Latest / Pharmacy Podcast Network / Insights Beyond the Counter Episode 1 | Outcomes: Insights Beyond the Counter

Transcript

Insights Beyond the Counter Episode 1 | Outcomes: Insights Beyond the Counter · Pharmacy Podcast Network

• 0:05
  Speaker 1: You are listening to the global network of podcasters dedicated
• 0:09
  Speaker 1: to the pharmacy profession. Welcome to the Pharmacy Podcast Network.
• 0:22
  Speaker 1: We're planning on having the Outcomes podcast be a group project.
• 0:26
  Speaker 1: We're going to have different folks joining, and our main
• 0:29
  Speaker 1: goal is to talk about pharmacy, talk about our company outcomes,
• 0:33
  Speaker 1: what we're doing to help pharmacy, and really just all
• 0:36
  Speaker 1: different aspects around the pharmacy industry. Our main objective help
• 0:41
  Speaker 1: everybody be successful. But that's everybody, everybody from pharmacists to texts,
• 0:47
  Speaker 1: also patients, even pharma and PBMs. Want everybody to win
• 0:53
  Speaker 1: because if one person's success comes at the cost of another,
• 0:57
  Speaker 1: then something's not right, it's not aligned. Well, anyways, I
• 1:01
  Speaker 1: appreciate you joining. Our main goal is going to be
• 1:04
  Speaker 1: to talk about pharmacy. I'm a pharmacist myself, have been
• 1:08
  Speaker 1: for fifteen years, but I've been in pharmacy my whole life.
• 1:12
  Speaker 1: I grew up underneath the counter playing games. Well dad
• 1:16
  Speaker 1: was filling scripts. My grandpa was a pharmacist, so I'm
• 1:19
  Speaker 1: a third gen and I've seen the changes over the years.
• 1:24
  Speaker 1: My first chocolate malt was at a pharmacy soda fountain.
• 1:27
  Speaker 1: My first taste of cookie dough ice cream was it
• 1:30
  Speaker 1: a different pharmacy that had an ice cream counter. Still,
• 1:34
  Speaker 1: the best pork tenderline sandwich I've had was even yet
• 1:37
  Speaker 1: another pharmacy that had a lunch counter. Pharmacies have a
• 1:42
  Speaker 1: rich heritage of being all things for their community, especially
• 1:46
  Speaker 1: in small towns. But today that's getting flexed. It's being
• 1:51
  Speaker 1: tested right now, and the payer model payment model is
• 1:56
  Speaker 1: getting changed on us. It's been a long, slow process,
• 2:00
  Speaker 1: and so there's been doubters or folks that aren't quite
• 2:03
  Speaker 1: sure what the new looks like, and so we fight
• 2:06
  Speaker 1: to keep the old, and for good reason, we're fighting
• 2:08
  Speaker 1: to keep taking care of the patients in our community.
• 2:11
  Speaker 1: But I think there is a new future opening up
• 2:14
  Speaker 1: and we're starting to see the opportunities and the roadmap forward,
• 2:19
  Speaker 1: and hopefully as we talk about the different aspects of
• 2:21
  Speaker 1: outcomes and what we see the future looking like, it'll
• 2:24
  Speaker 1: become clear for everyone, ourselves included, whether our vision is
• 2:29
  Speaker 1: right for where we think the profession is heading and
• 2:31
  Speaker 1: how we're going to enable it, or even if we
• 2:34
  Speaker 1: learn new things along the way from interactions with all
• 2:37
  Speaker 1: of you. So I would love to get feedback and
• 2:40
  Speaker 1: always welcome to hear from our customers because really we're
• 2:44
  Speaker 1: all in this together at outcomes. We believe that payment
• 2:50
  Speaker 1: shift is a good thing. We can see that pharmacists
• 2:53
  Speaker 1: for a long time have been providing both products and services,
• 2:58
  Speaker 1: but have only been getting paid for one. And as
• 3:02
  Speaker 1: the price continues to get eroded, it's not a bad thing.
• 3:06
  Speaker 1: It's just a industry getting more efficient. So we see
• 3:10
  Speaker 1: the margins on the dispensing declining because there are advancements
• 3:14
  Speaker 1: that can do it faster, better, cheaper. But there's a
• 3:18
  Speaker 1: different side to what pharmacists have historically done, and that's
• 3:22
  Speaker 1: the services, the conversation one on one in the pharmacy,
• 3:25
  Speaker 1: just over the counter, making a recommendation based on what
• 3:28
  Speaker 1: the patient says their symptoms are. Those pieces, because they
• 3:31
  Speaker 1: were never formalized and made a payable product, are going
• 3:38
  Speaker 1: away as pharmacists get less and less time as they
• 3:41
  Speaker 1: become busier to try to keep the doors open. But
• 3:44
  Speaker 1: that's not the way it needs to be. What we
• 3:47
  Speaker 1: see the system kind of demanding of us is that
• 3:51
  Speaker 1: we develop that payment for the service component, and that's
• 3:55
  Speaker 1: an okay thing. We've seen many industries do that. My
• 3:59
  Speaker 1: best example I share with folks. As the gas stations,
• 4:02
  Speaker 1: the old school gas stations where everything they'd come out
• 4:06
  Speaker 1: and pump your gas for you. They'd take your payment
• 4:08
  Speaker 1: inside and bring you back change. I think I wasn't
• 4:11
  Speaker 1: around for it, but I think they would check your oil,
• 4:14
  Speaker 1: top off, your washer fluid, all those sorts of services.
• 4:18
  Speaker 1: And of course, now what do we see. We see
• 4:20
  Speaker 1: pay at the pump, nobody's coming out, and if you
• 4:24
  Speaker 1: want to go inside and be waited on by a human,
• 4:27
  Speaker 1: well it's for the other things. All of the different
• 4:30
  Speaker 1: assorted products that they carry in their convenience store sections
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  Speaker 1: are really where the margin is. The gas is now
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  Speaker 1: fully commoditized, and I don't think that's a bad thing.
• 4:42
  Speaker 1: But if the service for your car was dependent on
• 4:46
  Speaker 1: that gas station's margin on their gas, then we'd have
• 4:49
  Speaker 1: a problem. We'd have cars breaking down all over and
• 4:52
  Speaker 1: nobody'd know what to do about it. And so I
• 4:54
  Speaker 1: think that's where pharmacy's at right now. We've been getting
• 4:57
  Speaker 1: pushed to commoditize our products, and our service component is
• 5:01
  Speaker 1: still very much needed. We just have to evolve and
• 5:05
  Speaker 1: develop as a profession and show folks the way forward.
• 5:10
  Speaker 1: What does that look like to have a pure service
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  Speaker 1: station just for your vehicle. What does it look like
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  Speaker 1: to have a pharmacist to provide the services, the recommendations,
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  Speaker 1: the interventions as a reimbursable service, while the products are
• 5:25
  Speaker 1: still a part of it, but they might be more
• 5:27
  Speaker 1: commoditized and more lower margin than they've been. So hopefully
• 5:32
  Speaker 1: we can paint that picture, and then I would love
• 5:35
  Speaker 1: to be able to connect the dots for why Outcomes
• 5:38
  Speaker 1: is where we're at. Over the last couple of years,
• 5:41
  Speaker 1: there's been a lot of changes inside of Outcomes. What
• 5:43
  Speaker 1: was TDS and Prescribe Wellness and Outcomes all became one company,
• 5:48
  Speaker 1: and I hear from different folks at trade shows the
• 5:52
  Speaker 1: feedback of so what all do you guys do? And
• 5:55
  Speaker 1: it's a great question, And obviously it's a common thing
• 5:59
  Speaker 1: when a merger or a consolidation like that happens. But
• 6:03
  Speaker 1: I think telling the story is a better way of
• 6:07
  Speaker 1: giving the explanation of what are all the products and
• 6:10
  Speaker 1: services that Outcomes offers these days. The main idea, the
• 6:14
  Speaker 1: big vision behind all of that, was we can see
• 6:17
  Speaker 1: where the future of pharmacy is going, and it's going
• 6:20
  Speaker 1: to take someone who can provide an end to end
• 6:22
  Speaker 1: of all of those things to truly help the pharmacies
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  Speaker 1: be successful. So from pharmacy management systems like we have
• 6:31
  Speaker 1: in RX thirty and computer RX, to the service component,
• 6:35
  Speaker 1: the clinical interventions, the MTM that we administer through the
• 6:39
  Speaker 1: Outcomes platform. Those are examples of how we are helping
• 6:43
  Speaker 1: or we believe that we can see where the profession
• 6:46
  Speaker 1: is going and we're helping make that possible for a
• 6:48
  Speaker 1: pharmacist to still continue doing the things that are needed
• 6:52
  Speaker 1: in the community, but do it in a way that's realistic,
• 6:55
  Speaker 1: and do it with a partner who has put all
• 6:58
  Speaker 1: those tools together and made that future pharmacy state possible.
• 7:05
  Speaker 1: So I like also getting intel or information from all
• 7:10
  Speaker 1: the various folks out there. I'm not sure how many
• 7:14
  Speaker 1: of you are on LinkedIn or like to just scroll
• 7:17
  Speaker 1: your feed there. Sometimes it's negative and I can only
• 7:21
  Speaker 1: take so much of that, But a lot of times
• 7:23
  Speaker 1: I see pharmacists doing innovative things, cool new products and platforms,
• 7:29
  Speaker 1: technology coming out getting used, and I just love scroll
• 7:33
  Speaker 1: and just to read just to see what different people
• 7:35
  Speaker 1: are doing. So I think as we go along, we'll
• 7:38
  Speaker 1: highlight outcomes products and my goal would also be to
• 7:42
  Speaker 1: include the different movers and shakers that are out there
• 7:45
  Speaker 1: introduce new ideas. If you're not going out and finding
• 7:49
  Speaker 1: them or just seeing them passively in a LinkedIn feed,
• 7:53
  Speaker 1: then hopefully this can be a resource where you can
• 7:55
  Speaker 1: learn about different people doing innovative things in our space.
• 8:00
  Speaker 1: The most important part is that we stay in business,
• 8:03
  Speaker 1: we stay open to change, and we're there for our
• 8:05
  Speaker 1: customers and community when they need us. So come along
• 8:08
  Speaker 1: for the ride. Listen in as we talk pharmacy, talk
• 8:12
  Speaker 1: about the industry and all the different dynamics that go
• 8:15
  Speaker 1: into dispensing. Appreciate y'all joining me this time, and we'll
• 8:18
  Speaker 1: see you next time on outcomes from the county