How To Increase Revenue And Star Ratings In 90 Days With A Med Sync Program | David Miller | RxEconsult
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How To Increase Revenue And Star Ratings In 90 Days With A Med Sync Program Category: Pharmacy by - January 22, 2016 | Views: 18651 | Likes: 0 | Comment: 0  

How to start a new medication synchronization (med sync) program and add hundreds of patients in just a few months

In three months, a pharmacy can set up a med sync program and sign up enough patients to add $90,000 in annual revenue from its current patient base.

An average patient will refill a maintenance medication prescription only 7.4 out of 12 times. However, when their refill dates are synchronized, that number jumps to 11 out of 12 refills, studies have shown. This improves adherence, patient outcomes, and a pharmacy’s bottom line.

Tarrytown Pharmacy in Austin, Texas, embraced med sync in early 2015, and it took off. By October, the pharmacy was synchronizing the medications of about 400 patients and seeing results in increased refill revenue and continually improving Star Ratings measures.

Tarrytown Pharmacy’s prescription volume is in the top 5% of pharmacies in central Texas, owner Mark Newberry said. Although three chain pharmacies or mass merchandise stores are within two miles, in the past decade his pharmacy’s biggest competition has come from mail-order pharmacy. He knows that proving his pharmacy can help keep customers healthier is key to winning business from health plans.

“We are moving to a five-star quality model,” Newberry said, with pharmacies becoming paid based on performance. That’s good news for independent pharmacies, he said. “We can finally show that we do things better than the chains.” By building a network of pharmacies with top pharmacy quality performance, Newberry said, “I think Health Mart is going to improve our reputation and position with health plans.”

Health Mart’s Get In Sync program can help lead member pharmacies through every step of setting up a successful program, also providing members with a comprehensive and practical “Medication Synchronization Playbook.” Find out more in the Medication Synchronization Education Center, sponsored by Health Mart®.

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