What Do Pharmacists Need to Consider Before Collaborating with a Medical Practice?
In this interview, Sarah Hurty, MD, owner of Take Back Your Practice, explains how pharmacists can optimize their profits by owning a medical practice, and what they need to consider beforehand.
Transcript: Sarah Hurty, MD: How easy is it for a pharmacist to be able to optimize their business to get another 200,000 dollars out of just that pharmacy? Not that easy. And with the cost of goods being so high, the percentage of revenue that you then profit is much lower in a pharmacy, and much higher in a medical practice. So, taking the same general skills that they have and applying it to a medical practice, they can either revenue share, and again in certain ways, requiring compliance through management, or retain most of the profit themselves through ownership, and free doctors that way, and then benefit financailly themselves.
You have to know, you have to decide. How much of this am I taking on myself? How much of it is already systematized? How can I not ruin my quality of life? What do I already know vs. what am I willing to learn and take and apply? So, there are some big decision around whether or not to own a physician practice yourself. So, the biggest thing you can get, besides the benefit to their pharmacy, which I still think is less than the benefit they would have simply from owning the practice, and making a significant portion of, if not the vast majority of, a couple 100,000 dollars per provider.