Question about Independent Pharmacy Insurance Reimbursement

[STAR3URY]

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Hi guys, I am a 5th year pharmacy student and am very interested in the independent pharmacy setting. In the future I wanna put together some money and open up a pharmacy. However, it is very hard for me to find information in terms of how the business runs. One thing that I wanted to know is to see how much pharmacies get reimbursed by insurance companies. Is there anywhere where I can find this information?

 

[PumpkinSmasher]

Hi guys, I am a 5th year pharmacy student and am very interested in the independent pharmacy setting. In the future I wanna put together some money and open up a pharmacy. However, it is very hard for me to find information in terms of how the business runs. One thing that I wanted to know is to see how much pharmacies get reimbursed by insurance companies. Is there anywhere where I can find this information?

Independents sign individualized reimbursement contracts. You would need to intern with an independent or go speak with one. When you join HealthMart, good neighbor, or medicine shoppe they setup these contracts for you and you take what they able to bargain for the collective group.

I encourage you to go speak with an independent, buy him/her a cup of coffee or something. They are usually passionate folks who enjoy talking to young entrepreneurial pharms!

 

[Doctor M]

Hi guys, I am a 5th year pharmacy student and am very interested in the independent pharmacy setting. In the future I wanna put together some money and open up a pharmacy. However, it is very hard for me to find information in terms of how the business runs. One thing that I wanted to know is to see how much pharmacies get reimbursed by insurance companies. Is there anywhere where I can find this information?

lets just say you will make anywhere between 18-25% of total sales. so if you sell 100k of drugs, you will make 25k on average. Its impossible to tell exactly what each insurance will reimburse.

 

[clarkbar]

lets just say you will make anywhere between 18-25% of total sales. so if you sell 100k of drugs, you will make 25k on average. Its impossible to tell exactly what each insurance will reimburse.

How came medicine shop and the other chain independents are doing so bad? What is their future?

 

[Ackj]

How came medicine shop and the other chain independents are doing so bad? What is their future?

I'm not sure that they're doing badly as a whole, it's kind of up to the individual store afaik. You pay to be part of the franchise, but you can pretty much run the store how you like. As is sometimes the case with a franchise, their focus is not on well you do, as long as they get the franchise fee.

 

[Doctor M]

How came medicine shop and the other chain independents are doing so bad? What is their future?

Ive walked into some medicine shops and the layout was horrendous. It was dirty, and just wasnt kept up. I cannot tell you why some independents are doing bad, but i will tell you that when i look at my own store, i try to envision the store as a consumer. Is it clean, do we greet people, and are we pleasing the patient 110%.