Independent Pharmacy General

[Jimmy R]

Hi,

I am here shill to you all and advocate for working at, or even opening an independent pharmacy. I currently have a salary of 70/hr, but I work 45 hrs a week, and get almost no benefits. However, we do usually 130-150 scripts a day, the most I've ever done in the last year is 198.

The pharmacy I own had a gross profit of 445k and net profit after all expenses (including my salary) of 220k.

I say this not to brag, but to let you know that even a low volume pharmacy can make a ****load of money. I would definitely advise any young person to do whatever they can to either acquire or open a new pharmacy and make it work. 10% down is what is usually required, so that's anywhere from 150-200k cash to buy, or as low as 40-50k cash to open a new one from scratch (but you won't be profitable for awhile).

Stop slaving away at the GloboCorpo behemoths of CVS and WAG and just move rural and do the small town thing. You'll be happier, I promise. I get off at 5 30 every day and work no weekends.

Anyone else here work at or own an independent?

---

Members don't see this ad.

 

[Old]

Hi,

I am here shill to you all and advocate for working at, or even opening an independent pharmacy. I currently have a salary of 70/hr, but I work 45 hrs a week, and get almost no benefits. However, we do usually 130-150 scripts a day, the most I've ever done in the last year is 198.

The pharmacy I own had a gross profit of 445k and net profit after all expenses (including my salary) of 220k.

I say this not to brag, but to let you know that even a low volume pharmacy can make a ****load of money. I would definitely advise any young person to do whatever they can to either acquire or open a new pharmacy and make it work. 10% down is what is usually required, so that's anywhere from 150-200k cash to buy, or as low as 40-50k cash to open a new one from scratch (but you won't be profitable for awhile).

Stop slaving away at the GloboCorpo behemoths of CVS and WAG and just move rural and do the small town thing. You'll be happier, I promise. I get off at 5 30 every day and work no weekends.

Anyone else here work at or own an independent?

Dr. M?

 

[Momus]

Dr. M?

Still in prison.

 

[Sine Cura]

If you can make it work more power to you. Just don't open in these kinds of places. LOL

Millions of opioid pills flooded Arizona communities during prescription drug boom

A staggering number of opioid pills were dispensed by Arizona pharmacies from 2006 to 2012. In Kingman, the damage may already be done.

www.azcentral.com

 

[ranger99rx]

So how many years did it take for you to get that salary, break even, and finally turning profit? I worked for independent for a couple years, very relaxing job, but no benefits. Now, I heard they are making good profit but doing some questionable things (not narcotic though).

 

[mentos]

Hi,

I am here shill to you all and advocate for working at, or even opening an independent pharmacy. I currently have a salary of 70/hr, but I work 45 hrs a week, and get almost no benefits. However, we do usually 130-150 scripts a day, the most I've ever done in the last year is 198.

The pharmacy I own had a gross profit of 445k and net profit after all expenses (including my salary) of 220k.

I say this not to brag, but to let you know that even a low volume pharmacy can make a ****load of money. I would definitely advise any young person to do whatever they can to either acquire or open a new pharmacy and make it work. 10% down is what is usually required, so that's anywhere from 150-200k cash to buy, or as low as 40-50k cash to open a new one from scratch (but you won't be profitable for awhile).

Stop slaving away at the GloboCorpo behemoths of CVS and WAG and just move rural and do the small town thing. You'll be happier, I promise. I get off at 5 30 every day and work no weekends.

Anyone else here work at or own an independent?

How small is your town? How far is the nearest big metro area?

 

[TerryTerry]

Why you tell people to open independent pharmacy when you don`t own one yourself?

 

[VictorOfHungerGames]

Hi,

I am here shill to you all and advocate for working at, or even opening an independent pharmacy. I currently have a salary of 70/hr, but I work 45 hrs a week, and get almost no benefits. However, we do usually 130-150 scripts a day, the most I've ever done in the last year is 198.

The pharmacy I own had a gross profit of 445k and net profit after all expenses (including my salary) of 220k.

I say this not to brag, but to let you know that even a low volume pharmacy can make a ****load of money. I would definitely advise any young person to do whatever they can to either acquire or open a new pharmacy and make it work. 10% down is what is usually required, so that's anywhere from 150-200k cash to buy, or as low as 40-50k cash to open a new one from scratch (but you won't be profitable for awhile).

Stop slaving away at the GloboCorpo behemoths of CVS and WAG and just move rural and do the small town thing. You'll be happier, I promise. I get off at 5 30 every day and work no weekends.

Anyone else here work at or own an independent?

This somewhat true. An indie would have profit of 500k+ a year if you're doing about 1500 script a week. If you're doing 130-150, that's considered a low volume but would still profit alot if you're managing it well.. i.e. rebates, being selective on losses with low reimbursing prescriptions, etc.

What you're leaving out is DIR fees and clawbacks. I've heard some pharmacies talk about "performance" charge from insurances that exceed the actual reimbursements. Now i'm hearing that Arkansas lawsuit has collected these data and if passed, PBMs would have to pay them back the overcharged amount compared to their own pharmacies. If you own 4-5 pharmacies that do about 1000-1500 a week, there is a good chance that you could profit about 1-2 mil a year but PBMs will take away about 200k. I would not invest in buying a pharmacy nor opening up one right now. May be wait a few years until the new laws are consistently enforced and market balances itself out.

 

[Wickett]

I find your stated gross vs net profits hard to believe. I see all the books for the pharmacy I manage and your ratio of gross to net doesnt make any sense, especially since you're including your ~160k salary in your expenses. DIR fees alone at your stated approximate volume would be at least 8-10k per month.

 

[deleted562805]

So how many years did it take for you to get that salary, break even, and finally turning profit? I worked for independent for a couple years, very relaxing job, but no benefits. Now, I heard they are making good profit but doing some questionable things (not narcotic though).

What is questionable is CVS trying to make money off of 90 day supply of Fluoxetine even though the Psychiatrist says no refills. What is questionable for independents is very minor compared CVS

 

[bhattirx]

Hi,

I am here shill to you all and advocate for working at, or even opening an independent pharmacy. I currently have a salary of 70/hr, but I work 45 hrs a week, and get almost no benefits. However, we do usually 130-150 scripts a day, the most I've ever done in the last year is 198.

The pharmacy I own had a gross profit of 445k and net profit after all expenses (including my salary) of 220k.

I say this not to brag, but to let you know that even a low volume pharmacy can make a ****load of money. I would definitely advise any young person to do whatever they can to either acquire or open a new pharmacy and make it work. 10% down is what is usually required, so that's anywhere from 150-200k cash to buy, or as low as 40-50k cash to open a new one from scratch (but you won't be profitable for awhile).

Stop slaving away at the GloboCorpo behemoths of CVS and WAG and just move rural and do the small town thing. You'll be happier, I promise. I get off at 5 30 every day and work no weekends.

Anyone else here work at or own an independent?

Hi, Messaged you privately, would surely want to know about this opportunity. Best of luck and success. Regards, MB

 

[ktt18109]

Hi,

I am here shill to you all and advocate for working at, or even opening an independent pharmacy. I currently have a salary of 70/hr, but I work 45 hrs a week, and get almost no benefits. However, we do usually 130-150 scripts a day, the most I've ever done in the last year is 198.

The pharmacy I own had a gross profit of 445k and net profit after all expenses (including my salary) of 220k.

I say this not to brag, but to let you know that even a low volume pharmacy can make a ****load of money. I would definitely advise any young person to do whatever they can to either acquire or open a new pharmacy and make it work. 10% down is what is usually required, so that's anywhere from 150-200k cash to buy, or as low as 40-50k cash to open a new one from scratch (but you won't be profitable for awhile).

Stop slaving away at the GloboCorpo behemoths of CVS and WAG and just move rural and do the small town thing. You'll be happier, I promise. I get off at 5 30 every day and work no weekends.

Anyone else here work at or own an independent?

Can you give us some pointers how to be successful like you?

 

[Jimmy R]

Revisiting this thread a full year later, sorry lads.

Gross profit ~370k, Net profit ~185 last year.

We had one single flu script. One. Wild. Lots of COVID tho, so it might have evened out.

Just take the chance and bet on yourself. Just do it.

DIR fees are taken into account, they take them out quarterly, the different PBM's do. In October CVS Caremark took out like 21k from what they 'owed' me as 'performance fees' so my 35k worth of claims was paid out like 14k, which is how that works.

I have no expectations that it will be fixed even with the recent SCOTUS victory.

It's noteworthy that I bust my ass on Outcomes and Mirixa to get the DIR fees as low as possible. I'm at the top tier of the top 1% of pharmacies in compliance so my DIR rate is a fifth of what it'd be if I was average.

It's definitely worth the time and effort to do it.

I actually just purchased a third store, a telepharmacy in a small town near me. I'm 60 miles from the nearest major city, 20 miles from a city of 20k. I have pretty much a total monopoly patient wise in a 10 county area with the three pharmacies I got.

Just do it. I worked at WAG and wanted to kill myself, it's so much better even though 60% of what I do is business owner stuff not pharmacist stuff. Pharmacist stuff is EZ. Owner stuff is much harder cuz they dont' teach you any of this.

Anyone here learn how to register with HRSA to be a 340b contracted pharmacy and negotiate rates? I sure as **** didn't but I did it last year anyways. Anyone learn how to negotiate reimbursements from Express Scripts? I did that too. Went surprisingly well, actually. Still a **** rate but better than their original offer.

 

[APN-59 rph]

Revisiting this thread a full year later, sorry lads.

Gross profit ~370k, Net profit ~185 last year.

We had one single flu script. One. Wild. Lots of COVID tho, so it might have evened out.

Just take the chance and bet on yourself. Just do it.

DIR fees are taken into account, they take them out quarterly, the different PBM's do. In October CVS Caremark took out like 21k from what they 'owed' me as 'performance fees' so my 35k worth of claims was paid out like 14k, which is how that works.

I have no expectations that it will be fixed even with the recent SCOTUS victory.

It's noteworthy that I bust my ass on Outcomes and Mirixa to get the DIR fees as low as possible. I'm at the top tier of the top 1% of pharmacies in compliance so my DIR rate is a fifth of what it'd be if I was average.

It's definitely worth the time and effort to do it.

I actually just purchased a third store, a telepharmacy in a small town near me. I'm 60 miles from the nearest major city, 20 miles from a city of 20k. I have pretty much a total monopoly patient wise in a 10 county area with the three pharmacies I got.

Just do it. I worked at WAG and wanted to kill myself, it's so much better even though 60% of what I do is business owner stuff not pharmacist stuff. Pharmacist stuff is EZ. Owner stuff is much harder cuz they dont' teach you any of this.

Anyone here learn how to register with HRSA to be a 340b contracted pharmacy and negotiate rates? I sure as **** didn't but I did it last year anyways. Anyone learn how to negotiate reimbursements from Express Scripts? I did that too. Went surprisingly well, actually. Still a **** rate but better than their original offer.

I've worked on the central end of the remote drug dispensaries..I don't really see any difference from the central store..."any questions, no..etc..etc.. I would guess that you are out in the sticks? I worked yesterday (relief) eight solid hours of shots. Private owner..the system is so incredibly complicated and the comp system (I had never heard of) is enough to drive ya nutz...the techs hate it.(essentially no counseling done)..Your operation sounds like the perfect post-grad set-up to teach a prospective owner...I went home last night praying I hadn't made a mistake... BUT I strolled past a Tarje a few days ago..are they working alone? At one time Tarje was top of the line for the phcy staff...soooo good luck to the newbees...I ramble..

 

[Jimmy R]

Yeah I'm in the sticks. One telepharm is 45 miles from the next closest pharmacy, which is actually my home pharmacy. The other is 32 miles from the next closest. So ppl would have a 1.5 or 1 hr round trip for a z pack.

My techs like it because I pay them well. 20/hr at each telepharmacy because they both run it well and I don't have to micromanage it. I pay my tech at the home store 17.50 and my clerk 11.50.

And I live in very rural area.

the biggest PITA i'm dealing with right now is that my #1 tech at my telepharm is 5 months pregnant and will need a ****load of time off. You HAVE to have 3 years experience as a tech by state law, and 1 has to be retail. So there are literally zero people who fit that bill in a 100 mile radius.

This is why men are preferred hires compared to women, esp for small businesses. A 22 year old female and male, all things equal, you'd want the male for this reason and this reason only. Having to deal with a tech being out for 6 weeks for a baby is a monster headache.

However, I am pro-natal and will be giving her a 5000 dollar baby bonus (essentially 6-8 weeks pay) and a 1.50/hr raise when she comes back.

If i can't afford 5 grand then I have bigger problems, ya know?

 

[ktt18109]

Can you give us some pointers how to be successful like you?

Great info.. you’re right, nobody teaches us the administrative side of pharmacy. When I worked for the chain everything already set up. There are different obstacles I’m facing as I’m opening my own, and learning it as I go through each step. It’s overwhelming yet exciting at the same time. Do you have any pointers of how to advertise the pharmacy? I’m planning to do local mailers, and talking to a few doctors in the area.

 

[iamapharmacist]

Great info.. you’re right, nobody teaches us the administrative side of pharmacy. When I worked for the chain everything already set up. There are different obstacles I’m facing as I’m opening my own, and learning it as I go through each step. It’s overwhelming yet exciting at the same time. Do you have any pointers of how to advertise the pharmacy? I’m planning to do local mailers, and talking to a few doctors in the area.

How are you covering for your salary? I'm sure you won't make any money for at least a year or two if you opened a brand new pharmacy.

 

[yorkie212]

So how many years did it take for you to get that salary, break even, and finally turning profit? I worked for independent for a couple years, very relaxing job, but no benefits. Now, I heard they are making good profit but doing some questionable things (not narcotic though).

After working for the big retail companies, I found that independent are so much less stress, pays the same .. However I find that A LOT of independent pharmacies do some sort of shady things to stay afloat... I went on a couple of interviews with independent pharmacies, and most of them pretty much ask how low (morally speaking) are you willing to go; and how flexible you would feel about letting certain things slide by. I recall on one interview where I was asked if I was willing to over look certain matters like billing for one item, but then switching it for another medication within the same class for the drug... I was like yikes, the moment I stepped out the door! I was like, you didn't even hire me, yet you are revealing all of your dirty laundry to a complete stranger!

 

[iamapharmacist]

After working for the big retail companies, I found that independent are so much less stress, pays the same .. However I find that A LOT of independent pharmacies do some sort of shady things to stay afloat... I went on a couple of interviews with independent pharmacies, and most of them pretty much ask how low (morally speaking) are you willing to go; and how flexible you would feel about letting certain things slide by. I recall on one interview where I was asked if I was willing to over look certain matters like billing for one item, but then switching it for another medication within the same class for the drug... I was like yikes, the moment I stepped out the door! I was like, you didn't even hire me, yet you are revealing all of your dirty laundry to a complete stranger!

What they told you arent illegal or shady. Theyre probably just exploiting reimbursements loopholes. Some indies go too far and get their contracts cancelled. Most do it in a way that its perfectly legal and make enough profit to pay overhead. I can tell you more about it if you’re interested. None of this can be compared to the actual illegal stuff the chains are pulling with their pbm circus. Theyre doing so many illegal things that the feds actually sued them and won lol

 

[WorthlessOxygen]

What they told you arent illegal or shady. Theyre probably just exploiting reimbursements loopholes.

Billing for one product while dispensing another is obviously fraud.

 

[iamapharmacist]

Billing for one product while dispensing another is obviously fraud.

Yes, obviously. This is not the loophole that i was talking about.

 

[WorthlessOxygen]

Yes, obviously. This is not the loophole that i was talking about.

What they told you arent illegal or shady. Theyre probably just exploiting reimbursements loopholes.

Not sure how these two statements aren't in direct conflict but as long as we agree that fraud is both shady and illegal I guess it doesn't matter

 

[iamapharmacist]

Not sure how these two statements aren't in direct conflict but as long as we agree that fraud is both shady and illegal I guess it doesn't matter

Not sure what employer will straight up tell you to commit fraud during an interview. Im thinking he misunderstood what they were doing. Ive been to indies where they would have standing orders from doctors to change certain ndc if necessary. Thats not illegal nor fraudulent. I was stating above under this impression. If one were to bill for one drug and dispense a completely different drug then yes in any sense of the term it is illegal.

There are pbm loopholes thats meant for big chains to abuse but have been exposed to others. Caremark was directing cvs to only dispense certain ndc to reimburse 1000% more compared to other ndcs. Some people have figured out ways to exploit these loopholes.