- Joined
- Jul 21, 2014
- Messages
- 406
- Reaction score
- 175
Deal.I'll PM you. We're starting to get into trade secrets here, haha.
Deal.I'll PM you. We're starting to get into trade secrets here, haha.
Don't live in Florida and I have read many of your postings about your store and success. It has been a breath of fresh air in the ever shrinking independent pharmacy situation. However, 3 years at a 130k for 40 years times 3 lifetimes , I think is 15.6 million. I have seen alot of independents get bought out and I am probably missing something but I don't think you are anywhere close to that. This is just based on your postings here concerning size and volume but over the years but I have never seen any prices like that. Never. If you can get that, kudos to you and your partner.
DO NOT bill medicare or medicaid. ugh...So if you go with PCCA do you ever see reimbursement from medicare or state medicaid? Or is it still just private third party?
In your eyes. Walking away with more money than many of you will make in 10 lifetimes, it makes sense. If you have ever owned an independent, the time and effort it takes at some point will make no sense. That time is now.
Congratulations on your exit. I opened up a pharmacy earlier this year from complete scratch and I've been lucky enough to break even 6 months in. I'm now planning a second location for 2015. I wouldn't be caught dead standing at a retail store working my ass off for absolutely nothing in return (no offense, retail). Working for yourself is the only way to go... it's every man's calling. I feel great because I look at my business and I can appreciate every little detail. From breaking my back while installing base boards or delivering meds to a patient's home at 5 in the morning, I am proud to call the pharmacy my own. From an idea and vision to a paper application... from floor planning and inspections to licensing and the first prescription filled... seeing everything come to fruition is a true feeling and sense of accomplishment. Better than sex or the most satisfying meal I've ever had. I sleep like a baby because I know I had such a productive day at work. I'm a better person now to my friends, my parents, my girlfriend, even strangers. I can cold call clients and sell my business in 20 seconds, literally.
You get a lot more when you invest your own time and money into a business. Of course there are risks, but what a dull life if you stay within the confines of "safety." My second location will be the next chapter of adventure in my life.
Who dares, wins.
Sorry, must have misunderstood. I knew there where to many zeros there. Can never be close to that.
You are only breaking even and already planning another store for 2015?
I would say concentrate on the one store. Make that one as profitable as can be. Opening another one now is premature.
You are only breaking even and already planning another store for 2015?
I would say concentrate on the one store. Make that one as profitable as can be. Opening another one now is premature.
You should listen to Doctor M. It's a mistake to overextend yourself. You have no margin for error.
You should listen to Doctor M. It's a mistake to overextend yourself. You have no margin for error.
Agree, sounds like he and his partner both accumulated over 15 million in about 5 years. Quite amazing.
Although I do believe Doctor M at first overstated the value of his company he did back away from that in posts that followed. It is understandable given that he has become emotionally attached to the business. This should not take away from posts he has made over the last several years which demonstrate a profound understanding of the challenges one will face in this space. Once again it is not wise to open another pharmacy when one is presently only breaking even. I believe you should wait until the first pharmacy is turning a profit and you have large cash reserves.
Thanks for the concern. Keep in mind that Doctor M has no information on any aspect of my business.
Although I do believe Doctor M at first overstated the value of his company he did back away from that in posts that followed. It is understandable given that he has become emotionally attached to the business. This should not take away from posts he has made over the last several years which demonstrate a profound understanding of the challenges one will face in this space. Once again it is not wise to open another pharmacy when one is presently only breaking even. I believe you should wait until the first pharmacy is turning a profit and you have large cash reserves.
Do what you gotta do...Good luck and keep us posted.
I didnt overstate the value of my company. I stated im selling because ive made "X" amount. Im not attached thus why we are walking away. sigh...
In your eyes. Walking away with more money than many of you will make in 10 lifetimes, it makes sense.
So, Lifecare has been opened for 8 months or so. We are up to 85-100 scripts daily on average. On monday of this past week we filled 227 rx's due in part to an ALF acct. We expect to be doing around 1100 rx's weekly at our 1 year anniversary. I will keep updates monthly!
Here is an update: We are retiring after 5 years.
Wait what happened? lol
On the other hand, at least you don't have to do PCQ calls in prison.
Just bo0ty calls..bah dum dum!
"$2,298,180.48 due to Express Scripts pursuant to the terms of the Agreement". Seriously is this really a lot of money for a small little pharmacy? Not with the huge rapid growth they showed and huge profits that seemed to jump weekly. Pennies only pennies for a dynamic independent store. Besides they may be innocent.
You could literally buy my store about 10 times for that amount. LOL
so he got caught for fraud? seems typical of independent pharmacy owners to do shady things.
They have to, to survive in today's climate against CVSso he got caught for fraud? seems typical of independent pharmacy owners to do shady things.
So do you mail out that diploma? Or is it something that has to be printed out? Also, what letters can be added to the end of my name if I were to also get this diploma?"Hmmm, I'm being confronted with an anecdote.
I'd better make an assumption about an entire portion of a profession based on this."
Congrats on your diploma from the Jenny McCarthy College of Logic.
Wow! DoctorM was one of THOSE pharmacists. That's despicable. They sullied our profession in the name of greed. I have no respect for those types and I'd like to see federal sentences handed down
Yeah I'm still around. I sold my first store ( just traditional dispensing no compounding) for a very handsome profit in 2015 and I bought a small, low volume store in 2016 for a very good price.
I'm interested in pursuing other pharmacies in 2017.
I think you are being very modest here. In about 5 years since I have read your posts you and your partner have each made more than the other posters here can ever hope to earn in 3 or 4 lifetimes. In about 5 years! I remember the posts you had showing the inside of your store. The volume that you were able to do in such a small professional store is amazing. I am surprised that if you won't be the subject of an article in a professional business journal. It gives all the new pharmacists hope and a road map so that their professional career can also last a short period of time. Perhaps their wont be a large glut of unemployed pharmacists and some posters have said.
On the other hand, at least you don't have to do PCQ calls in prison.
"$2,298,180.48 due to Express Scripts pursuant to the terms of the Agreement". Seriously is this really a lot of money for a small little pharmacy? Not with the huge rapid growth they showed and huge profits that seemed to jump weekly. Pennies only pennies for a dynamic independent store. Besides they may be innocent.
Wow! DoctorM was one of THOSE pharmacists. That's despicable. They sullied our profession in the name of greed. I have no respect for those types and I'd like to see federal sentences handed down
Yeah I'm still around. I sold my first store ( just traditional dispensing no compounding) for a very handsome profit in 2015 and I bought a small, low volume store in 2016 for a very good price.
I'm interested in pursuing other pharmacies in 2017.
SDN makes me pull my hair out each time I visit it. Dr. M is most likely going to prison.
Sad, but probably true. Maybe when Dr. M gets out of prison, he can come back and caution people about how it is so not worth it. I have never understood how someone gets involved in fraud like this, and think they aren't going to get caught. It must be a combination of extreme impulsiveness (caring only about the moment) and extreme ego (thinking they are too smart to get caught.)
Actually from what I read the Express Scripts charge was dismissed because the business was an LLC and they were unable to prove charges against the owners vs the LLC. I think Express scripts could refile but don't know if they did. God Bless LLC's I guess. Proves the old saying innocent until proven guilty. Not sure about any other charges. So perhaps the former owners are alive and well and living large in a nice sunny climate. Me, I am off to work to count pills with a little tin knife. Guess they were smarter than me.
LLC does not shield you from criminal charges like fraud against medicare and stuff. While Express Scripts may have dropped their charges....the federal government probably did not.
Unknown whether Express refilled or not. Don't know if feds filed charges or not. But if you google LLC in Fla with one of the "alleged" bad hombres name a bunch of LLC listings come up. Seems to be alive and well.