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Finally store #2

Discussion in 'Pharmacy' started by Doctor M, Jul 25, 2011.

  1. Doctor M

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    So, my partner and I have decided to open store number 2. We waited awhile to get more cash flow and to think of something to do. We are opening our compounding shop 1/2 mile down the street from our retail location. So now we need a name. Please post some recommendations for store names. Must be catchy, short and appealing.
     
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  3. BVE

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    just curious, why open a separate pharmacy just down the street? why not rent a bigger place?
     
  4. Doctor M

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    We cannot move our retail, we are way tooooo established there. Its only been two years, but that's where patients know to go. If we move, or anything changes, it will have an impact on our business. The pharmacy down the street will be strictly a compounding/specialty pharmacy.
     
  5. PharmDstudent

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    "Especially For You"
     
  6. Doctor M

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    Interesting...
     
  7. 297point1

    297point1 Feels like a 5 right now.
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    "The Lost Art."

    Whatever name you pick- good luck Doctor M!
     
  8. MountainPharmD

    MountainPharmD custodiunt illud simplex
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    I like that. Your pretty smart for a girl....j/k!

    Especially for you Custom Compounding. It has a nice ring to it.

    I would go for "I am the man compounding" because you Dr. M are the man!!!
     
  9. Doctor M

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    How about, since our main store is down the street, we can call it "Lifecare's Specialty Pharmacy" almost like a continuation of our retail store.
     
  10. PharmaTope

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    i'm really proud of you guys. this is awesome news. i'm glad to see some pharmacists are able to do this. bravo:thumbup:
     
  11. crazybob

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    Clearwater Compounding?

    If that name isn't already taken, I suppose.
     
  12. WVUPharm2007

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    I'd go with a highly professional name if its a primarily compounding and specialty pharmacy joint. You aren't there to look cute, you are there to do serious ****. Something that shows you innovate and work with other professionals to create ways to treat patients that aren't commercially available.

    If it were me:

    Lifecare Pharmaceutical Solutions.

    It conveys everything you should want to convey. A link to the existing business, especially.

    Create a logo with strong colors. Perhaps a dark,midnight blue background with dark, rich gold letters. A strong, classic font.

    If I had the money, I'd consider trying my hat at it, too...getting that capital in this economy would be a bitch for someone like me.
     
  13. Doctor M

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    WVU, i like that name a lot. I have 2 names i will be presenting to my partner today. I will present this one and the one i posted earlier. Thanks for the post.
     
  14. Fatpharm

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    Round Mound of Compounds
    ©Fatpharm 2011
     
  15. RXpert2013

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    Lifecare Compounding
    LCS Pharmacy - Lifecare's Compounding & Specialty Pharmacy
     
  16. Vort3x

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    I'm not sure "Pharmaceutical Solutions" would convey to the public exactly what it is you offer. I think a more clear name like the one suggested above would be more appropriate: Lifecare's Compounding & Specialty Pharmacy.

    It's very clear and to the point, as opposed to being vague (although maybe not as professional looking).
     
  17. PharmDstudent

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    I'm glad you like it :p

    That name sounds more like a consulting business than a compounding pharmacy. :confused:
     
  18. apteryx

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    Two choices:

    **** You, Rite Aid

    or

    Something that keeps your original pharmacy's name in it. You've established a good business; be sure to use that name to your advantage.
     
  19. All4MyDaughter

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    Congrats Doctor M!!! :D
     
  20. RockHardIce

    RockHardIce Returned to Stock
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    somehow rearrange LCS into CLS ..... very close to CVS :laugh: :thumbup:
     
  21. Doctor M

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    We have not decided on a name yet, but have decided to use outside funding for this project. After seeing the cost of equipment and memberships to Compounding suppliers and formulations, we thought it be best if we financed the project. We are looking at 100k in equipment and 150k in working capital. Right now, we are working on the lease for the building.
     
  22. PharmaTope

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    doctor m, what are the restrictions in naming pharmacies where you are?
     
  23. Doctor M

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    We must register with the state, so if our name is not suitable, they will let us know. Other than that, i know of no other restrictions in the state of florida or pinellas county.
     
  24. WVUPharm2007

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    The name should be directed towards an effect on other professionals. A specialty and compounding pharmacy isn't something the general public knows anything about. It's like a lab or a radiology office. It's something a practitioner refers their patients to. And practitioners want to hear something cold and clinical. If you're a dermatologist wanting a custom cream to be compounded, where do you send your patient? "Two guys and a spatula cutesy rainbow times pharmacy" or "This name sounds professional apothacary, Inc."
     
  25. momoneythenu

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    Why are you opening a pharmacy down the street? Dont you worry about splitting your current business instead of expanding it? What demand and demographic issues did you consider when opening #2 in close proximity? Just curious. Do you have guaranteed contracts in another sector so to say with shop 2?
     
  26. PharMed2016

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    Congratz Dr. M! ;)
     
  27. PharmaTope

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    Is there a way to maybe target your population who would use the pharmacy with a familiar name in pop culture?

    Eastwood Pharmacy Creations
    DiCaprio Pharmacy
    Pitt Stop Pharmacy
    Beiber Pharm ?

    seriously, these things do make it have name recognition. has helped with other businesses.
     
  28. Doctor M

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    Store number 2 is strictly a compounding shop. We will not be a retail outlet. We will concentrate on non-sterile and sterile compounding with the addition of any other niche we come across. Our retail/LTC pharmacy does not have room for a full fledge compounding pharmacy. The demand for compounding is large around here. Many orthopedics look for creams, patches and lollipops to make. Many eye surgeons and wound centers look for sterile compounds. As of now, there are 2 pharmacies within pinellas county that do major sterile and non sterile compounds. And as we have found, nothing in this business is guaranteed.

    Having the compound shop close to our retail outlet will only help us. The compound shop will be on a major street whereas our retail shop is off of the same major street. Since we will share a name, it will be advertising for our retail shop.
     
  29. momoneythenu

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    Ahh I see it will help from a logistical standpoint. Why stop at 2 if the market is there and you think you can infiltrate it. Lending rates are at very low levels
     
  30. Doctor M

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    Well, 1 compounding shop in pinellas will be enough for us! I know we will want to open another retail location, but right now we are focusing on compounding and long term care. Retail reimbursement is pretty bad right now, so we are gonna wait to see what happens with the privatization of medicaid in florida and the merger of Medco and express scripts. Today, compounding and lobg term care will be our niche. Im sure in the near future we will be opening another retail outlet, but 1 project at a time.
     
  31. momoneythenu

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    Congrats...As a formal valuation analyst at ernst and young, its great to see people pick a niche and then kill it! Keep up the good work and best of luck
     
  32. Doctor M

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    Thank you!
     
  33. buff100782

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    Doctor M

    I am opening a compounding only pharmacy that is not going to accept insurance. I am sure Dr. M knows this but for the rest of you, audits on compounded medications is terrible! Even if you bill everything correctly and do everything according to law, Medo shows up one day and simply says, "We overpaid you for all these compounds, we are taking back 40K." I know its rediculous and I don't know how they get away with it, but they do. That is why you do not accept isurance and you give pt's claim reimbursement forms that they submit to the isurance.

    Doctor M, are you going to take insurance on these compounds? If so, have you found a way not to get audited? If you are not taking insurance, are you sure there aren't any stipulations in your contracts at your regular pharmacy that say, "You will not associate with a pharmacy that does not take insurance."? I hear that Medco often does this.

    Lastly, I'm sure you know this, but do not prostitute yourself out. Make sure you get paid a fair amount. Compounding is very time consuming and that must be considered when figuring a price. I don't know the demographics of your area, but you need to have a minimum price of at least 25-35 dollars.

    Post your response on here or private message me, the pharmacy I'm involved with is very successful and we can share some ideas.
     
  34. Doctor M

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    Hey there,

    We have read that some PBMs require you to accept insurance if your retail pharmacy accepts ins. We are still looking into this aspect, but i believe this stipulation involves having the compounding shop within the retail shop. But we are still investigating. We do not plan on accepting insurance and plan on charging at or a little below the market price for a specific compound. Memberships equipment, as you know, are expensive, so no, we will not prostitute ourselves! We are a business and need to stay viable, so we will charge a fair and reasonable price! And yes, let us share ideas. you may PM if you wish.
     
  35. StevePerry

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    More evidence that Dr. M = Tha Mother----in' Man Period

    You're like the Steve Jobs meets Tony Robbins of pharmacy, in a good way. Time to start adding motivational speeches to bummed out kids in pharm school to your business activities.
     
  36. All4MyDaughter

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    The place where I'm working now has a separate pharmacy permit for the compounding pharmacy. It has its own phone line and uses a different computer system (one designed for compounded RXs). It's in the same building but has a door that seals it off from the rest of the pharmacy. The compounding pharmacy does not accept insurance, but the regular pharmacy does. I guess maybe all the things I described satisfy the requirements of the evil PBMS...
     
  37. Doctor M

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    Yes, this sounds about right.
     
  38. Ackj

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    So are you going to be hiring somebody else to work the second (or first) store? Can't simply swap shifts with one partner anymore since there will be two places that need coverage.

    Also, what will your first store still support in terms of compounding? For simple ointments, I can't see you saying "oh, you'll have to go to the other place a mile down the road" especially since you've probably done some compounding for patients before.

    I may be getting the wrong idea with the words "specialty" pharmacy, but when I think of that, I think of the super expensive drugs that most retail places won't deal with. Soliris, Elaprase, Copaxone, Gilenya, etc. If you're going to be doing those drugs, you'll most likely need to be accepting insurance, as well as have a huge cashflow for inventory.
     
  39. Doctor M

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    We have 3 pharmacists on staff. No issues there. Lifecare Compounding pharmacy. We are dropping the specialty part. As soon as we get accredited at the retail store, we will be joining CSPN network. Google them and read about them. We will be strictly a compounding pharmacy.
     
  40. firework

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