Mostly independent sites for APPEs, what should I be asking my preceptors?

[distinguishedlaughter]

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I know most people think it's a risky venture but I'm hell bent on starting my own pharmacy within a few years of graduating. For my APPEs I selected mostly independent sites because of this exact reason. I'm at my first site and for the majority of the first week I've spent the time making parallels between my work place (happy and healthy) and my site.

I'm wondering if there are other questions I should be asking? My preceptor is awesome and has so far answered practically any question I've asked about his business and how he runs his stores.

I'd like to take advantage of the unique opportunity I have here. Any advice is appreciated.

Thanks!

 

[Old Timer]

I know most people think it's a risky venture but I'm hell bent on starting my own pharmacy within a few years of graduating. For my APPEs I selected mostly independent sites because of this exact reason. I'm at my first site and for the majority of the first week I've spent the time making parallels between my work place (happy and healthy) and my site.

I'm wondering if there are other questions I should be asking? My preceptor is awesome and has so far answered practically any question I've asked about his business and how he runs his stores.

I'd like to take advantage of the unique opportunity I have here. Any advice is appreciated.

Thanks!

Ask them how they got started. What are the ins and outs of starting your own place. How long does it take? How do you apply for third party contracts? Lot's to learn.....

 

[Downsouth1886]

Judging by the nature of your post, I assume this is your first experience with an independent pharmacy. Here are some tips to make the most of your experience:
- Learn what they do really well (i.e customer service, etc)
- Learn what they do really poorly (i.e. inventory, staffing, marketing,etc.)
- Ask what have been the keys to success/ failure for the owner
- What he/she would have done differently if they could do it over again
- What it takes to get started (buying an existing pharmacy vs starting from scratch)
- See if the owner would be interested in helping you get started (owner financing, junior partnership, etc.)

Since you have already been working in a chain pharmacy, take those experiences and compare to your current rotation. Chains are very good at some things and not so good at other. Try to find the happy medium between the two

 

[SClENCE]

Some questions that I personally would have-

-How to find and select a company to order drugs from
-How to set yourself up to bill private insurance/medicaid/medicare (both physically and from a legal aspect)
-How to choose which software to buy
-Where to look for legal advise regarding the operation of your pharmacy/insurance billing
-Does he do compounding/dispense durable medical equipment? How did he get into this market?
-Would he recommend buying an existing pharmacy or starting from scratch? How long does it take to become profitable?
-What's the average profit per script?
-What's the first step in starting a pharmacy from scratch with no experience?
-Does selling "front store" items account for much of his profit?

I personally would love to start a pharmacy from a business standpoint, but walking into this process blind is intimidating and a huge risk. I think I'd look for a trusted or experienced business partner.