You shouldn’t do it alone, so why try? Learn about some of the great companies at NCPA 2021 and how they can help you reach your pharmacy goals.
The NCPA 2021 convention was in Charlotte, NC, and it packed a punch of awesomeness. First of all, it was wonderful it was to see so many of you in person. I was able to talk to pharmacy owners, listen to CEs, and learn about new pharmacy products and technologies coming down the pipeline.
I love sharing tips and making introductions to new services. DiversifyRx’s first Exhibitor Tour took place at NCPA 2021. Below is a summary of those companies and how they can help you in your pharmacy.
NCPA 2021 Exhibitor Tour Recap
RxSafe
I started the tour at the RxSafe booth, which has a couple of different automation offerings.
Their inventory management system, RxSafe 1800, has been out for a while and helps increase inventory turns (Goal is >20 turns) and reduce on-hand inventory. Their leading strip packager, RapidPakRx, is one of my favorites. It has a tiny footprint and a high capacity to fill. For example, it fills up to 80 boxes with one tech, one machine in one eight-hour shift. That’s pretty amazing.
They also launched their new automated bubble packing system. Not everybody wants strip packaging, and some long-term care facilities and other types of facilities require the bubble pack. This new automation is a great alternative, especially for those who have outgrown Dispill.
Real Value Rx
Afterward, we visited RVP, or Real Value Products, a drug distributor with about 4,000 generic SKUs and offering niche and exclusive products. I consider them what I call a tertiary wholesaler. RVP is NABP accredited, and they are continually expanding into new services to help support independent pharmacies.
RVP carries products good for patients and you, like Solubiomix products and their newly released exclusive Diclofenac product. They have a partnership with one of my favorite companies, EZScriptRx. They can help eliminate test claims with their medical benefits claim check software. It is entirely compliant with PBMs. No more test claims! You can see what’s covered in a patient’s plan, helping to optimize their therapy. When you purchase from RVP, you also get monthly credits with EZScriptRx.
StreamCare
StreamCare is my favorite direct worker’s compensation billing company. Worker’s compensation can be a profitable niche when you kick out the PBM. If you bill through a PBM, you get their rates, not your state’s contracted reimbursement rates.
States don’t pay more because their rate doesn’t change regardless of who’s billing, whether it’s the PBM or StreamCare. Eliminating the PBM can turn $5 reimbursements into $95.
PatchRx
Up next on our tour was PatchRx, an innovative technology and software company. With PatchRx, it’s all about adherence, tracking, knowing when patients take medications, and hopefully billing for the services to create turnkey revenue for your patients’ compliance.
One of their innovations is a cap insert that records when patients open and closes a vial. The worldwide chip shortage is causing a delay in their cap launch. PatchRx is offering a free year of their software to a limited number of pharmacy owners. If you haven’t taken advantage of this yet, call them and tell them Lisa Faast said they may still have a spot left – try to get in there!
Flash Returns
Next up was Flash Returns, a reverse distributor. They make returning recalled and expired products simple and lucrative. Flash Returns is the most aggressive returns company I know. Flash Returns understands the rules of the game better than anyone and keep up with the numerous changes (which happen all the time!).
There’s no better company to help you maximize the value of turns than Flash Returns. Don’t pass on an opportunity to return thousands of dollars to your bottom line.
PharmaComplete
My next stop was PharmaComplete, which tailors to long-term care pharmacies and helps improve business in many different ways. Almost like a buffet of help.
I’ve known the owners, Paul and Michelle, for a while and watched them start the company. I know from personal experience they can help with all facets of optimization and creating a profitable long-term care pharmacy niche. Many pharmacies are looking at long-term care more closely as those prescriptions don’t have DIR fees. If you are considering jumping into this side of pharmacy, a call to PharmaComplete is well worth your time.
Darby Farms
Flu season is coming are you ready to help your patients boost their immune systems? Darby Farms makes delectable elderberry-based products to help kids and adults. The basis for their products comes from their small family farm that was focused on healing from within.
As you see a surge in vaccines, boosters, and testing – have some of their products in your pharmacy to offer as Upsolutions for these patients. While an otc supplement, Darby Farms has gathered a ton of science to back up the use of their ingredients for common cough and cold ailments. Not to mention they might be the nicest people on the entire planet!
BIOLYTE
BIOLYTE is a liquid supplement oral drink that helps rehydrate/replenish the salts and fluids lost through excessive exercise, sickness, like vomiting or diarrhea – it’s like an IV in a bottle.
We tried all three varieties, Tropical, Berry, and Citrus. All have saltiness to varying degrees, but they do an excellent job with their flavors. To me, citrus is the saltiest, and berry is the least salty.
As a regular user, I know how much they help – I drink them to help prevent dehydration. I highly recommend carrying BIOLYTE in your pharmacy, which could become a nice little revenue generator for your over-the-counter or front-end section.
Benchmark
Based out of Charlotte, NC, Benchmark is a new hemp oil and CBD company. They have worked diligently on a very unique extraction technology that focuses on extracting the entire essence of different foods and herb products. Benchmark carries a full line of hemp oil and CBD products for humans and a great line of pet products.
Dr. Amina Abubakar has been working closely with them to use their patented extraction and lipid bonding technology in other areas of health and wellness. She is looking at using this process to help pharmacies and local farmers to make extracts to infuse into medicine.
Benchmark is a partner with Dr. Oakley from National Geographic, a famous veterinarian who helped create the animal product line. Dr. Oakley spoke at NCPA, who talked about the plan for their extracts.
FDSAmplicare
If you hate DIR fees, then you need FDSAmplicare. There is no better solution out there to better understand how to mitigate your DIR fees. Many pharmacies have FDSAmplicare software and frankly don’t use it to its full ability. It can help you lower plan costs for your patients while also increasing your profits. It is a WIN-WIN-WIN.
Open enrollment started on October 15th. While the fall is the most heavily used time for optimizing patients on their plan, don’t forget that you can manage Medi-Medi patients throughout the year. FDSAmplicare also has many other revenue-creating options for its software. With FDSAmplicare, you should be able to easily earn back your annual fee many times over. I often see pharmacies recoup their entire FDSAmplicare fee on the first day of open enrollment.
GeriMed
Next was GeriMed, a company established in 1983 that helps independent pharmacies that service long-term care and home care patients.
Many pharmacies are combo pharmacies. Meaning they are a retail pharmacy that dabbles in long-term care or home care. I learned having as little as 20 to 30 patients in long-term care adds up to a couple of thousand dollars a month in additional profit when you leverage GeriMed’s services. When you switch to long-term care cost of goods, you eliminate DIR fees and add a couple of extra points on reimbursement. These changes dramatically improve your profitability. You don’t have to manage hundreds of beds to benefit from combo taxonomy codes with your NPI and NCPDP numbers.
PharmaCanna
One of my favorite products of PharmaCanna is CBDream, a combination of CBD with melatonin. I recommend offering this combo to your patients on Rx sleep medications. Particularly your Medicare patients whose plans probably don’t cover their sleep prescriptions. PharmaCanna has many wonderful products at very affordable prices. You can save by purchasing through our special partner link here.
GM Pharmaceuticals
Next in line was GM Pharmaceuticals, a company that carries prescription and over-the-counter products optimized for clinical benefits and profitability. I learned about Vtol, a liquid generic form of Vanatol for migraines and tension headaches. The liquid is rapid-acting and is a big hit with patients because they can get faster relief. Pro tip: buy directly from GM Pharmaceuticals for the best pricing, resulting in hundreds of dollars of additional margin.
GM really excels with its line of uniquely formulated OTC treatments. I recommend their lice treatment (the best out there) and a patented cough and cold line that works in three different ways. Your patients are sure to love it. Best of all, they are dye-free, alcohol-free, and gluten-free. And parents with kids who use cough medicines know that when you give kids the bright red stuff, and it comes back up, stains rarely come out.
Atrium 24
My last stop was Atrium24, where tour attendees learned about marketing packages for specialty physicians and COVID testing. Atrium24 has all COVID testing products, COVID training programs, and everything to maximize COVID services in your pharmacy.
You can still sign up for Atrium24’s data analytics program for free until the end of the year. Their data program is something I highly recommend for every pharmacy to get critical insight into your data.
DiversifyRx has a great partnership with Atrium 24. Enjoy a 20% discount by using the code DIVERSIFY when ordering your COVID supplies here.
NCPA 2021 Exhibitor Summary
Wow, what a great experience at NCPA 2021. Many more great NCPA exhibitors were there, but I felt these companies would have the quickest impact to improve your pharmacy. It was fantastic to see everyone, and I can’t wait to see everybody at the next pharmacy show!
If you need some help reach out to DiversifyRx or join our Facebook group filled with hundreds of pharmacy badasses. We will all support you to ensure you get your pharmacy growth on the right track.
