With Halloween approaching, we don’t want you to be scared away from the idea of joining a PSAO or buying group!
Some myths surround the independent pharmacy world that may spook you, but we want to debunk a few for you.
Myth 1 – Independent pharmacies are more expensive for patients, less efficient, and only accept a few insurance plans.
Independent pharmacies are often the most efficient and effective choice for patients. With a value for the community, many independent pharmacists get to know their patients well and can better support them than a pharmacist at a chain store. Most community pharmacies accept many insurance plans, but it is recommended that patients confirm that their plan is accepted.
The stigma around how expensive independent pharmacies are is also false. Many can save their patients more money than chain pharmacies.
Myth 2 – PSAOs determine drug costs, reimbursements, out-of-pocket patient payments, and profits from the costs of medications.
A PSAO, a pharmacy services administrative organization, provides “behind the scenes” administrative services for independent pharmacies. It does not influence drug costs and does not profit from them.
PBMs, or pharmacy benefit managers, are the infamous middlemen who determine the costs of medications, reimbursement rates, and more.
PSAOs sole source of income comes from charging community pharmacies a monthly fee for their service offerings.
EPIC Pharmacy Network (EPN) operates on behalf of its members by passionately promoting the network as one entity to provide independent pharmacies with the tools they need.
EPN offers centralized contracting and third-party support with PBMs, HMOs, and third-party payers. As a PSAO, EPN has been improving negotiations since 1992. Joining can result in larger negotiating power and better reimbursement rates. EPN has the expertise and experience to navigate the complexity of negotiations, reconciliations, audits, and more!
Myth 3 – Being a member of a buying group does not help independent pharmacies save money.
A buying group consists of independent pharmacies joined together in negotiating the cost of drugs with a wholesaler. The combined purchasing power of their members allows buying groups to strengthen negotiations with wholesalers to lower the cost of drugs. Some buying groups offer additional tools and services to help independent pharmacies remain competitive in the marketplace.
EPIC Pharmacies buying group members receive lower, transparent pricing upfront and earn year-end rebates. EPIC Pharmacies also offers complimentary EPN and PharmCAP membership to compliant members as well as free NCPA membership, legislative support, ancillary vendor contracts, and more! As a member-owned and operated buying group, EPIC Pharmacies has a board of directors comprised of independent pharmacy owners just like you.
To learn more about the different service offerings of EPIC Rx, please contact us today!