HME/DME
With 53% of retail pharmacies offering HME/DME services, you’ve probably considered adding this model to your business plan, if you haven’t already done so. Sales and rental of durable medical equipment is a growing industry and is among the top three most profitable services a community pharmacy can offer, according to NCPA.
More than 2,000 QS/1 pharmacies offer home health equipment. From managing inventory to maintaining the proper documentation, preparing for an audit, and ensuring you have adequate floor space, here are some resources to help.
Retail Community Pharmacies: Adapting and Innovating to Succeed in a Turbulent Marketplace
LTC
NCPA estimates that 43% community pharmacies provide LTC services. These business models, sometimes referred to as combo shops or combo pharmacies, can open additional revenue opportunities for your pharmacy through greater reimbursements and wholesale drug discounts.
If you’re considering LTC services as an option to expand your business, some due diligence is in order. You must first determine if expansion is right for you. Considerations may include whether you can sustain an increase in prescription volume, maintain compliance with federal regulations, manage the proper documentation for reimbursements, and increase staff to meet your LTC needs. It’s important to remember that LTC is not always facility-based. It’s as much about a care model as a facility.
If you’re considering this business model, here are some resources to help.
New Avalere Health Study Details Stark Differences Between LTC and Retail Pharmacies
Long-Term Care: Expanding Into the Market
Opportunities for Growth: Building a Business with Long-Term Care
Taking on the Big Guys: How can Independent LTC Pharmacies Compete with Chains?
340B
Offering 340B services in a community pharmacy setting can bring in more patients, increase reimbursements, and provide an opportunity to offer additional clinical services. Serving vulnerable populations, such as low-income and rural patients, through a 340B program can provide tremendous health benefits to patients but managing a federal program can be complex, requiring you to maintain multiple inventories, prepare for audits, and stay on top of changing legislation.
Read more about ways to run a successful 340B program.