Driving Revenue with Cash Prescriptions
David Pope, PharmD, CDE, and chief innovation officer of OmniSYS, and John King, CEO of OmniSYS, discuss some opportunities to leverage cash prescriptions to drive revenue in the pharmacy. This video was filmed at the 2019 NACDS Total Store Expo in Boston.
- New Solutions to Pharmacy Reimbursement Concerns
- New Opportunities and Needs in Pharmacy
- Technology Solutions for Medication Adherence
John King: We are focused on cash prescriptions as a real unique opportunity for pharmacies to help improve their financial performance. ProfitMax is a solution that automates a pharmacy's ability to set and manage their U&C pricing. And while cash prescriptions may only represent 10% of a typical pharmacy's volume, the reality is that they can represent up to a quarter of that pharmacy's margins. So this is a real opportunity for pharmacies to help improve profits. And what we do with that solution is we ingest market data and third-party reimbursement history, and that information comes in and then we apply machine intelligence to that. And we can take a task that today is oftentimes manual, and completely automate it to provide highly competitive cash pricing, while at the same time while minimizing paid at U&C events in order to maximize their third-party reimbursement.