Paige Clark, RPh

Are you seeing more cash-paying customers at your counter?

This scenario may be on the uptick as more employers offer high-deductible health plans (HDHPs)

. A recent survey on consumer attitudes toward prescription medication found that 57% of respondents had asked for the cash price at the pharmacy counter even though they had insurance. And even with that insurance, 66% of respondents thought they paid too much.

Clearly, customers are looking for ways to save on their prescriptions and that could mean paying with cash or popular savings cards. As patients look to pay less, community pharmacists need to be ready with a smart pricing solution that keeps customers happy and boosts the bottom line.

Transforming the way pharmacists do business

AI is so much more than what we see in movies. It’s real technology that is making a significant impact on pharmacies across the country. With solutions that can empower pharmacies, AI provides nearly limitless opportunities to better connect with patients and build your business.

For example, the insights and analytics AI provides are 

transforming the prescription pricing landscape

. Community pharmacists need an accurate, profitable pricing system that flexes by drug and fairly positions their business against other pharmacies, big and small. AI-based pricing has the smarts to check all these boxes and more.

What can AI do for your pharmacy’s pricing system?

Every pharmacy and its patient demographics are unique. A family-run store in a town of 1500 has a different set of attributes and challenges than a major chain in the middle of Manhattan.

Humans look at these attributes and make strategic decisions based on experience and expertise. But AI has the power to analyze a multitude of dimensions and come up with data-driven insights that lead to opportunities and solutions our brains may never even consider.

AI does this by ingesting and processing massive amounts of information and analyzing for trends based on any number of inputs, including location, demographics, seasonality, and, in the case of prescription drugs, therapeutic type and usage. Applying this intelligence to the guesswork of drug pricing can increase profitability and efficiency while still balancing what patients want and need.

A pricing system that utilizes AI can bring a list of predictably profitable benefits to your pharmacy. Here are just a few:

A personalized analytics summary with actionable recommendations.

Data visualizations down to the drug level.

Claims data analyzation to understand current drug pricing.

Competitor pricing evaluation, so you can ensure pricing is market competitive.

Ultimately, AI can help determine the elasticityof drug pricing, breaking down the complexity of it with sophistication while offering real recommendations on how to price your top medications.

What’s more, AI can contribute to making drug pricing more transparent, which is a plus for both you and your patients. AI also finds ways to bring trust and transparency to the surface and push money back to the pharmacy and the consumer.

Happier, healthy customers and a better bottom line

As always, adopting a new pricing system can feel overwhelming and it’s hard to trust a new type of technology. But pharmacists who have implemented AI into their pricing systems say the process is worth it.

I spoke to Jeff Harrell, PharmD, and multiple-pharmacy owner in the state of Washington about AI.

“AI-optimized pricing gives me confidence to compete profitably without leaving money on the table,” he said.

Although he was skeptical at first—and rightly so—Harrell came around to the idea from the sheer value of the data.

“I was taken aback with the thoroughness and sophistication of the analysis. We got down to the drug-level, detail-by-detail,” he said.

But using AI doesn’t take away from what’s at the center of everything we pharmacists do: patient care.

No matter what technological solutions can bring to the table, people will always be top-of-mind. As consumers continue to seek ways to save on their prescriptions, pharmacists will need technology in place to keep up with demands.

AI-driven pricing is just another way to engage customers, win over new ones, stay profitable, and continue to provide the essential community support that only trusted pharmacists can offer.

Paige Clark, RPh, is the VP of Pharmacy Programs and Policy at Prescryptive, overseeing the company’s policy work to drive awareness, utilization, and scope of trusted independent pharmacists nationally. Prior to Prescryptive, Paige spent 11 years at Oregon State University's College of Pharmacy, driving policy initiatives for the state’s licensed pharmacists, including the prescribing of birth control and tobacco cessation services. Paige also worked as the Staff Pharmacist Consultant for the Oregon Board of Pharmacy, managing rule writing, legislative endeavors, and regional and national policy work. She is a frequent speaker and presenter at national industry conferences and a multi-award winner, including several Pharmacist of the Year recognitions.

1. Consumers In Pain Over High Prescription Prices, Ready To Take Action And In Need Of Better Tools, According To Survey By Scripta Insights. Scripta Insights. News release. April 14, 2021. Accessed August 16, 2022. 

https://www.prnewswire.com/news-releases/consumers-in-pain-over-high-prescription-prices-ready-to-take-action-and-in-need-of-better-tools-according-to-survey-by-scripta-insights-301268409.html?tc=eml_cleartime

Articles

Does your pharmacy have the right technology in place to meet the ever-changing needs of your community and your business?  

With Cash Customers on the Rise, AI Could be Key to Pharmacy Pricing Profitability    

The threats to community pharmacists are many, such as 

. But one often overlooked threat is getting hacked. In 2021, 

nearly 50 million patient records were compromised

 according to incidents reported to the federal government.

Health care data are particularly at risk because these data are 

Whereas the value of a social security number is about 53 cents, the value of just one health record is a whopping $250 because it includes personal details rather than just a credit card number.

And yet, pharmacies store both health care and financial data, making advanced security protections even more important. Community pharmacies are seen as relatively soft targets for nefarious players seeking access to patient health care data.

Breaches are very bad for your patients, but they impact your business as well, by taking your systems offline, disrupting care, adding costs for fixes, ruining your pharmacy’s reputation, and even opening up the potential for lawsuits. Just because you are not part of a large health care system or chain does not exclude you from being a target.

But there are things you can do right now to take steps to improve security. Start by evaluating your vendors.

Three questions to ask when evaluating a technology partner

Vendors are cited as the reason for breaches more often than the pharmacy itself. For example, in February 2021, 

the Kroger Co. had a breach affecting 3.82 million pharmacy customers

 and employees – the result of vulnerabilities in their vendor’s file transfer service.

Even if you are a small independent pharmacy, cybercriminals are interested in your data. Many small and medium-sized community pharmacies have been breached through company email accounts, unsecure servers, and ransomware attacks.

And yet, pharmacies need vendors for reliable services. So, the first step is to review all vendor agreements. What data are being shared and how are the data being used? Choose a vendor who is natively health care-focused, and don’t cobble too many vendors together to create a solution.

All in all, there are 3 big questions you need to ask your current and potential vendors about their technology:

Is it flexible and scalable enough for my future needs?

Does it interoperate well with what I already have?

Privacy and security: What to ask your vendor

A vendor who is focused on health care data should be able to properly protect and defend your sensitive digital assets. Here are some questions to ask of a potential vendor to ensure privacy and security.

How are the data encrypted, stored, and/or backed-up?

Provide a list of proofs/certificates showing how you are compliant with the latest security standards.

Provide the documented policies and procedures in the case of a data breach or other disaster.

Have you had a data breach before, what was the outcome, and what did you do to improve the system to keep it from happening again?

Is your staff trained well enough to troubleshoot and answer questions?

Do you provide training for my employees?

Do you have references from other pharmacies similar to my own?

Scalable and flexible: What to ask your vendor

Your business needs to change along with the market and your customers’ needs. Your software must keep up. Look for a vendor who offers scalability and flexibility, meaning the system can increase or decrease in performance and cost in response to changes in application and system processing demands. Here’s what to ask a potential vendor:

How do my business needs get added to your product roadmap?

What will the upgrade process feel like for me? Are there time or money costs on my end?

How do you communicate the status of those requests?

Based on the size of my business, how will my priorities rank against the rest of your customers?

Are your data systems installed on premises or built in the cloud?

If not, do you have a cloud strategy and what is it?

Interoperability: What is it and what to ask your vendor

 refers to the capability of different solutions to communicate with one another freely and easily. Systems that are interoperable exchange information in real-time, without the need for specialized IT support or behind-the-scenes administrative work.

That makes for secure, more efficient, and coordinated care for your patients. Here’s what to ask of a potential vendor:

What is your corporate definition of interoperability?

What are the major aims of your interoperability capabilities?

What industry standards, initiatives and networks do you support and participate in?

What is your position on patient data ownership?

What constraints do you place on patient data access?

What are the costs associated with interoperating your system?

How do you monetize access to patient health information?

Blockchain is a pharmacy-friendly solution for managing risk

As a secure, distributed ledger that tracks transactions over time while protecting those transactions, blockchain streamlines complicated processes while protecting them from tampering. Blockchain offers control over information, with trust built in that the information is accurate.

Blockchain can improve privacy and confidentiality, enhance patient safety, and provide a higher level of clinical care to consumers. Because of a few unique features, blockchain may be a solution for your pharmacy:

Creates trust across stakeholders—ownership and any changes are transparent.

Security and privacy—reducing tampering, fraud, and cybercrime.

Time and cost savings without duplication of efforts—all stakeholders have shared access to the network.

Auditability and timely follow-up—avoids potential longer-term problems.

Overall efficiency—streamlines the transfer of responsibility and ownership.

Bottom line: Don’t neglect security fundamentals and find a technology partner who can protect your patients’ data while helping your business grow.

Paige Clark, RPh, is the VP of Pharmacy Programs and Policy at 

, overseeing the company’s policy work to drive awareness, utilization, and scope of trusted independent pharmacists nationally. Prior to Prescryptive, Paige spent 11 years at Oregon State University's College of Pharmacy, driving policy initiatives for the state’s licensed pharmacists, including the prescribing of birth control and tobacco cessation services. Paige also worked as the Staff Pharmacist Consultant for the Oregon Board of Pharmacy, managing rule writing, legislative endeavors, and regional and national policy work. She is a frequent speaker and presenter at national industry conferences and a multi-award winner, including several Pharmacist of the Year recognitions.

“Health data breaches swell in 2021 amid hacking surge.” Politico report, March 23, 2022. Accessed June 22, 2022.

“Why is PHI Valuable to Hackers?” Accountable, January 25, 2022. Accessed June 22, 2022.

“Kroger agrees to pay $5 million over Accellion data breach.” Reuters, July 1, 2021. Accessed June 22, 2022.

Community pharmacists are vulnerable to security threats, resulting in bad outcomes for both patients and pharmacies. Here’s how to evaluate risk and find the right technology partner to help protect and defend you from cybercriminals. 

Is Your Pharmacy Ready for a Data Hack? Take These 3 Steps

Seeing more cash-paying customers at your counter? This scenario may be on the uptick as more employers offer high-deductible health plans (HDHPs). As patients continue to look for savvy ways to save money on their prescriptions, community pharmacists need to be ready with a cash-price solution that keeps price-sensitive customers happy without hurting the bottom line. Here’s what to look for in a cash-pricing solution.

HDHPs are on the rise and customers are looking for alternative payment methods.

 found a 13% increase in people on HDHPs in recent years. That means more pharmacy customers are paying attention to cash prices of their medications. An HDHP is treated as a distinct health plan in which more costs are paid out-of-pocket (the deductible) before the plan starts to cover eligible costs. The IRS sets minimum deductibles to define an HDHP; 

 in 2022 is $1400 for an individual and $2800 for a family.

And yet studies have shown that actual deductibles can 

regularly be more than $4500 for a family

—significantly exceeding those minimums.

The rise of HDHPs could increase the need for a solution for cash-paying customers. A recent survey on consumer attitudes toward prescription medication found that 

 had asked for the cash price at the pharmacy counter—even though they had insurance. And even with that insurance, 

66% of respondents thought they paid too much

. Clearly, customers are likely looking for ways to save money, and that could mean paying with cash or popular savings cards.

Cash cards and coupons can hurt the pharmacy bottom line.

Many patients have likely turned to popular prescription savings cards, such as GoodRx, to offset the high cost of drugs and their deductibles. But as so many pharmacists know, these cards can hurt business.

Many cash card programs charge a processing fee, which can take a big bite out of pharmacy profits, particularly for smaller, independent shops. And as some pharmacists and pharmacy owners 

, when Surescripts and GoodRx announced a partnership, coupon programs “

allow PBMs (pharmacy benefit managers) to enter the cash-paying market

,” working within a system that has been accused of obscuring the real cost of drugs.

Taking the guesswork out of cash pricing will help pharmacies succeed.

But how to find a solution that works for you and your customers? Look for the following attributes:

, below $1 per transaction/claim, charged only for paid claims with no additional reversal or hidden costs for the pharmacist.

 that provides competitive pricing for patients while 

 for patient data through technologies such as blockchain.

As consumers continue to look for ways to save money on their prescriptions and shop for alternative ways to pay, it’s essential that pharmacists have a cash-pricing solution. It’s just one more way that pharmacies can engage customers, win over new ones, stay profitable, and continue to provide the essential community support that only trusted pharmacists can offer.

High-Deductible Health Plans Continue to Grow in Popularity, but Are They Right for You?

, Value Penguin by Lending Tree, accessed March 17, 2022.

 Healthcare.gov, accessed March 17, 2022.

High-Deductible Health Plans and Access to Prescription Medications

, PAN Foundation, accessed March 17, 2022.

Consumers in Pain Over High Prescription Prices, Ready to Take Action and in Need of Better Tools, According to Survey by Scripta Insights

, PRNewswire.com, accessed March 17, 2022.

Independent pharmacists sound the alarm on Surescripts, GoodRx partnership

, mobihealthnews.com, accessed March 17, 2022.

Copy of letter to Surescripts Boardmembers

, medcitynews.com, accessed March 17, 2022.

Customers are looking for ways to save money on prescriptions, but cash cards and coupons could hurt your bottom line. Here’s how to find a sustainable cash-pricing solution that works for you and your customers.

High-Deductible Health Plans Mean More Cash-Paying Customers for Prescriptions: Here’s How to Find a Cash Solution That Works

It may seem like folly to try to predict the future; however, if the COVID-19 era has taught us anything, it’s that things can rapidly change. But it’s always a good idea to be prepared for whatever may come next. If I had some kind of “Magic 8 ball” for pharmacists in 2022, here’s what it would say.

1. Prepare for the continuing expansion of scope to meet public health outcomes

Nobody can argue that pharmacists are among the most 

 medical professionals. And with 90% of Americans living within 5 miles of a pharmacy, we are also some of the most accessible, supporting underserved and rural areas.

That accessibility makes us key players in public health outcomes. COVID-19 changed our role in this arena, and in 2022, the trend should continue, with the expansion of clinical services to patient populations seeking more convenient and timely access to acute care services, such as 

In both cases, some states already allow pharmacists to prescribe these services, and that may expand in 2022 as more legislators recognize the power of trusted community pharmacists who regularly see patients, perhaps even more often than their primary care providers. And if we can connect 

 into the process, the outcomes for public health will be tremendous.

No matter what, the drumbeat of pharmacists pushing to work “

” will continue, with various testing, prevention, and treatment of acute minor ailments coming live. We pharmacists have to be ready with 

2. Keep up COVID-19 clinical services—uncertainty will continue

No 2022 forecast would be complete without COVID-19 in the mix. Pharmacists will continue to play a key role in testing and vaccinations, with additional complexities with 

. And with possible variants and waves still coming, there’s no clear view on how COVID-19 will continue to impact public health.

One opportunity for pharmacists is COVID-19 treatment. Unvaccinated rates 

, and COVID-19 contraction is still a reality throughout the country. Pharmacists can help fill the void to treat it.

, licensed pharmacists can administer monoclonal antibody treatment, and pharmacists should prepare for the opportunity now with 

. With the possibility to help patients on 3 fronts in the COVID-19 pandemic—prevention, testing, and treatment—pharmacists will continue to prove their impact in communities nationwide in 2022.

3. Look for Artificial Intelligence (AI)-driven technologies to change the pricing landscape

What connects the expanding role of pharmacists and our immense expertise? Technology. With digital solutions that streamline our business and help us connect with patients, the opportunities for pharmacists become almost limitless.

One such technology is AI. Hearing the term may conjure images of robots in a scene from a science fiction movie, but the technology is real and its implications are powerful, especially when applied to prescription drug pricing.

AI can ingest enormous amounts of information, analyzing for trends based on any number of inputs, including location, demographics, seasonality, and, in the case of prescription drugs, therapeutic type and usage. Applying intelligence to the guesswork of drug pricing can increase profitability and efficiency for America’s pharmacists while still balancing what patients want and need.

In 2022, I think we’ll see more talk of how technologies such as AI can help usher in a new era for community pharmacists.

As always, patient care is at the center of everything we do.

No matter what the new year brings, patient engagement and care will be top-of-mind for all community pharmacists. And though it may sound counterintuitive, technology can help here, too.

Digital solutions are available to connect pharmacists and patients in meaningful ways, offering new opportunities to help new patients, which is always the goal.

Public Views Pharmacists as Trusted Professionals with High Levels of Virtue, 

Pharmacists Are Needed to Provide Birth Control, 

US Senate Joins House in Sponsoring Legislation Expanding Medicare Access to Pharmacy Services, 

Why Pharmacists Need to Practice at the Top of Their Licensure, 

Pharmacists Must Digitize Business Now to Keep Up With Changing Patient Needs, 

For Pharmacists, COVID-19 Holiday Safety Preparation Has Already Begun, 

Federal Mandates for COVID-19 Mean Enhanced Inventory, Scheduling: What Pharmacists Need to Know, 

States ranked by percentage of population fully vaccinated, 

PREP Act: Pharmacists Can Administer COVID-19 Therapeutics, 

Administering COVID-19 monoclonal antibodies, 

Technology, COVID-19, and scope expansion—here’s how pharmacists can capitalize on opportunities coming in the new year.

Three Big Opportunities for Pharmacists in 2022

The holiday season is upon us and this year, pharmacists will play a key role in helping patients prepare for COVID-safe travel and celebrations. This is a good time for pharmacists to do some initial checks and pre-holiday planning to make sure you are ready for the coming weeks.

With the CDC’s announcement on the availability of the Pfizer-BioNTech COVID-191 vaccine for children 5 to 11 years of age, pharmacists have a new patient demographic. For many pharmacists, this is the first time that they will be actively treating this age group and there are some easy steps to take to make the transition easier:

: Make the treatment space both private and child-friendly. Posters, art, and other eye distractions can help with the experience.

: Given the nature of the pandemic, children are better versed in COVID-19 and how it is treated. They will likely have questions about the vaccine and its effects, and time spent answering these questions will lead to a good connection and a more comfortable patient.

: Children like a marker to show an achievement and the COVID-19 vaccine is a big one. A sticker or other item that shows their participation will lift spirits and underscore the message that vaccines are important.

Get the vaccination and other scheduling lanes ready

The children’s vaccinations add 2 more “lanes” for scheduling appointments in the form of first and second vaccine doses for children 5 to 11 years of age to the pharmacy offerings. This group requires both the specialized vaccine dose and smaller needles for children.

They join adults and older children getting first and second vaccines, those receiving booster shots, and those who have special doses due to health conditions. Pharmacies should plan to add these new scheduling lanes to those already in place, tracking for dosages and timing.

The new offerings are a good time to check for all supplies, such as tests, personal protective equipment supplies, as well as review reporting and documentation strategies. Do you have a seamless means to track upcoming appointments, show which vaccines that have been given, and produce records for patients?

Technology can help streamline these records and reporting, and now is a good time to look at your system with a view to upgrade to more features. Patients are looking for vaccine records to be made available electronically, ideally stored on their phones. A good record-keeping system will allow this option.

Prepare for an increased demand in rapid testing

The CDC’s recommendations for this year’s holiday season include avoiding gatherings if you might be ill, especially given the presence of people who are not fully vaccinated.

Pharmacists should anticipate customer demand for rapid testing to make sure that no one in their party is at risk. Making patients aware that these tests are available is another good step for informed, safe health.

Spread the holiday cheer and the information

Similar to the booster availability, the new vaccines will require explanation. Pharmacists should prepare for these scenarios and get ahead of the process by assembling FAQs and other material available at the counter or online. Some areas to consider for information:

When will my children be fully vaccinated?

Do we need masks if everyone is vaccinated?

Are there plans for children’s boosters?

Do we still need to social distance in public?

2021 will be remembered as the year that pharmacists came into their own nationally dispensing certain therapies and treatments, including tests, vaccines, and monoclonal antibody therapies. COVID-19 treatment is expected to continue through the next year, at least, and pharmacists should be ready to keep the communication and connections with their pharmacists active. Holidays are a good time to connect with patients in a way that keeps the COVID-19 health conversation going into 2022.

 overseeing the company’s policy work to drive awareness, utilization, and scope of trusted independent pharmacists nationally. Prior to Prescryptive, Paige spent 11 years at Oregon State University's College of Pharmacy, driving policy initiatives for the state’s licensed pharmacists, including the prescribing of birth control and tobacco cessation services. Paige also worked as the Staff Pharmacist Consultant for the Oregon Board of Pharmacy, managing rule writing, legislative endeavors, and regional and national policy work. She is a frequent speaker and presenter at national industry conferences and a multi-award winner, including several Pharmacist of the Year recognitions.

COVID-19 Vaccination for Children 5 through 11 Years Old. CDC. 

https://www.cdc.gov/vaccines/covid-19/planning/children.html

https://www.cdc.gov/coronavirus/2019-ncov/daily-life-coping/holidays/celebrations.html

The time is now for pharmacists to do some initial checks and pre-holiday planning to make sure they are ready for the coming weeks. 

 For Pharmacists, COVID-19 Holiday Safety Preparation Has Already Begun

Remember the big, boxy, snail-slow computers from the early days? If you had told me back then that someday, the processing power on those computers would fit into the palm of my hand, I probably wouldn’t have believed you.

But as modern pharmacists, we know that our patients and their needs have changed. Now they do everything on their phones and if we want to keep up—if we want to keep new patients coming through our doors—we must adapt our business to the new reality.

Any change can feel overwhelming, particularly when community pharmacists are overworked by the challenges of COVID-19. But there’s never been a better time to harness the power of digital technology.

Our scope of practice is expanding. That opportunity comes with complexity.

The COVID-19 pandemic has changed the role of the community pharmacist. More people are seeing their local pharmacy as a destination for essential care. Through the 

, long-standing restrictions on the ability of pharmacists to order and administer diagnostic tests and treatments have been lifted.

The COVID-19 pandemic and the rapid digital adoption of mobile devices have changed the role of the community pharmacist.   