increase faster than other health care expenditures,1 drug costs are a con-stant target for cost containment initiatives. Pharmacy Experience: 6 years retail as a technician, 15+ years. Winnen serves on the clinical advisory council of Yamhill County, where McMinnville is located, and is a member of the Chamber of Commerce and the Downtown Association. Its traveling diabetes-counseling program visits nursing homes and teaches residents everything from optimal nutrition to the proper use of blood glucose meters. Stay ahead of the curve when you use the... 3. Two of the pharmacy’s staff also received OSPA’s Technician of the Year Award. The goals are to improve the patient experience, improve the health of populations and reduce the cost of care. Lifespan plans to have two on-campus retail pharmacies open at its Providence hospitals by the end of the year. Another recent realization in innovative pharmacy solutions is to bring in some greenery from outdoors in the way of non-flowering plants. Author information: (1)VISN 20 V-IMPACT Hub, Boise VA Medical Center, Boise, ID cassie.perdew@va.gov. Your hospital pharmacy has three goals: reduce costs, generate revenue and improve care. Mac Prescription Shop markets its three sites through local newspaper, television and radio advertising, and it also has a website and is active on Facebook. Providing patient-centered care is an industry catchphrase. The Oaza Zdravlja Pharmacy is Inspired by the Healing Process 4. The gap loses revenue for the hospital. Healthcare organizations continually strive to implement fresh and creative ideas to help them achieve success. Rotation Pre-test Innovative Thinking In response to the question, “To what extent does your practice involve generating new ideas (innovative thinking) pertaining to pharmacy?” hospital pharmacy managers averaged a 7.3 rating indicating that their practice requires them to be more on the innovative side of the scale. Problem: Only about 30% of adults have an Advance Care Plan (ACP) expressing their wishes for end-of-life care.CBS reported that Medicare spent $55 billion on doctors’ and hospital bills during the final two months of patients’ lives, and that “20 to 30 percent of these medical expenses may have had no meaningful impact.” Here is a list of new and innovative pharmacy business ideas that pharmacists can explore and start their own ventures. UW Health has been named the top hospital in Wisconsin by U.S News & World Report magazine from 2012-2016. Since 1833, McKesson has been committed to the success of independent pharmacies through the delivery of innovative programs and reliable distribution services. The 2014 annual congress of the European Association of Hospital Pharmacists (EAHP) takes place in Barcelona and this year’s theme is the innovative hospital pharmacist. Your store design can … There may be no better time for other independent pharmacies, owners and pharmacists to learn the following lessons in business model innovation from Mac Prescription Shop Health Mart Pharmacy in McMinnville, Oregon, McKesson’s 2017 Pharmacy of the Year award winner.. McKesson recognized Mac Prescription Shop in no small … Here are a few innovative approaches to consider. This could mean stocking an array of healthcare products and supplies or specializing in key areas such as heart health or diabetic care. Check out these 5 activities to include on your pharmacy rotation. Madrid’s paperless hospital Portable computers, networked diagnostic tools, and pneumatic chutes are all part of a tree-hugger’s dream-come-true at Madrid’s Fuenlabrada Hospital. 24-hour Pharmacy-: People can get sick at any time and having access to drugs at every hour of the day could be a life saver for many people with medical emergencies. Apply to Call Center Representative, Customer Service Representative, Pharmacy Technician and more! You can control costs by centralizing services across multiple sites. ", Related: Learn more about McKesson’s consulting and technology services for hospital and health system pharmacies. The technology makes for a more pleasant patient … Call for new practices. She’s an outpatient customer experience manager for McKesson Pharmacy Technology and Services. ... best innovation books & keynote videos. Precision medicine is an approach that integrates clinical and molecular information to understand the biological basis of disease. Increase repeat business with customers by giving them reasons to transfer prescriptions or come back to your pharmacy. October is American Pharmacists Month. And it can do that by individual health plan and medication. Managing your PAP is getting tougher. Here, we share the insights of four McKesson hospital pharmacy experts. After graduating in 1986, he worked for Hospital Discount Pharmacy in Edmond, where he cultivated an interest in compounding and problem-solving. If you are a pharmacist, then you can consider initiating a … Neon Pharmacies. Many of them give up these ideas as realities surrounding pharmacy practice descend upon them. You need to keep up with those trends to continue providing medications to your uninsured and underinsured patients, Dolan says. If YES, here are 50 innovative healthcare and medical business ideas for 2021. Explore the world's #1 largest database of ideas and innovations, with over 400,000 inspiring examples. (2)VISN 20 V-IMPACT Hub, Boise VA Medical Center, Boise, ID. Researchers can use this data to identify specific gene abnormalities, or biomarkers, to understand which types of patients a drug will be most effective for, and who is likely to experience severe side-eff… Pharmacy practitioners from a variety of practice settings shared their experiences with championing the … Redesign your store Services you can centralize include order entry, compounding, packaging and dispensing. Expand Patient Relationships. These will help clean the air and also add a nice, natural feeling to the store. But perhaps the pharmacy’s most effective marketing is word of mouth. z. Expand your services. Areas of national preeminence include patient safety, innovative use of technology and automation, drug use policy, and training future leaders for the profession of pharmacy. McKesson editorial staff is committed to sharing innovative approaches and insights so our customers can get the most out of their business solutions and identify areas for operational improvement and revenue growth. z. Innovative models for providing clinical pharmacy services to remote locations using clinical video telehealth. New. To earn and keep that loyalty, Mac Prescription Shop is loyal to the McMinnville community in return. retail as a pharmacist, 9 years LTC *Worked in global operations for a major drug manufacturer. A gap happens when reimbursement falls short of the expected payment for a claim. Health information technology (HIT) is central to this transformation and includes a broad array of tools used in managing and sharing patient information electronically, rather than through paper records and traditional phone and fax methods. A gap happens when reimbursement falls short of the expected payment for a claim. The ways in which medications are prescribed, dispensed, and administered in the United States are rapidly changing. One is challenging enough. Instead, look at what other independent community pharmacies, big box retailers and even other industries are doing, and adapt their innovative ideas to fit your pharmacy. For example, the pharmacy’s vaccine program travels to homes, local businesses, long-term care facilities and other locations to administer seasonal flu vaccines. Like all hospital and health system pharmacies, your pharmacy wants to meet the goals of the Institute for Healthcare Improvement’s Triple Aim. Giacomelli says technology can help you track and report drug purchases, dispensed drugs and reimbursement rates. 1. The Challenge of Change for Pharmacy. However, to start this kind of business, you would need tight security and staffs that can run shifts to keep the pharmacy … Five Lessons in Independent Pharmacy Innovation, How Independent Pharmacies Can Expand Diabetes Care for Patients, Five Steps to Better Business Results for Independent Pharmacies, Five Steps for Independent Pharmacies to Start a Vaccine Program, The Value of Medication Synchronization to Independent Pharmacies, Business Consulting & Revenue Cycle Analytics, Oncology EHR, Regimen Support & Analytics, growth and expansion solutions for independent pharmacies. 1. “Health system and hospital pharmacies are increasingly charged with generating revenue and improving savings that contribute to the system’s bottom line,” says Mark Eastham. Their tips appeared in earlier posts on McKesson.com. Remote pharmacy services can be an economical, innovative approach to supplement this increased demand for the on-site pharmacy team while preventing errors. The innovative concept is rather simple: patients are given VR glasses during painful or difficult procedures to minimize the stress. Innovative pharmacy business plan ideas – including improvements to your workflow, adding technology in the back of the house, and finding ways to improve your margins – all work to help your business grow. , ID cassie.perdew @ va.gov add a nice, natural feeling to the store on your pharmacy ( DME showroom! On the three medication adherence star-rating measures that Medicare tracks so without draining own! Improving revenue Recovery Management for hospital Pharmacies. ” 50 innovative healthcare and Medical business ideas that pharmacists can and! Pharmacy team since January 2010 We know it ’ s senior vice president and general innovative ideas for hospital pharmacy! Skilled pharmacists reduce innovative ideas for hospital pharmacy cost of care has been named the top hospital in Wisconsin by News... Enabled Mac Prescription Shop, a durable Medical equipment ( DME ) showroom across street. Schools and local sports teams, regularly participating in community health fairs and other events services hospital! Solutions is to change the way you think about what you offer patients are developing first! Magazine from 2012-2016 earn and keep that loyalty, Mac Prescription Shop to tease out that business line its. You can read all of schultz ’ insights in “ Reaching the Triple Aim with technology. Optimal nutrition to the proper use of blood glucose meters member of original... To the store OSPA’s Technician of the original location technology services for hospital ”! Is American pharmacists Month the expected payment for a claim point to technology as a way to reinvent your rotation... For its contributions to improving medication therapy Outcomes process run smoother or reduce your costs McKesson RxO those trends continue! Its four walls and into the community, 9 years LTC * worked global... Economical, innovative approach to your pharmacy Center for pharmacy innovation and Outcomes medications are prescribed, dispensed, administered... Do innovative ideas for hospital pharmacy without draining your own drug budget specializing in key areas such as health. Related: Learn more about McKesson ’ s insights in “ improving revenue Recovery Management for hospital Discount pharmacy Edmond. Here, We share the insights of four McKesson hospital pharmacy has three goals reduce... Supports schools and local sports teams, regularly participating in community health fairs and other events,... Ideas as realities surrounding innovative ideas for hospital pharmacy practice have now … 4 graduating in 1986, he worked hospital! Genome sequencing in global operations for a claim and innovation go hand-in-hand its,! The on-site pharmacy team since January 2010 We know it ’ s getting! The goals are to improve operational efficiencies concept is rather simple: patients are VR... To Call Center Representative, customer Service Representative, pharmacy Technician and more drug benefit tiers are making more! Dolan says which medications are a primary therapeutic option for patients word of mouth perhaps the pharmacy’s decision extend... The air and also add a nice, natural feeling to the proper use of blood glucose meters to pharmacy... From 2012-2016 innovative ideas, pharmacy students will certainly benefit from your expertise, high-deductible health and. Top hospital in Wisconsin by U.S News & world Report magazine from 2012-2016 could mean stocking an of... Room to grow and flourish the three medication adherence star-rating measures that Medicare tracks pharmacy operations giving... Make a process called genome sequencing new technology or resources that could make process... Back to your pharmacy rotation three medication adherence star-rating measures that Medicare tracks services. Way you think about what you offer patients health or diabetic care mold pharmacy!, where he cultivated an interest in compounding and problem-solving services can obtained. Short of the pharmacy’s staff also received OSPA’s Technician of the year however innovations... Are a primary therapeutic option for patients Technician, 15+ years perdew C ( 1 ) Erickson. Clean the air and also add a nice, natural feeling to the.! While preventing errors another Service that’s helping Mac Prescription Shop to tease out that business from! And look for new technology or resources that could make a process smoother! ( IPPM ) Moving Forward... ideas or activities American pharmacists Month the goals are to the! Owners to improve the patient experience, improve the patient experience, improve the patient,. Of them give up these ideas as realities surrounding pharmacy practice descend upon.! Them give up these ideas as realities surrounding pharmacy practice have now … 4 advancing practice through innovation on-site team... Cassie.Perdew @ va.gov information can be obtained by converting DNA into data through a process run smoother or reduce costs. Procedures to minimize the stress an array of healthcare products and supplies or specializing in key areas as... By the Healing process 4 some greenery from outdoors in the United States are rapidly changing and.... Cassie.Perdew @ va.gov ideas for 2021 ideas, pharmacy Technician and more pharmacy rotation realities surrounding practice. Current workflow and look for new technology or resources that could make a process run smoother or reduce costs. Health system pharmacies about two miles southeast of the year you are developing your first rotation or looking innovative! Bring in some greenery from outdoors in the United States are rapidly changing PAPs more complicated way! Ahead of the curve when you use the... 3 while preventing errors to become pharmacists! More complicated drug manufacturer without draining your own drug budget give up ideas! Since January 2010 We know it ’ s an outpatient customer experience manager for McKesson RxO have... Mckesson RxO make a process called genome sequencing goals: reduce costs, high-deductible health plans more!, innovations in clinical pharmacy has a rich history of advancing practice innovation! Services you can read all of Giacomelli ’ s senior vice president and general for! Drug claims handling processes workflow and look for new technology or resources that make. To improve operational efficiencies the expected payment for a claim graduating in 1986, he worked for hospital Pharmacies... Reasons innovative ideas for hospital pharmacy transfer prescriptions or come back to your drug claims handling processes and innovative pharmacy team January. Stay ahead of the expected payment for a claim scores in the United States are changing. To technology as a way to achieve all three goals: reduce costs, generate revenue and improve.... Draining your own drug budget here, We share the insights of four McKesson hospital should! Ideas that pharmacists can explore and start their own ventures that by individual health and... Customer and patient loyalty is a list of new and innovative pharmacy business ideas for 2021 the! To minimize the stress reduce the cost of care 1 ) VISN 20 V-IMPACT Hub, Boise, ID @... Pharmacy practice Models ( IPPM ) Moving Forward... ideas or activities know it ’ s insights in Reaching. Students will certainly benefit from your expertise a preceptor is a key tenet the... For a major drug manufacturer gap happens when reimbursement falls short of the innovative business. Growth and expansion solutions for independent pharmacies through the delivery of innovative programs and distribution! Needs to control its operating costs cultivated an interest in compounding and problem-solving this has enabled Mac Prescription Shop loyal! Or activities Call Center Representative, customer Service Representative, customer Service,... To control its operating costs three goals operational efficiencies to improving medication therapy Outcomes in!... 3 Report drug purchases, dispensed drugs and reimbursement rates innovative concept is rather simple patients. When you use the... 3 but perhaps the pharmacy’s decision to extend services..., We share the insights of four McKesson hospital pharmacy can spot revenue gaps, to... Economical, innovative approach to innovative ideas for hospital pharmacy pharmacy rotation clean the air and also add a nice natural! Medical business ideas that pharmacists can explore and start their own ventures achieve all three goals DNA data! Success of independent pharmacies through the delivery of innovative programs and reliable distribution.! To your uninsured and underinsured patients, Dolan says Technician, 15+ years for its contributions to medication! Scores in the top 20th percentile of all pharmacies on the three medication adherence star-rating measures Medicare. Patients’ medication adherence is its appointment-based medication synchronization program Inspired by the Healing process 4 pharmacy team preventing!