The Business of Pharmacy Podcast™
By Mike Koelzer, Pharmacist
The Business of Pharmacy Podcast™May 30, 2020
Business Insights into Personal Health Data | Britt Gottschalk MBA, MIO, Geno.Me
Business Insights into Personal Health Data: In this episode, we discuss how individuals can monetize their health information and the broader impact on the healthcare industry. Gain insights on navigating this lucrative but complex field.
https://yourgeno.me/
https://bizofpharmpod.com/
Sponsored by https://www.waypointus.com/
From Pharmacy to Diverse Business Ventures | Chi Patel, PharmD, MBA, Carolina Pharmacy
Join us as Dr. Chirag 'Chi' Patel, a pharmacist and dynamic entrepreneur from Charlotte, North Carolina, shares his journey from running a pharmacy to exploring various business opportunities. In this episode, Chi discusses the challenges and successes of diversifying business interests beyond the traditional pharmacy, including ventures in med spas and the food industry, and provides insights on how an entrepreneurial mindset can lead to greater community impact and financial success. Tune in to discover how pharmacy skills can translate into broader business achievements.
https://carolinapharmacy.com/
https://BizofPharmPod.com
Sponsored by https://matchrx.com
Advocating for Our Own: Pharmacists' Mental Health | Helen Sairany, PharmD, Author
In this episode, we delve deep into the mental health challenges faced by pharmacists. We discuss systemic issues, the impact of workplace stress, and the importance of advocacy in promoting mental well-being. Join us as we explore strategies to support our pharmacists and enhance their professional lives.
https://www.linkedin.com/in/helen-sairany/
Sponsored by https://www.parcelhealth.co/
https://www.bizofpharmpod.com/
Financial Insights for Every Season of Business & Life | Tim Ulbrich, Your Financial Pharmacist
yourfinancialpharmacist.com/
Sponsored by www.parcelhealth.co/
www.bizofpharmpod.com/
PBM Fight: State to Federal Shift | Greg Reybold, Atty, APCI
In a compelling discussion, Mike Koelzer and Greg Reybold, VP at American Pharmacy Cooperative, delve into the shifting battle against PBMs from state to federal levels. Greg highlights the urgent need for PBM reform, the challenges at the federal level, and strategies for protecting pharmacies and patient care against detrimental PBM policies.
https://www.apcinet.com/
Sponsored by https://www.parcelhealth.co/
https://www.bizofpharmpod.com/
Empowered Pharmacy Selection Post-Visit | Otto Sipe, Photon Health
In this engaging episode, Mike Koelzer delves into the transformative world of prescription management with Otto Sipe, co-founder and CEO of Photon Health. Operating out of Brooklyn, New York, Photon Health is pioneering a modern approach to prescription delivery, streamlining the process through technology that allows prescriptions to be sent directly to patients via text. Otto shares insights into how Photon Health is redefining the patient experience by offering transparency and control over where and how prescriptions are filled. Through a candid conversation, listeners gain an understanding of Photon Health's mission to modernize pharmacy interactions, ensuring that decisions about health care are made with convenience and cost-effectiveness at the forefront.
https://www.photon.health/
Sponsored by https://www.parcelhealth.co/
www.bizofpharmpod.com
One Year In: Michael Hogue's Crusade to Transform Pharmacy | Michael Hogue, PharmD, APhA
In this episode, we're joined by Michael Hogue, CEO and EVP of the American Pharmacists Association. With passion for pharmacy and a mission to address the profession's challenges, Michael shares insights into the current landscape, from battling for pharmacists' rights in Washington D.C. to fostering hope within the community. Discussing topics from PBM complexities to advocating for pharmacists' roles in healthcare, Michael underscores the need for unity and action within the profession. As pharmacy faces significant hurdles, his perspective offers a blend of candid reflection and forward-thinking optimism, aiming to secure a brighter future for pharmacists nationwide.
https://www.pharmacist.com/
Please support our sponsor: https://www.matchrx.com/
Automating Compliance in Pharmacy | Sumeet Singh, LighthouseAI
Sponsored by Parcel Health: In this episode of The Business of Pharmacy Podcast™, host Mike Koelzer welcomes Sumeet Singh, founder and CEO of Lighthouse AI, to discuss the revolutionary approach his company is taking towards automating pharmacy compliance. Singh delves into how Lighthouse AI leverages artificial intelligence to simplify the complex and ever-changing landscape of pharmacy regulations, ensuring pharmacies can efficiently navigate compliance requirements across different jurisdictions. This candid conversation sheds light on the technology driving the future of pharmacy compliance, promising to transform the traditional, labor-intensive processes into an automated, efficient, and error-free system.
https://lighthouseai.com/
www.parcelhealth.co/
https://www.bizofpharmpod.com/
Harmacy Pharmacy Documentary | Anaïs Mennuti & Kristin Speer, PharmDs
Sponsor: www.parcelhealth.co/
www.harmacyfilm.com
Guests:
Dr. Anaïs (Webster) Mennuti, a dedicated pharmacist and the co-director/producer of "Harmacy," shares her insights from the front lines in Oregon's hospital systems.
Dr. Kristin Speer, also a pharmacist, lends her expertise as a co-producer and a pivotal figure in the Psychedelic Pharmacist Association, discussing the broader implications of pharmacy practices.
Discussion Highlights:
Title Evolution: The documentary, initially titled "Would You Like Shots With That?," has undergone a significant rebranding to "Harmacy," a change inspired by Hollywood consultants' advice for broader appeal and clarity.
Core Themes: The project started as a focus on labor rights within retail chain pharmacies but expanded to encompass the deeper, systemic issues plaguing the pharmacy world, hinting at a broader "Harmacy" rather than a caring environment.
Challenges Faced: The journey to bring this documentary to life is not without its obstacles, from funding hurdles to gaining cooperation from the industry's higher echelons. Anaïs and Kristin discuss the reluctance of top pharmacy chains and PBMs to engage, highlighting the importance of presenting a balanced view by including various perspectives in their narrative.
The Role of Pharmacy: The conversation delves into the identity crisis within the profession, emphasizing the need for pharmacists to become better self-advocates. The documentary aims to spark a conversation on the value pharmacists bring to healthcare and the potential for their role to evolve positively if systemic issues are addressed.
Future Steps and Funding: With a detailed business plan and a partnership with consulting producer Scott DuPont, the team is optimistic about reaching their funding goals to continue production. The documentary seeks not only to highlight the challenges but also to explore potential solutions and encourage a collective push towards systemic reform.
Call to Action: The episode concludes with an invitation to the pharmacy community and the general public to support the documentary's mission. By shedding light on the untold stories of the pharmacy world, "Harmacy" aims to catalyze change and advocate for a profession that is integral to public health.
For More Information:
Visit harmacyfilm.com for updates, insights, and ways to support this vital project.
Join us next week for another engaging conversation on The Business of Pharmacy Podcast™, where we continue to explore the intersections of health, policy, and the business shaping the future of pharmacy.
How PSAOs and Wholesalers Undermine Pharmacies | Brett Louderback, PharmD, OpenBook
In an industry where wholesalers often undermine pharmacies, Brett Louderback, a dedicated pharmacist and first-time store owner in Nebraska, opens up about his path to pharmacy ownership and the creation of his consulting group. This episode delves into the pivotal insights from a car dealer that significantly shaped Brett's business strategy in the pharmacy sector: "You don't make money at the sale. You make it at the purchase." This philosophy is especially relevant in the context of the challenges pharmacies face with wholesalers, highlighting the importance of strategic acquisitions and negotiations.
https://www.obrxa.com
Sponsored by https://www.parcelhealth.co
Key Discussion Points:
Leadership Philosophy:
- Transition from a "benevolent dictatorship" to collaborative leadership with business partner Steve Bullock and the role of mentor Barry Kubo in shaping Brett's business acumen.
The Business of Pharmacy:
- The evolution of Brett's pharmacy practice from traditional services to embracing consulting, recognizing the potential beyond the pharmacy counter. The conversation explores the critical aspect of identifying new business opportunities and core savings in the niche market of independent pharmacies.
Challenges with Wholesalers and PBMs:
- A candid discussion on the struggles independent pharmacies face with wholesalers, PSAs, and PBMs, highlighting the opaque practices that jeopardize pharmacy profitability and sustainability.
Financial Strategies and the Future of Pharmacy:
- Brett outlines four pillars crucial for negotiating with wholesalers, emphasizing the need for independent pharmacies to reclaim their financial footing and exploring potential reforms in pharmacy contracting and reimbursement models.
Advocacy and Vision for Change:
- The episode touches on Brett's passion for addressing systemic issues within the pharmacy industry, including the dire need for transparency, accountability, and fair compensation practices. Brett's encounter with Senator Grassley is discussed, underscoring the significant policy decisions affecting pharmacy practice.
Personal Reflections and Advice:
- Brett shares his thoughts on the future of pharmacy, pondering the decisions that aspiring pharmacists and current professionals face in an ever-changing healthcare landscape.
The Future of Self-Care with OTC Prescription Medications | Fady Boctor, MBA, Petros Pharma
Sponsored by MatchRx: Fady Boctor, President and Chief Commercial Officer of Petros Pharmaceuticals, discusses the emergence of the self-care marketplace, particularly the prescription to over-the-counter switches in healthcare products. He introduces Petros' key product, a prescription erectile dysfunction medication that they aim to make available over-the-counter. Companies aiming to switch their prescription medications to OTC are using technology to help customers self-select specific pharmaceuticals for their needs. Fadi emphasizes that this approach can promote increased patient understanding of their health status and encourage more proactive patient behavior even before seeing a doctor.
https://www.petrospharma.com/
The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.
Tech Solutions for Modern Business Challenges | Alex Natskovich, MEV
Sponsored by Parcel Health: In this discussion, Alex Natskovich, CEO and Founder of MEV, explores how his company builds complex software systems for life sciences and the pharmacy space. He identifies the ability of technology to solve business problems by integrating different systems to improve efficiency and client engagement. Natskovich highlights how AI is making strides in businesses including better generation of copy and aiding communication. He also discusses issues around AI including misinformation and data management in the era of deepfakes and blockchain technology. Furthermore, he throws light on the future of AI and other technologies, visualizing a more seamless and enhanced human experience.
https://mev.com/
The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.
AI Automating B2B Healthcare Conversations | Ankit Jain, Infinitus Systems
In this insightful episode, Ankit Jain, co-founder and CEO of Infinitus Systems, discusses the transformative impact of AI on B2B healthcare conversations. He delves into the challenges in healthcare communication, the evolution of AI technologies, and how automation can enhance efficiency and patient care.
https://www.infinitus.ai/
- 00:12 - Introduction to Ankit Jain and Infinitus Systems
- 01:47 - The inefficiency of phone calls in healthcare
- 06:48 - The desire for efficiency in healthcare systems
- 07:12 - Revenue cycle management in healthcare
- 11:54 - Future of AI in healthcare communication
- 17:02 - Ankit Jain’s journey from Google to healthcare innovation
- 25:30 - The challenges and rewards of entrepreneurship in healthcare
- 33:26 - AI's potential in improving healthcare processes
- 42:52 - The impact of language models in healthcare
- 51:02 - The future of conversational AI in healthcare
The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.
Modernizing Pharmacy Practices: Insights from Latin America | Mike Rizo, Pharm.D, MBA, Pharmcare Svcs.
In this eprisode of The Business of Pharmacy Podcast, sponsored by MatchRx, Mike Rizo, CEO of PharmaCare Services, discusses the contrasts and similarities in pharmacy practices between the United States and Latin America. He delves into various aspects of the pharmacy sector, including the role of pharmacy benefit managers (PBMs), challenges in medication management, and the impact of technology.
https://pharmcareservices.com/en/
00:12 - Introduction to Mike Rizo
02:30 - US vs. Latin America
05:15 - PBM Role Discussion
08:40 - Healthcare Systems Compared
11:25 - Medication Management
14:50 - Technology in Pharmacy
17:35 - Pharmacist's Role
20:10 - Local Healthcare Contexts
23:45 - Distribution Challenges
27:00 - Final Insights
The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.
AI's Influence on Medical Writing | Alex Evans, PharmD, MBA
In this insightful episode of The Business of Pharmacy Podcast, we sit down with Alex Evans, a pharmacist turned medical writer, to explore the dynamic world of medical writing in the age of Artificial Intelligence. Evans shares his journey from pharmacy to medical writing and dives deep into how AI tools are reshaping the landscape of medical communications.
This week's episode is brought to you by The Phill Box from https://www.ParcelHealth.co.
https://www.pharmcompliance.com/ai-medical-writing
[00:00:19] - Alex's background in pharmacy and medical writing
[00:01:10] - Alex's current location in Japan
[00:03:31] - Working remotely in medical writing
[00:04:15] - Interacting with editors and deadlines
[00:06:49] - First impressions of AI in medical writing
[00:09:24] - Addressing fears about AI replacing writers
[00:11:37] - The importance of fact-checking AI content
[00:14:58] - Skillfully prompting AI for effective results
[00:18:08] - Audience-targeted writing with AI
[00:20:52] - Cost-effectiveness of AI writing tools
The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.
Franchising the Pharmaceutical Industry | Barry Patel, PharmD, Galt Pharma
The New Face of Pharma: Unveiling the Small Pharma Model and a Unique Franchise System
Barry Patel, CEO and co-founder of Galt Companies, joined us for an engaging conversation about entrepreneurship in the pharmaceutical market. Patel discussed how Galt Companies, which includes Galt Pharmaceuticals and Galt Franchise Systems, is altering the conventional Big Pharma model by enhancing smaller pharmacies' potential. The discussion highlighted the innovative approach Galt Companies has adopted to secure existing medicines from the '70s through '90s and reintroduce them to the market, including a franchisee model allowing local entrepreneurs to own and operate mini-pharma companies in their areas. The talk also delved into the unique challenges and prospects the model offers, as well as insights into the pharmaceutical industry's regulatory landscape and Galt's future vision.
00:00 Introduction and Background of Barry Patel
00:36 Understanding the Business Model of Galt Companies
01:08 The Strategy Behind Reviving Old Pharmaceutical Products
01:44 The Role of Brand Recognition in the Pharmaceutical Industry
02:59 The Challenges and Opportunities in Manufacturing and Distribution
04:35 The Process of Identifying Potential Products for Revival
06:14 Understanding the Market Dynamics and Competition
08:05 The Future of the Pharmaceutical Industry and Galt Companies
12:06 The Role of PBMs and the Impact on the Pharmaceutical Industry
22:54 Exploring the Franchise Model in the Pharmaceutical Industry
23:15 Understanding the Franchise Model
24:14 The Role of Sales Representatives
25:00 Who are the Franchisees?
30:05 Overcoming the Salesperson Stigma
38:36 The Franchise Model and Liability
42:02 Future Plans and Growth Strategy
46:21 Final Thoughts and Appreciation
Launching a National Organization | Lauren Castle, PharmD, FMPhA.org
Host: Mike Koelzer
Guest: Lauren Castle, PharmD, Founder of Functional Medicine Pharmacists Alliance (FMPhA.org)
Episode Overview: In this episode, Mike Koelzer hosts Lauren Castle, who shares her inspiring journey of founding the Functional Medicine Pharmacists Alliance. The conversation delves into the challenges and triumphs of creating a new path in the pharmacy field, especially in the emerging area of functional medicine.
Key Topics Discussed:
Introduction and Background:
- Lauren Castle introduces herself and explains the mission of the Functional Medicine Pharmacists Alliance.
- The alliance focuses on advocacy, education, and resources for pharmacists interested in functional medicine.
The Genesis of FMPhA:
- Lauren discusses the lack of resources and support for pharmacists in functional medicine, which led her to create FMPhA.
- The journey from concept in 2017 to a fully realized professional organization.
Challenges and Innovations:
- Overcoming the skepticism within traditional pharmacy organizations.
- Embracing technology and social media to build an online community and educational platform.
Transition to Online Community:
- The shift from in-person to online presence, particularly using Facebook as a starting point.
- The importance of owning their platform to control content and discussions, especially highlighted during the Covid-19 pandemic.
Advocacy and Action:
- The focus on actionable steps for pharmacists to implement functional medicine practices.
- Challenges in expanding the scope of practice for pharmacists within functional medicine.
Future of FMPhA and Personal Reflections:
- Lauren's vision for the future of FMPhA and its impact on the pharmacy profession.
- Personal anecdotes and reflections on starting and growing a national organization.
Episode Conclusion: Lauren Castle's journey is a testament to innovation and determination in the field of pharmacy. Her experience in founding FMPhA provides valuable insights and inspiration for pharmacists seeking to explore new avenues in their profession.
Combating Crime and Loss in Pharmacies | Russ Hawkins, Agilence Inc.
This episode is brought to you by MatchRX.
In this episode, I chat with Russ Hawkins of Agilence about how pharmacies can leverage data analytics for effective loss prevention.
- Agilence's Role: Highlighting how Agilence's data solutions assist pharmacies in decision-making and operational efficiency.
- Loss Prevention Challenges: Discussing the various forms of losses in pharmacies, from theft to retail crimes.
- Internal Threats: Examining how internal staff, with knowledge of system weaknesses, can contribute to losses.
- Data Analytics Use: Exploring the use of data in mitigating losses and ensuring regulatory compliance.
- Future Trends: Looking at the future of loss prevention in pharmacies, focusing on AI and predictive analytics. https://www.agilenceinc.com/
The Business of Pharmacy Podcast™, hosted by pharmacist Mike Koelzer presents candid, in-depth conversations with pharmacy industry leaders every 📅 Monday morning.
Starting a Drug Manufacturing Venture | Eugene Chan, Abpro
In this episode, I'm joined by Dr. Eugene Chan, a leading figure at the intersection of healthcare and technology. We delve into the profound impacts of artificial intelligence and technological advancements on patient care and the pharmacy sector. Dr. Chan's insights shed light on the future of healthcare, emphasizing the critical role of innovation in driving patient outcomes and revolutionizing pharmacy business strategies. Join us as we explore the transformative influence of technology in the healthcare industry.
https://abpro.com/
- 00:01:31 - Introduction to Dr. Chan
- 00:04:20 - Pharmacy's Future
- 00:08:15 - Technology Impact
- 00:12:40 - Patient Data
- 00:15:55 - AI Developments
- 00:19:30 - Healthcare Trends
- 00:23:45 - Innovation Challenges
- 00:28:10 - Collaborative Approaches
- 00:32:50 - Business Models
- 00:36:25 - 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.
Streamlining Pharmacy Drug Inventory | George Lazenby, OrderInsite
In this episode, Mike Koelzer interviews George Lazenby about OrderInsight, a tool revolutionizing pharmacy prescription drug management.
https://getorderinsite.com/ OrderInsight Overview [00:00:20] Pharmacy Drug Challenges [00:02:30] Vendor-Wholesaler Dynamics [00:04:22] Inventory and Purchasing [00:07:40] System Integration [00:13:04] Cloud Services Preferences [00:15:14] Pharmacy Independence [00:17:31] George's Vision [00:21:06] Customer Acquisition [00:23:55] Future Directions [00:27:33] 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.
Pharmacy Staffing Innovations | Autumn-Kyoko Cushman & Leann Haddad, ShiftRx
This episode is sponsored by MatchRx. Visit them today at MatchRx.com.
In this episode of The Business of Pharmacy Podcast™, Mike Koelzer hosts LeeAnn and Autumn to discuss ShiftRx, an innovative solution in pharmacy staffing. The conversation delves into the challenges and opportunities in the pharmacy employment landscape, and how ShiftRx is making a difference.
ShiftRx.com
- 00:12 - Introduction to ShiftRx and its mission.
- 05:30 - The inception story of ShiftRx.
- 10:45 - Challenges faced in the pharmacy staffing industry.
- 15:20 - How ShiftRx addresses staffing issues.
- 20:35 - The impact of ShiftRx on pharmacists' work-life balance.
- 25:50 - User experiences and testimonials.
- 30:10 - Future plans and vision for ShiftRx.
- 35:25 - The role of technology in ShiftRx's model.
- 40:40 - Discussion on the gig economy in pharmacy.
- 45:55 - Closing thoughts and takeaways.
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.
Enhancing Pharmacy with External Pursuits | Jason Chenard, Speaker
In this episode, we explore how external pursuits and hobbies can enrich the professional life of pharmacists. Our guest, Jason Chenard, shares insights from his own experiences, demonstrating the positive impact of personal interests outside the pharmacy on professional growth and wellbeing.
https://www.layeredleadership.ca/
- 00:12 - Introduction to Jason Chenard
- 02:15 - Misconceptions about Goal Setting in Pharmacy
- 05:30 - Integrating Hobbies with Professional Life
- 10:45 - The Impact of Triathlons on Personal and Professional Development
- 15:20 - Flexibility and Adaptability in Pharmacy
- 20:00 - Process-Oriented Approach vs. Goal-Oriented Approach
- 25:35 - The Importance of Work-Life Balance
- 30:10 - Personal Growth through External Hobbies
- 35:50 - Advice for Pharmacists on Embracing Hobbies
- 40:25 - Concluding Thoughts and Takeaways
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.
Navigating Biotech Mergers and Acquisitions | Steve St. Onge, Paratek Pharmaceuticals
In this enlightening episode of The Business of Pharmacy Podcast, we delve into the intricate world of mergers and acquisitions in the biotech sector with Steve St. Onge, a seasoned expert from Paratech Pharmaceuticals. Steve shares valuable insights into the challenges and strategies of managing a single-product company in a volatile market, exploring the dynamics of both buy-side and sell-side M&As. His journey from a clinical practitioner to a corporate development leader offers a unique perspective on the biotech landscape. https://www.paratekpharma.com/
- [00:00:12] - Introduction of Steve St. Onge
- [00:00:44] - Challenges for single-product companies
- [00:02:20] - Strategic reasons behind M&As
- [00:06:49] - Initiation of merger discussions
- [00:10:21] - Role of relationships in M&A
- [00:13:12] - Emotional aspects of biotech M&A
- [00:16:14] - Clinical to corporate transition
- [00:19:39] - Persistence in M&A success
- [00:27:18] - Drug development and M&A impact
- [00:35:19] - PharmD to MBA growth journey
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.
AI Pharmacy Robotics in the Home | Charles Gellman, HiDO Health
In this episode, host Mike Koelzer talks with Charles Gellman, CEO and co-founder of HiDO Health, about the revolutionary integration of AI in pharmacy and home care. Explore how this technology is transforming patient care and medication management.
https://us.hidohealth.com/
- [00:00:12] - Introduction to Charles Gellman and HiDO Health
- [00:05:10] - Evolution of AI in Pharmacy
- [00:10:22] - Enhancing Home Care with Technology
- [00:15:30] - Personalizing Medicine through AI
- [00:20:55] - The Role of AI in Home Care
- [00:25:17] - Shifting Healthcare from Hospitals to Homes
- [00:30:42] - Innovations in Medication Management and Safety
- [00:35:25] - Future Vision: Pharmacy's Transformation through AI
- [00:40:33] - Addressing Medication Compliance with AI Tools
- [00:45:46] - Closing Discussion: The Broader Impact on Healthcare
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.
Drug Tracking's Impact on Pharmacy | Stephanie Varner, Capital Drug
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.
Connected Systems Beyond E-Prescribing | Frank Harvey & Andrew Mellin, Surescripts
Simplifying workflows and improving collaboration leads to better patient care. In this episode, we speak with Frank Harvey and Andrew Mellin from Surescripts about how their technology bridges communication gaps between pharmacists and other healthcare providers. We discuss innovations like price transparency, prescription quality improvements, and expanded clinical roles that empower pharmacists with the data they need at the point of care. Tune in to hear how Surescripts is connecting pharmacists with the broader care team and unlocking efficiency through better interoperability.
https://surescripts.com/
[00:00:15] Introductions
[00:01:07] Surescripts network overview
[00:02:55] Industry adoption of healthcare IT
[00:03:39] Slow areas of adoption
[00:05:10] Benefits of digitized records
[00:06:18] Players in the Surescripts network
[00:07:43] Getting clinical data to pharmacists
[00:08:44] Expanding pharmacists' clinical role
[00:09:44] Pharmacist shortage and scope expansion
[00:10:11] Interoperability vision
[00:12:26] Facilitating seamless claims processing
[00:13:39] Accessing patient records
[00:14:08] Clinical data exchange examples
[00:15:59] Evolution of pharmacy practice
[00:17:03] Surescripts and prescription payments
[00:18:42] Role in claims adjudication
[00:20:41] Involvement in billing process
[00:21:52] Improving prescription quality
[00:23:07] Centralized patient database
[00:24:01] Drug shortage database potential
[00:25:50] Addressing drug shortages with standards
[00:27:05] Providing drug availability info to prescribers
[00:28:23] Simplifying prescription instructions
[00:29:20] Healthcare interoperability challenges
[00:30:08] Prescription abandonment with price transparency
[00:32:07] Price transparency at prescribing
[00:33:19] Evolution of prescribing complexity
[00:35:47] Structuring prescription instructions
[00:36:47] Improving prescription quality
[00:38:22] Recapturing provider-pharmacist conversations
[00:39:23] Adapting to industry changes
[00:40:03] Pain points in the job
[00:41:54] Choosing priority focus areas
[00:43:18] Identifying industry needs and ideas
[00:44:27] Embedding in end-user workflows
[00:45:53] Closing remarks
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.
PBMs Exposed in Workers' Comp Deception | Colleen Shields, RescueMeds
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.
Enhancing Internal Pharmacy Culture | Patti Mara, Principal Trainer and Author
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.
The State of Pharmacy Buying and Selling | Sean Duffy, Integrity Pharmacy Consultants
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.
Blending Entrepreneurship Mindset and Skills | Jonathan Baktari, MD, eNational Testing, e7 Health, & US Drug Test Centers
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.
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.
Navigating Pharmacy Law and Regulations | Lucas Morgan, Atty, Frier Levitt
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.
Activating Pharmacy's Political Power | Jesse Brashear, Pharmacy Entrepreneur
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.
Exposing the Hidden Costs Behind Prescriptions | Pramod John, VIVIO Health
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.
Scaling up Pharmacist-Patient Relationships | Tony Willoughby, Stellus Rx
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.
An Entrepreneur's Mission to Revolutionize PBMs | A.J. Loiacono, Capital Rx
Show Overview:
We discuss the evolution of the pharmacy benefit manager (PBM) industry with AJ Loiacono, founder and CEO of Capital Rx. AJ shares his experiences as an entrepreneur aiming to disrupt incumbent PBM models and practices.
https://www.cap-rx.com/
00:00 Introduction
00:23 AJ Loiacono introduces himself and Capital Rx
01:02 Changes in the PBM industry over the past 2 years
02:18 Role of modern communication and social media
03:06 The growth in prescription drug spending
04:42 Drug inflation and the shift from gross to net pricing
08:55 The complex and opaque drug supply chain
10:40 The need for PBM regulation and oversight
15:27 Capital Rx's competitive spirit and mission
18:52 Building out Capital Rx's leadership team
21:31 The challenge of tracking true drug prices
25:31 Expanding into government claims processing
26:11 Leading a growing organization as CEO
31:40 Most stressful times as an entrepreneur
37:14 Conviction as an entrepreneur
42:41 Precarious position of a startup CEO
46:17 Why some founders give up
48:15 AJ's Entrepreneur of the Year award
50:13 Being a "minmaxer" in business
52:00 Avoiding startup founder cliches
56:28 AJ's enthusiasm two years later
57:01 Outro
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.
PBM Reform - What's Changed? What Hasn't? | Doug Hoey, National Community Pharmacists Association
Key Discussion Points:
- Overview of the 2023 NCPA Annual Convention in Orlando, FL from October 14-17
- Why independent pharmacists should attend the convention
- Education sessions and speakers planned for the convention
- Legislative updates and pharmacy advocacy opportunities
- Challenges facing pharmacies in 2023 and 2024 (DIR fees, Medicare changes)
- Progress on PBM reform in Congress
- FTC increased scrutiny on PBM practices
- Opportunities for pharmacists to expand patient care services
- How independent pharmacies provide critical personalized care
2023 NCPA Convention Details:
- October 14-17, 2023 in Orlando, FL
- Keynote speakers: Peter Lovett and Dr. Marty Makary
- Pre-meeting event "Pharmacy Inside Out" on Oct 12-13
- Special announcement planned for convention
- Visit www.ncpa.org/convention for more info and registration
Takeaways for Independent Pharmacies:
- Get involved in advocacy efforts to drive PBM reform
- Prepare financially for upcoming DIR fee impact and Medicare changes
- Identify opportunities to expand clinical services for patients
- Attend the 2023 NCPA Convention for insights, education and connections
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.
Packaging with Purpose: Phill Box | Melinda Su-En Lee, Parcel Health
Overview:
- Guest: Melinda Su-En Lee, Co-Founder and CEO of Parcel Health
- Melinda talks about developing sustainable medication packaging to replace plastic pill bottles
- She discusses the importance of marketing and branding for pharmacies using their product
Key Topics Covered:
- Inspiration for starting Parcel Health and developing the Phill Box
- Design process and iterations of the Phill Box
- Safety features and ease of use, especially for elderly patients
- Marketing strategies and pivoting from sustainability focus to highlight benefits for pharmacies
- Customized branding and marketing opportunities on the Phill Box for pharmacies
- Importance of physical/tangible marketing tactics compared to digital
- How marketing and advertising has changed over the years
- Balancing functionality and sustainability in product development
Resources Mentioned:
- Parcel Health website: https://parcelhealth.co/
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.
Embarking on a Complete Career Shift | Raleigh Williams, Atty, Wealthy White Coat
In this podcast episode, Raleigh Williams, a former lawyer turned investor and entrepreneur, discusses his unconventional career journey from law to owning trampoline parks and investing. He explores challenges faced, the importance of embracing ambition and financial success, and leveraging networks for business opportunities. Raleigh highlights shedding negative money associations, pursuing personal desires for wealth, and adjusting strategies in the entrepreneurial world. He encourages listeners to confront their relationship with money, take calculated risks, and proactively pursue their aspirations for a fulfilling life. https://wealthywhitecoat.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. Tune in to a new episode every Monday morning.
Shielding Businesses from Surprise Major Rx Claims | Paul Fortunato, MBA, RxPharmacy Assurance
Mike Koelzer and Paul Fortunato of RxPharmacy Assurance delve into the intricacies of self-insurance in connection with the pharmaceutical sector. Fortunato emphasizes that many U.S. employees are under self-insured plans. They provide stop-loss coverage, aiding businesses in handling the fiscal strains associated with expensive specialty drugs. Bigger firms often choose self-insurance for adaptability, while smaller ones struggle with fluctuating premiums. The dialogue highlights the necessity of harmonizing cost-effectiveness and excellence in healthcare for both employers and the workforce. https://rxpharmacyassurance.com/
The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.
Mixing Medicine and Media for a New Movement | Phil Cowley, "Phil's My Pharmacist"
Phil Cowley, owner of Cache Valley Pharmacy, leveraged social media platforms in 2021 to enhance his business, notably under the handle @philsmypharmacist. Quickly amassing a large following, he became an advocate for reforms in the pharmacy sector, spotlighting issues with pharmacy benefit managers (PBMs). Beyond professional advocacy, he candidly shared personal challenges, championing authenticity. In a dialogue with Mike, they discussed the deeper industry problems, the value of unity, and the intricacies of social media monetization. At the heart, Phil's goal is to uplift the pharmacy profession through kindness and community engagement.
https://www.instagram.com/philsmypharmacist/reels/
The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.
Addressing HR Challenges in Pharmacy | Britney Beck, Hi-Wire HR Consulting
In this episode, host Mike Koelzer talks with Britney Beck, the owner of Hi-Wire HR Consulting, discussing the unique HR challenges independent pharmacies face. The conversation sheds light on handling difficult staff, attendance issues, the balance between business needs and employee management, and the impact of COVID-19 on pharmacy businesses. Beck emphasizes the importance of a balanced and consistent approach to HR management in the pharmacy sector, highlighting the need for clear policies, flexibility, and empathy in the workplace. They also discuss the fear of employee turnover, the impact of employee behavior on brand image, and the importance of professional assistance in HR management.
https://hiwirehr.co/
The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.
Empowering Patients with Digital Prescriptions | Chris Blackley, Prescryptive Health
Join Mike Koelzer in an eye-opening discussion with Chris Blackley, CEO of Prescriptive Health. Discover how they break barriers in patient care by using data to empower patients, advocating for legislative changes, and challenging the status quo in the healthcare industry. This episode unveils a new perspective on the future of healthcare.
https://prescryptive.com
The Business of Pharmacy Podcast™ offers in-depth, candid conversations with pharmacy business leaders. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers new topics relevant to pharmacists and pharmacy owners. Tune in to a new episode every Monday morning.
Embracing AI in Pharmacy | Andrea Ioiro, Speaker & Author
In this episode, Mike Koelzer and Andrea Iorio discuss the challenges businesses face in navigating politics, dynamics, and change. They highlight the hindrance of nepotism and personal relationships to open discussion, emphasizing the importance of trust, psychological safety, and creating an environment where employees feel comfortable contributing their ideas. The conversation also touches on the need for collaboration, adapting to technological advancements, and utilizing AI tools to gain insights and drive innovation. Overall, the episode provides valuable insights into fostering a culture of innovation and embracing change in today's business landscape. https://andreaiorio.com/
The Business of Pharmacy Podcast™ is an interesting and entertaining weekly podcast discussion on the business of pharmacy. Hosted by Mike Koelzer, an independent pharmacist in Grand Rapids, Michigan, each episode covers a new topic relevant to pharmacists and pharmacy owners. Listen to a new episode every Monday morning.
Fighting Healthcare Fraud Via Whistleblowers | Jonathan Tycko, Attorney
In this episode, we sit down with attorney Jon Tycko, a leading expert in representing whistleblowers in qui tam lawsuits within the healthcare industry. Join us as we delve into the world of healthcare fraud, guided by Jon's extensive knowledge and experience. Discover the critical role whistleblowers play in exposing fraudulent activities, their motivations, and the challenges they face. Gain insights into the legal framework, including the False Claims Act, and the process of initiating qui tam lawsuits. Explore the impact of whistleblower cases on companies, the government, and the healthcare system as a whole. Jon shares compelling stories and sheds light on the ongoing fight against fraud, providing a deeper understanding of this complex and important issue. https://linktr.ee/tyckozavareei
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.
Revolutionizing Specialty Medication Access | Julia Regan, MBA, RxLightning
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.
The Power of Immigrant Entrepreneurs | Sohail Masood, PharmD, KabaFusion
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.
Achieving Peak Pharmacy Leadership | Jason Chenard, BPharm, Layered Leadership
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/
Unique Real Estate Needs of Healthcare Professionals | Colin Carr, CARR.US
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/
Inside the Pharmacy Technician Struggle | Mike Johnston, CPhT-Adv, National Pharmacy Technician Association
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/
Combining Telemedicine and Local Pharmacies | Vinay Patel, PharmD, Founder MakoRx
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.
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