How To Start A Medication Therapy Management (MTM) Business | Omudhome Ogbru, PharmD | RxEconsult

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How To Build A Medication Therapy Management (MTM) Business Category: Pharmacy by - March 2, 2012 | Views: 58533 | Likes: 1 | Comment: 1  

RxEconsult: What is your MTM model and what services do you provide?

Don: My MTM model/service has 4 components. (1) MTM service provider to the Retail Pharmacy component where I serve as an independent contractor and the pharmacy signs an agreement that I will provide all their MTM services for an annual retainer fee. (2) MTM service provider for Mirixa and Outcomes which gives me a base revenue source. (3) Self Pay MTM service provider which I market to physicians and other providers for self-pay referrals. (4) MTM service provider for population health management companies which provide MTM services to self-insured employers by hiring independent contractors to provide service based on a set fee. I specialize in face to face encounters. 

RxEconsult: What challenges are you facing in your MTM business and how are you addressing them?

Don: I am facing new challenges every day. My methods for addressing these challenges vary with each situation. Scheduling is a big deal. I was a pharmaceutical representative years ago so I know how to set up a territory and schedule appointments. Travel to my clients is another challenge so I try to schedule appointments at locations that are close in proximity. Revenue is another and that is why I have utilized revenue sources like Mirixa and Outcomes. Time, of course, is another—I must be organized and disciplined to meet my obligations. Fear of rejection—there is some of that when a field is new and its value is not yet proven, but that is the cost of doing MTM business. I overcome it and move forward; I do not listen to negative self-talk.

RxEconsult: What is your biggest win and how did it come about?

Don: Actually, I have 2 big wins and confidence builders. One gave me confidence that MTM practices are a thing of the future, and the other was landing a major self-insured company which mandated MTM services for their employees and their families. The confidence builder was an invitation by a professor at Auburn University Harrison School of Pharmacy to give a presentation about my career and how I developed an MTM consultant practice. This came about because I attended a Motivational
Interviewing Institute training at Auburn and got to know the professors through this certification program. My presentation was delivered to second and third-year pharmacy students and they were very receptive. The business win was when a professor at the University of Georgia College of Pharmacy, whom I met while attending a CEU course that he taught, recommended me to a company in need of someone in the Rome area to provide MTM services for a large self-insured company. I have recently signed a contract to serve as an MTM provider for this company which is the largest privately owned multi-specialty clinic practice in Georgia.



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