I am seriously considering opening my owe pharmacy and have been toying with the idea of an all cash pharmacy. Does anyone know of any existing all cash pharmacies that are viable and does human meds and not just pet meds? i'm wondering if an all cash, no 3rd party pharmacy would even exist for very long.
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All cash pharmacy
Started by TotalKayOs
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It would be a peaceful environment while it lasted.
Might work if you opened in a very affluent area. A friend of mine and I toyed with the idea a few years ago of creating a company that would provide pharmacy services to cash-only/boutique style physician practices. Those patients (very wealthy) don't have insurance. We planned to provide a whole package of pharmacy services, not just dispensing. Good luck, it is a niche market but I think it is there if you do your research.
Personally, I think you'd have a hard time unless you want to just do compounding - stuff thats not covered by insurance anyway.
The reason is...the "little" stuff (the $10 copay lisinopril) adds up over time - especially when the pts take 4-5 regular medications. Then...from a pts perspective, having to submit receipts, wait for reimbursement, etc...is all a pain. Most depts of insurance require 90 day pay to providers - that is not the case with pts.
Now...with the big stuff - thalidomide (multiple myeloma), Byetta (diabetes), Enbrel (psoriasis & other dx)....now you have medications which an run in the thousands of dollars per month....could be up to several thousands of dollars.....pts need to know if their insurance is going to cover it & if not....how they go about getting it covered - prior auths, paying down deductible, maximal annual amts, etc.... They won't know that before beginning therapy unless you submit for payment. After they've paid you & find the insurance won't pay them a portion back....they'd want to return it & you can't do that. With online adjudication which we have now...we know insurance coverage within minutes & can get the PA process started the day the drug is ordered.
So.....I think your niche would have to be for those drugs which will never be covered by insurance.
The reason is...the "little" stuff (the $10 copay lisinopril) adds up over time - especially when the pts take 4-5 regular medications. Then...from a pts perspective, having to submit receipts, wait for reimbursement, etc...is all a pain. Most depts of insurance require 90 day pay to providers - that is not the case with pts.
Now...with the big stuff - thalidomide (multiple myeloma), Byetta (diabetes), Enbrel (psoriasis & other dx)....now you have medications which an run in the thousands of dollars per month....could be up to several thousands of dollars.....pts need to know if their insurance is going to cover it & if not....how they go about getting it covered - prior auths, paying down deductible, maximal annual amts, etc.... They won't know that before beginning therapy unless you submit for payment. After they've paid you & find the insurance won't pay them a portion back....they'd want to return it & you can't do that. With online adjudication which we have now...we know insurance coverage within minutes & can get the PA process started the day the drug is ordered.
So.....I think your niche would have to be for those drugs which will never be covered by insurance.
It will never work. You might be better off selling Viagra over the internet. That's all cash/credit card. Just partner with a Urologist.
thanks for those links. i think i will email that pharmacist in sidell, LA, assuming that he's still around and didn't loose his pharmacy during katrina.
wow...
at first i wrote this off but after reading that, it makes me wonder!
at first i wrote this off but after reading that, it makes me wonder!
looks like my idea to open an all cash pharmacy just went to hell. wal-mart announced they are goint to be selling 230 generics for $4 in NY now. i doubt i could compete with that. By the time I finish my contract and get everything rolling wal-mart would have corned the market here for people without insurance and those filling pet meds. oh well, looks like i'm going to have to go back and try to develop another business plan.
When I was in Philly, I didn't see a Walmart ANYWHERE.
your myopic view on WV football doesn't stop there..does it?
there are over 20 walmarts in philly area
http://www.walmart.com/storeLocator...ch_state=PA&sfsearch_zip=&continue=&x=14&y=10
i worked in a compounding pharmacy in san antonio that was all cash. i loved it. we did give out forms so that all they had to do was send them to their insurance company if it was a med that they could get reimbursed for. as long as you find a niche that chains cant do then i think that it is possible. 🙂
you moving to NYC? Have you been to Manhattan, NY? Hard to find a place to put a Walmart...
Never (to both)...
How about shoes on the 6th floor, lawn and garden on the 7th, etc etc...
Imagine trying to bring down 5 bags of fertilizer and a riding mower from the 7th floor... and trying to hail down a cab..
Imagine trying to bring down 5 bags of fertilizer and a riding mower from the 7th floor... and trying to hail down a cab..
Yeah, I would like to see that one myself...
Not bad...getting a much needed cool front tonight...
I was born in Virginia...been in Houston now since 76 (minus the 2 yrs I was in Temple doing my residencies)
