Latest / Pharmacy Podcast Network / Bringing You Outcomes at ThoughtSpot 2025 | ThoughtSpot Recap Part Two

Transcript

Bringing You Outcomes at ThoughtSpot 2025 | ThoughtSpot Recap Part Two · 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.
• 0:28
  Speaker 2: Welcome to a special series from the Pharmacy Podcast Network
• 0:31
  Speaker 2: with exclusive coverage of the Sancora twenty twenty five thought
• 0:34
  Speaker 2: Spot Conference. This three part series, sponsored by Outcomes, takes
• 0:39
  Speaker 2: you inside one of the most important gatherings in community pharmacy.
• 0:42
  Speaker 2: Thought Spot brings together independent pharmacy owners, operators, and healthcare
• 0:47
  Speaker 2: leaders to share innovations, tackle challenges, and shape the future
• 0:50
  Speaker 2: of care. Across these episodes will deliver key insights, industry voices,
• 0:55
  Speaker 2: and the tools and strategies helping pharmacies thrive. Thought Spot
• 0:59
  Speaker 2: acts as a catalyst for the future of community care,
• 1:01
  Speaker 2: sparking together the minds of those in the driver's seat
• 1:04
  Speaker 2: of change. We're bringing you to the showroom floor right
• 1:06
  Speaker 2: here on the Pharmacy Podcast Network.
• 1:08
  Speaker 3: Pharmacy Podcast Network's host and member of Pharmacy Crossroads, Chris
• 1:12
  Speaker 3: Ray with Pharmacy Marketplace, shares his views on opportunities for
• 1:17
  Speaker 3: community pharmacy growth.
• 1:18
  Speaker 4: Hotspot twenty twenty five. We are here at the Outcomes
• 1:21
  Speaker 4: booth one three two. This has been so much fun already.
• 1:25
  Speaker 4: And guess who is here with me Chris Ray fellow
• 1:29
  Speaker 4: podcast or part of the Pharmacy podcast network. He's actually
• 1:32
  Speaker 4: helping on the Pharmacy Crossroads program.
• 1:36
  Speaker 5: And you are actually in involved.
• 1:39
  Speaker 4: With Marketplace, which is a system that just in case
• 1:43
  Speaker 4: Sincora team or our good neighbor pharmacies don't know about
• 1:48
  Speaker 4: the Marketplace, Welcome.
• 1:50
  Speaker 5: To the show. It's so good to see you.
• 1:51
  Speaker 6: Thanks Tod.
• 1:52
  Speaker 5: We're spending more time than ever.
• 1:54
  Speaker 7: Yeah, I feel like our summer is just going to.
• 1:57
  Speaker 6: Do this new podcast and trade shows.
• 1:59
  Speaker 4: It's just podcasting at trade shows. That's all we do,
• 2:02
  Speaker 4: all right. Just in case people don't know, Chris Ray,
• 2:06
  Speaker 4: you're with Marketplace, talk to us.
• 2:08
  Speaker 5: What is Marketplace?
• 2:09
  Speaker 4: Yeah?
• 2:10
  Speaker 7: So, first, Marketplace is the technology software that's helping these
• 2:13
  Speaker 7: drug stores really manage all their.
• 2:16
  Speaker 6: Source and arrangements. So you know, they're.
• 2:18
  Speaker 7: Ordering from their primary vendors, they're ordering from secondary suppliers,
• 2:22
  Speaker 7: and they never know exactly where they stand on how
• 2:25
  Speaker 7: their rebates really process.
• 2:27
  Speaker 8: So what we do is we.
• 2:29
  Speaker 7: Digest all the information form and give them a good
• 2:31
  Speaker 7: accurate picture of where they're at with their.
• 2:34
  Speaker 6: Source and arrangements.
• 2:36
  Speaker 7: So really it's a very convoluted, frustrated process that we've
• 2:39
  Speaker 7: been dealing with for decades and now because of AI
• 2:42
  Speaker 7: and technology, we're there and we can really make it easier.
• 2:46
  Speaker 4: Let's talk about ease, because if I'm a pharmacy owner
• 2:48
  Speaker 4: and I have five million things happening as well as
• 2:51
  Speaker 4: the struggles of thriving and building a business because of
• 2:55
  Speaker 4: all my reimbursement issues, talk to me about how easy
• 2:58
  Speaker 4: it is to integrate the pharmacy marketplace into my own business.
• 3:03
  Speaker 8: Yeah.
• 3:03
  Speaker 7: The neat thing is we're integrating with pharmacy management systems
• 3:07
  Speaker 7: like the Outcome systems. Essentially everything's feeding into our platform
• 3:11
  Speaker 7: and then it.
• 3:12
  Speaker 6: Feeds back out.
• 3:13
  Speaker 7: So we know that you can have a great idea
• 3:16
  Speaker 7: to help pharmacies, but unless you make it easy to
• 3:18
  Speaker 7: adopt in workflow, they're not going to adopt it.
• 3:22
  Speaker 6: You've got to be very proactive and making sure that.
• 3:25
  Speaker 7: Their staff understands how it will incorporate in what they're
• 3:29
  Speaker 7: doing day to day. And it's not going to be
• 3:30
  Speaker 7: a big robust change. So what we're trying to do
• 3:33
  Speaker 7: is make sure that the training is there, that the
• 3:36
  Speaker 7: technology integrations there with great companies like Outcomes and the
• 3:41
  Speaker 7: wholesalers so that the staff does not get frustrated with
• 3:45
  Speaker 7: having to change their habits.
• 3:47
  Speaker 4: Chris, you've been around community pharmacy for a while as
• 3:51
  Speaker 4: well as multi store environments, talked them about increasing revenue
• 3:55
  Speaker 4: and doing things outside of just the dispensing fees, some
• 4:01
  Speaker 4: of the ideas that you've come up over the years.
• 4:03
  Speaker 7: Yeah, So I think that this it comes down to, hey,
• 4:06
  Speaker 7: how am I going to make money?
• 4:08
  Speaker 6: Save time? So I can make money or save money.
• 4:11
  Speaker 7: Now, every every cent counts, and these drug stores are
• 4:15
  Speaker 7: starting to thanks to the shift in COVID.
• 4:18
  Speaker 6: The system is.
• 4:18
  Speaker 7: Really recognizing that community pharmacy has relationships and accessibility and education.
• 4:24
  Speaker 7: So these stores are leveraging that to do these clinical
• 4:26
  Speaker 7: type of services to mitigate risk for you know, patient
• 4:31
  Speaker 7: populations that are ending up readmitting to the hospitals or
• 4:35
  Speaker 7: you know, anything that's unnecessary. Our payment models now are saying, hey,
• 4:39
  Speaker 7: pharmacy can be the the bird dog and noticing high
• 4:44
  Speaker 7: risk situations and they can get in between that situation
• 4:48
  Speaker 7: and educate the patient, change the medication, you know, do
• 4:51
  Speaker 7: some screenings and whatnot. And now with all the new
• 4:55
  Speaker 7: medical billing opportunities, good innovative pharmacies are starting to tap
• 4:59
  Speaker 7: into those in interventions in finding ROI and that it's really.
• 5:02
  Speaker 8: Neat to see.
• 5:04
  Speaker 4: So it's fun being here at the Outcomes both talk
• 5:08
  Speaker 4: to us for clients out there, customers out there are
• 5:11
  Speaker 4: RX thirty users, people that have used outcomes or are
• 5:14
  Speaker 4: thinking about using outcomes. What is the integration between you
• 5:18
  Speaker 4: and the in the outcome system.
• 5:19
  Speaker 6: Yeah, it's been wonderful.
• 5:21
  Speaker 7: So there's a bilateral integration feed with the API and
• 5:24
  Speaker 7: EEDI systems.
• 5:26
  Speaker 8: So essentially all.
• 5:27
  Speaker 7: The dispensing information comes back into Pharmacy Marketplace where we're
• 5:30
  Speaker 7: able to analyze it, digest it, compare two hundred thousand
• 5:36
  Speaker 7: item crosswalks for pricing, and then upload it to be
• 5:41
  Speaker 7: able to really visualize, like to make the pharmacies have
• 5:46
  Speaker 7: a better decision process. So that's the key thing with
• 5:50
  Speaker 7: AI and cool technology. You know it can we think,
• 5:54
  Speaker 7: oh my gosh, hey, it's going to take over the world,
• 5:56
  Speaker 7: big brother, but the applications that we're using in drugstores
• 5:59
  Speaker 7: is really neat.
• 6:00
  Speaker 8: That is cool.
• 6:01
  Speaker 4: Hey, listen, if you have some questions for Chris, please
• 6:04
  Speaker 4: reach out to him at the Pharmacy Marketplace. Tell us
• 6:07
  Speaker 4: where we can find you and get a hold of you.
• 6:09
  Speaker 7: Yeah, definitely so. Our website's Pharmacy Marketplace dot com. You
• 6:12
  Speaker 7: can find me Chris Ray on LinkedIn or at the
• 6:15
  Speaker 7: Pharmacy Podcast Network as one of the hosts. And you know,
• 6:18
  Speaker 7: I'm always always welcoming and love to talk to pharmacy owners,
• 6:23
  Speaker 7: not just about marketplace but anything.
• 6:25
  Speaker 6: In the industry.
• 6:26
  Speaker 7: One of the things I'm really passionate about is being
• 6:28
  Speaker 7: a connector and finding.
• 6:30
  Speaker 8: The right people to talk to the right people.
• 6:32
  Speaker 7: Absolutely, That's the fun thing about this business is there's
• 6:34
  Speaker 7: always people that are willing to help one another because
• 6:36
  Speaker 7: we're all in it together.
• 6:38
  Speaker 5: You know.
• 6:38
  Speaker 7: Independent pharmacy has been such a wonderful part of my
• 6:42
  Speaker 7: life and how they treat their customers it always resonated
• 6:45
  Speaker 7: with me and I found a home in this absolutely.
• 6:48
  Speaker 4: Chris Ray, thank you so much for being with us
• 6:50
  Speaker 4: here on the thought Spot twenty twenty five post show
• 6:53
  Speaker 4: here at the Outcomes booth.
• 6:55
  Speaker 3: Thanks Chris, Matt keeth it on Outcomes Toctor of Product
• 7:00
  Speaker 3: Management talks with Todd Uri with several exciting updates.
• 7:04
  Speaker 4: Hey, there, Thoughts Spot twenty twenty five Here at the
• 7:07
  Speaker 4: Socora event.
• 7:10
  Speaker 5: This is wonderful.
• 7:11
  Speaker 4: I'm not sure if you know this, but we are
• 7:13
  Speaker 4: partnered up this year with Outcomes to really dig down
• 7:17
  Speaker 4: into clinical expertise and technology and folding that together to
• 7:22
  Speaker 4: empower our pharmacist. And I'm here with Matt Keithanam who
• 7:26
  Speaker 4: is with Outcomes.
• 7:27
  Speaker 5: Matt, it's so good to finally meet you.
• 7:29
  Speaker 9: Ooh yeah, happy to be here and yeah, excited first
• 7:33
  Speaker 9: time doing a pharmacy podcast.
• 7:34
  Speaker 10: So you know, we would do it together. We'll stumble through.
• 7:37
  Speaker 5: This is the place to do it if you're going
• 7:39
  Speaker 5: to do it. So I really want to kind.
• 7:41
  Speaker 4: Of talk about you know, clinical services, in the expansion
• 7:45
  Speaker 4: of clinical services and but documentation that is associated with
• 7:49
  Speaker 4: clinical services and what changes you expect to see and
• 7:53
  Speaker 4: is there any early indicators of like success on what
• 7:58
  Speaker 4: changes are happening.
• 8:00
  Speaker 9: You know, what's interesting is like in the pharmacy space,
• 8:02
  Speaker 9: as we all know, we're trying to find more reimbursable
• 8:05
  Speaker 9: revenue opportunities. And I think now post dispensing, there's a
• 8:09
  Speaker 9: lot of things happening in pharmacy where we're performing services,
• 8:12
  Speaker 9: whether it's a point of care test or an evaluation
• 8:15
  Speaker 9: and management conversation, medication administration, and so what you're finding
• 8:19
  Speaker 9: is that we're trying to get that now build through
• 8:22
  Speaker 9: a medical benefit right where that's maybe not always been
• 8:25
  Speaker 9: done in traditional pharmacy. And with that comes some documentation requirements.
• 8:30
  Speaker 9: You know, there's two sides of it. There is the
• 8:32
  Speaker 9: clinical documentation to make sure you have a sound, comprehensive
• 8:35
  Speaker 9: care for your patient, make sure if you're ever audited,
• 8:38
  Speaker 9: that you have a.
• 8:38
  Speaker 10: Record of that.
• 8:40
  Speaker 9: And then there is what needs to go on the
• 8:42
  Speaker 9: actual medical billing file to get paid. And so what
• 8:46
  Speaker 9: Outcomes has been looking towards is making sure we can
• 8:48
  Speaker 9: satisfy both of those needs.
• 8:50
  Speaker 10: Can we get the answers and.
• 8:53
  Speaker 9: The questions there in front of the patient and the
• 8:54
  Speaker 9: pharmacies to make sure that protocols are met for great
• 8:57
  Speaker 9: clinical care. And at the same time, can we translate
• 9:00
  Speaker 9: that and get the information needed to translate into a
• 9:02
  Speaker 9: medical bill into an eight thirty seven, which even I
• 9:05
  Speaker 9: don't know how to do, but I do know that
• 9:06
  Speaker 9: there's a lot of requirements to get that out and paid.
• 9:09
  Speaker 4: So is this CPT codes or is it ICD ten codes?
• 9:13
  Speaker 5: I mean, what's yeah, what's the.
• 9:14
  Speaker 4: Data that's actually being gathered from the NCPDP script to
• 9:18
  Speaker 4: making it makes sense so that we can get paid
• 9:20
  Speaker 4: for it.
• 9:21
  Speaker 9: Yeah, you hit the two most important. Like, if we're
• 9:24
  Speaker 9: speaking about what's important on the medical billing claim, ICD
• 9:28
  Speaker 9: ten really important, right, because certain medical conditions are going
• 9:31
  Speaker 9: to qualify patients to get paid for certain services. I
• 9:33
  Speaker 9: think the payers are really strict about that, and you
• 9:35
  Speaker 9: have to be in the codified language of ICD ten.
• 9:38
  Speaker 9: And then there is CPT CPT. Maybe you've seen this
• 9:41
  Speaker 9: in medical offices already and we're trying to get into
• 9:43
  Speaker 9: that like time spent. Is this a new patient, this
• 9:45
  Speaker 9: is an established patient? Was it fifteen minutes? Was it
• 9:48
  Speaker 9: thirty minutes? All that translated into CPT. Again, we don't
• 9:50
  Speaker 9: really I think in the world of pharmacy, we don't
• 9:53
  Speaker 9: want to expect everyone to know the CPT, and even
• 9:56
  Speaker 9: ICD ten, like library and database, I think that's what
• 9:58
  Speaker 9: technology is for. I think acknowledg use for helping users
• 10:02
  Speaker 9: find the selection that makes sense. Like can I find
• 10:04
  Speaker 9: that someone has a certain condition and I spend this
• 10:07
  Speaker 9: much time and then let the technology handle that actually
• 10:10
  Speaker 9: translates to three eight seven two nine zero, right, And
• 10:14
  Speaker 9: so that's where I think technology can help. But I
• 10:16
  Speaker 9: do think we need to transition this way because you know,
• 10:20
  Speaker 9: I think the medical benefit dollars are there, but we
• 10:23
  Speaker 9: do need the systems and tools and codified language to
• 10:26
  Speaker 9: be able to take advantage of that.
• 10:28
  Speaker 4: Are you there are flags in a system like Outcomes
• 10:31
  Speaker 4: for example, that if you pull up an NBC code,
• 10:35
  Speaker 4: the system knows, hey, this is associated with this treatment
• 10:38
  Speaker 4: and therefore this treatment is candidate for this treatment plan
• 10:42
  Speaker 4: that now Outcomes could command. Is there something there that
• 10:46
  Speaker 4: could could give me, as a pharmacist, a flag to
• 10:49
  Speaker 4: say are you missing out on a treatment opportunity?
• 10:53
  Speaker 9: That's a really good concept and I would say not yet.
• 10:55
  Speaker 9: But this is where we're trying to go right because
• 10:57
  Speaker 9: we can't just have the technology there to let you
• 11:01
  Speaker 9: document an encounter and there's no one there that's going
• 11:04
  Speaker 9: to pay for it, So we need to bring both together.
• 11:06
  Speaker 9: I think Outcomes is played so well already in the
• 11:09
  Speaker 9: MTM space, and now we're trying to leverage what else
• 11:11
  Speaker 9: can we do to bring those targeted opportunities that we
• 11:13
  Speaker 9: know we're going to get paid. Very recently we're piloting
• 11:16
  Speaker 9: something with a certain payer in the state of Pennsylvania
• 11:19
  Speaker 9: for asthma patients that identified and now we do want
• 11:22
  Speaker 9: to flag that in platform and tell you you can
• 11:24
  Speaker 9: have this conversation with patient and document it and get
• 11:27
  Speaker 9: paid on the medical benefit side of things. So I
• 11:29
  Speaker 9: do think both outcomes and even pharmacies, really progressive pharmacies
• 11:33
  Speaker 9: are doing great work and getting into some of these
• 11:35
  Speaker 9: medical billing contracts and then based on the targeting requirements
• 11:40
  Speaker 9: that can.
• 11:40
  Speaker 10: Populate as a flagged opportunity.
• 11:42
  Speaker 8: Some aren't.
• 11:43
  Speaker 9: So some of the folks that are using our modules
• 11:45
  Speaker 9: today are doing like I want to care, test and treat.
• 11:48
  Speaker 10: You can't really target it.
• 11:50
  Speaker 9: Like someone needs to walk in with the symptoms of
• 11:52
  Speaker 9: I have a cold, I have a fever, and now
• 11:54
  Speaker 9: you can administer that service. But again, something else like
• 11:57
  Speaker 9: an asthma program is there, and I think we are
• 12:00
  Speaker 9: striving to bring more of those types of opportunities so
• 12:03
  Speaker 9: that you don't have to go searching for that and
• 12:05
  Speaker 9: finding those stations.
• 12:06
  Speaker 10: Let us find them for.
• 12:06
  Speaker 9: You and give you the technology and the capability to
• 12:09
  Speaker 9: build towards that. Again, we're not all there yet, but
• 12:11
  Speaker 9: that is like where we are thinking and where we
• 12:13
  Speaker 9: want to hit.
• 12:14
  Speaker 4: I think getting to those places in leveraging of technology
• 12:18
  Speaker 4: isn't just the platform pushing the agenda or pushing that ability.
• 12:24
  Speaker 4: Even though you guys are the designers of the tech,
• 12:26
  Speaker 4: I think the client out there, the pharmacy out there,
• 12:30
  Speaker 4: is part of that. So a shout out to our pharmacists,
• 12:33
  Speaker 4: to shout out to our pharmacy owners out there. If
• 12:36
  Speaker 4: you have conditions, if you have hypertension or some kind
• 12:39
  Speaker 4: of cardio disease, or someone's coming off of a specific
• 12:43
  Speaker 4: treatment or operation, that gives you an opportunity to dial
• 12:47
  Speaker 4: into the specifications, reach out to the outcomes team and say, hey,
• 12:52
  Speaker 4: is this patient in this situation candidate for more services,
• 12:57
  Speaker 4: so that it's not just about dispensing fee, it's all
• 13:00
  Speaker 4: so about the treatment that I'm providing.
• 13:02
  Speaker 9: Yeah, I mean I think we want to get paid
• 13:03
  Speaker 9: not just for that it's spends, but that time spent,
• 13:05
  Speaker 9: that consultative nature of that conversation is also something that's reimbursible,
• 13:10
  Speaker 9: and we have to get there. I've been speaking to
• 13:11
  Speaker 9: a lot of people today at the show about exactly that.
• 13:15
  Speaker 9: I want those pharmacies that are being progressive and able
• 13:18
  Speaker 9: to identify some contracts that they may be in or
• 13:21
  Speaker 9: even thinking about. We want to help get that there too.
• 13:24
  Speaker 9: I think we do need to work together, right for
• 13:25
  Speaker 9: those progressive pharmacies.
• 13:26
  Speaker 10: I want to work with outcomes.
• 13:28
  Speaker 9: Let's find ways so then bring those opportunities, get them
• 13:32
  Speaker 9: reimbursed on that medical benefits side, because you're right, the
• 13:34
  Speaker 9: technology itself is not going to do it. There is
• 13:36
  Speaker 9: a contractual side to this as well.
• 13:38
  Speaker 4: If there's a chronic patient, let's say they're always on
• 13:42
  Speaker 4: a medication month after month after month, is there a
• 13:45
  Speaker 4: magic number of medications on the patient's profile that would
• 13:50
  Speaker 4: then tell me, hey, we should be running an MTM
• 13:53
  Speaker 4: on a specific cycle for this specific patient.
• 13:57
  Speaker 8: I don't know.
• 13:59
  Speaker 9: I don't have the MAD number equation figured out, and
• 14:02
  Speaker 9: I do think it matters by condition that we're targeting.
• 14:05
  Speaker 9: And sometimes it's you know, seven or more maintenance men,
• 14:08
  Speaker 9: but yeah, just three right, And you can see certain
• 14:11
  Speaker 9: pair programs are looking at maybe it's not just one
• 14:13
  Speaker 9: of those ICD ten becaues. Usually it's like they must
• 14:16
  Speaker 9: be on three or more chronic conditions, and it's trying
• 14:19
  Speaker 9: to find the happy balance of maybe who are the
• 14:21
  Speaker 9: most expensive patients even to those plans to make sure
• 14:25
  Speaker 9: that well, let's have those interventions and prevent all that
• 14:27
  Speaker 9: other like spend that that's happening that on.
• 14:30
  Speaker 5: Top of it.
• 14:30
  Speaker 4: So if we take a condition that also gives us
• 14:33
  Speaker 4: in our stores an opportunity to suggest supplements that complement
• 14:39
  Speaker 4: that disease state, another opportunity to make money is around medication,
• 14:43
  Speaker 4: therapy management, kicking out other opportunities for the patient.
• 14:47
  Speaker 8: Yeah.
• 14:47
  Speaker 10: Yeah, that's a really good point.
• 14:49
  Speaker 9: And I really like that idea of like the supplemental
• 14:52
  Speaker 9: kind of like recommendations if you will, and some of
• 14:54
  Speaker 9: those things that can just be over the counter, right
• 14:56
  Speaker 9: that more revenue opportunity for that. I think it's another
• 14:59
  Speaker 9: way just to grow business in a creative way.
• 15:02
  Speaker 4: Absolutely, Matt, this has been special to be able to
• 15:05
  Speaker 4: interview here at Booth one point thirty two for Outcomes
• 15:09
  Speaker 4: here at Thoughts Spot twenty twenty five.
• 15:11
  Speaker 5: I hope to have you back on the show.
• 15:12
  Speaker 10: Okay, yeah, thanks, thank you.
• 15:15
  Speaker 3: Heidi Pollock, vice president of product Management at Outcomes talks
• 15:19
  Speaker 3: with Strategic Alliance partner in Logistics and Delivery, Kunalvia's CEO
• 15:25
  Speaker 3: of RX Mile.
• 15:27
  Speaker 4: Hey, we are here and it has been an amazing
• 15:31
  Speaker 4: event to be with the Outcomes team.
• 15:34
  Speaker 5: Here at Thoughts Spot twenty five.
• 15:36
  Speaker 4: I have two guests in the booth and a trifecta
• 15:39
  Speaker 4: interview with Heidi Pollack is here, and Heidi introduced our
• 15:43
  Speaker 4: special guest day because he's a friend of mine as well,
• 15:45
  Speaker 4: but I'm gonna let you introduce him.
• 15:46
  Speaker 11: Absolutely.
• 15:47
  Speaker 12: This is my friend Kunal Yas from RX Mile. You know,
• 15:53
  Speaker 12: he was so persistent in contacting me on LinkedIn and
• 15:57
  Speaker 12: you know, just so friendly in his interactions that I
• 16:00
  Speaker 12: couldn't wait to talk to him about working. You know,
• 16:03
  Speaker 12: how could we work together as companies to bring delivery
• 16:09
  Speaker 12: services to pharmacies. You know, patients today can't get out
• 16:14
  Speaker 12: as often as they could. You know, we're seeing a
• 16:17
  Speaker 12: lot of pharmacy desert, so patients have to drive twenty
• 16:20
  Speaker 12: thirty miles to get to a pharmacy and they just
• 16:23
  Speaker 12: can't do that all the time. And so, you know,
• 16:25
  Speaker 12: working with Kunal and his organization to bring delivery services
• 16:29
  Speaker 12: to our pharmacies has just been such a pleasure.
• 16:32
  Speaker 5: So Kunal, thank you, Thank you, Heidi. I appreciate that introduction.
• 16:37
  Speaker 13: And yes, Heidi is an amazing friend of mine, which
• 16:40
  Speaker 13: I actually met for the first time here right. I've
• 16:43
  Speaker 13: been talking to her on the phone, I've been talking
• 16:45
  Speaker 13: on email for years, and we finally got to be
• 16:48
  Speaker 13: and the energy is amazing, right, and I'm glad to
• 16:51
  Speaker 13: be here with the outcomes team. And you know, as
• 16:54
  Speaker 13: you had mentioned, pharmacy deserts and things like that, and
• 16:57
  Speaker 13: I look at us as independent pharmacies kind of as
• 17:00
  Speaker 13: all of one big family in a sense, where we're
• 17:02
  Speaker 13: all working together to resolve what we can do to
• 17:04
  Speaker 13: help the patients, as especially the geriatric communities that we
• 17:08
  Speaker 13: have here in the rural areas. And delivery helps that
• 17:12
  Speaker 13: a lot because we can reach out twenty miles forty
• 17:15
  Speaker 13: miles depending on in certain.
• 17:17
  Speaker 8: Rural areas and whatnot.
• 17:19
  Speaker 13: But the other important piece I also feel is a
• 17:22
  Speaker 13: pharmacy economics very important. And as a pharmacy owner, I
• 17:26
  Speaker 13: was myself seeing exactly how the reimbursements were dropping and
• 17:31
  Speaker 13: getting audited and different types of things, you know, avoiding
• 17:34
  Speaker 13: chargebacks to make sure it wasn't a mistake made by
• 17:36
  Speaker 13: a driver, which we don't have control of certain things.
• 17:39
  Speaker 13: Is why we build the software so therefore we can
• 17:42
  Speaker 13: make it in a part of me that's stupid proof,
• 17:44
  Speaker 13: so everything is done correctly. When the auditing comes, we
• 17:47
  Speaker 13: have all of our documentation in line. And you know,
• 17:52
  Speaker 13: the other piece I always tell people is it's not
• 17:55
  Speaker 13: just about delivery. It's also about what can the platform
• 17:58
  Speaker 13: do to help you cut cast.
• 18:00
  Speaker 5: Right, and that's very important for us too. It's extremely
• 18:03
  Speaker 5: important today.
• 18:04
  Speaker 12: You know, I personally have not been a pharmacy owner,
• 18:07
  Speaker 12: but I mentioned it yesterday. I'm a third generation pharmacist.
• 18:11
  Speaker 12: I watched my grandfather take care of, you know, patients
• 18:15
  Speaker 12: in a small community and my aunt and uncle in Jamestown,
• 18:19
  Speaker 12: New York, and we had delivery drivers there, you know,
• 18:21
  Speaker 12: I did my summer internships there and sometimes you have
• 18:25
  Speaker 12: to have two and three.
• 18:26
  Speaker 11: And four delivery drivers.
• 18:27
  Speaker 12: So you're right, the economics behind trying to have an
• 18:32
  Speaker 12: efficient delivery service can really not be financially sustainable for
• 18:37
  Speaker 12: some pharmacies. So partnering with organizations like yours that can
• 18:42
  Speaker 12: really scale delivery that's important because as your business increases,
• 18:48
  Speaker 12: and we're going to see that, I've already seen a
• 18:51
  Speaker 12: lot of independent pharmacies who are going to be absorbing
• 18:55
  Speaker 12: patients from these large chains that are closing. That's going
• 18:59
  Speaker 12: to scale their business very very quickly, and you might
• 19:03
  Speaker 12: not be able to stand up a delivery service very quickly.
• 19:05
  Speaker 12: So having partnerships like yours is just so critical for
• 19:10
  Speaker 12: pharmacies today and it's just been such a pleasure to
• 19:13
  Speaker 12: work with you to get that integrated and out to
• 19:16
  Speaker 12: our pharmacy customers.
• 19:18
  Speaker 13: Absolutely, Heidi, I appreciate the kind words. And you know,
• 19:22
  Speaker 13: I tell customers, you know, we work with where Agnostic,
• 19:25
  Speaker 13: we work with all PMS platforms, and I tell them
• 19:27
  Speaker 13: all the time, you know, try the product out, thirty
• 19:30
  Speaker 13: day free trial, no long term contract, month to month,
• 19:33
  Speaker 13: because I know you're not going to go nowhere once
• 19:35
  Speaker 13: you use it.
• 19:36
  Speaker 7: Right.
• 19:36
  Speaker 13: See, My thing is that if a pharmacy is paying
• 19:40
  Speaker 13: me three hundred dollars a month to use the software,
• 19:43
  Speaker 13: I better be bringing three thousand dollars in value back
• 19:45
  Speaker 13: to you each way.
• 19:46
  Speaker 5: And that is the key.
• 19:47
  Speaker 13: And we've got probably thousands of pharmacies as references that
• 19:51
  Speaker 13: can say that's the value we bring in.
• 19:54
  Speaker 8: That's why we just.
• 19:54
  Speaker 13: Want to make sure it gets in the hand of everybody,
• 19:57
  Speaker 13: and everybody see how it can work for them and
• 19:59
  Speaker 13: how it can help them with their efficiencies and overall
• 20:02
  Speaker 13: operation and ecosystem of running a pharmacy, not.
• 20:04
  Speaker 12: Just deliverance, right, and you know the complexity of deliveries
• 20:08
  Speaker 12: as well. There's a lot of things that you have
• 20:10
  Speaker 12: to think about are you delivering controlled substances and what
• 20:14
  Speaker 12: regulations do you have around capturing signatures, delivering cold chain medications.
• 20:20
  Speaker 12: You've got some great features in place to help pharmacies
• 20:24
  Speaker 12: do that. So there's so many little fine details that again,
• 20:29
  Speaker 12: as a pharmacy owner you might not be thinking about,
• 20:32
  Speaker 12: so knowing that you have a partner, that that's.
• 20:34
  Speaker 11: What you focus on.
• 20:36
  Speaker 12: So you tick all the boxes, you dot all the i's,
• 20:39
  Speaker 12: you cross all the t's to make sure that the
• 20:41
  Speaker 12: delivery service is going to meet all the rules and regulations,
• 20:44
  Speaker 12: because that's the last thing you want to do is
• 20:47
  Speaker 12: break a rule or regulation and pharmacy because we know
• 20:50
  Speaker 12: that our friends at the PBMs are going to come
• 20:53
  Speaker 12: down and they'll find a reason.
• 20:55
  Speaker 11: To take back that claim.
• 20:57
  Speaker 12: So it's just great to work with partners that are
• 21:00
  Speaker 12: so efficient like yours.
• 21:02
  Speaker 13: I appreciate that absolutely, they're going to continue to move
• 21:05
  Speaker 13: the ghost post and we've got to make sure that
• 21:07
  Speaker 13: our pharmacies.
• 21:07
  Speaker 8: Can kick the field goal.
• 21:08
  Speaker 12: That's right.
• 21:09
  Speaker 13: That's why we're consistently evolving our technology to becompliant. As
• 21:13
  Speaker 13: you mentioned, that's very important. But there's one key component
• 21:16
  Speaker 13: when it comes to delivery that always you know, when
• 21:19
  Speaker 13: I speak to pharmacy owners, always asked them, after the
• 21:22
  Speaker 13: cost of drug and payroll, your third largest expense is delivery. So,
• 21:27
  Speaker 13: like you mentioned right, a lot of these stores are
• 21:29
  Speaker 13: closing as far as these change, so they're going to
• 21:31
  Speaker 13: be droves a volume coming in. They have to set
• 21:34
  Speaker 13: themselves up where they're not averaging one point five prescriptions
• 21:39
  Speaker 13: per package being delivered to Joey's house. We need to
• 21:42
  Speaker 13: bring that up to two point five, especially if you're
• 21:44
  Speaker 13: dealing with the gereatric community. That changes your economic dynamics
• 21:48
  Speaker 13: of saving tens of thousands of dollars a month. And
• 21:51
  Speaker 13: I've seen it with our clients with the reports we
• 21:53
  Speaker 13: have in our system. So yeah, it's a big picture
• 21:56
  Speaker 13: of everything when you're doing and delivery is kind of
• 21:59
  Speaker 13: the glue because it's kind of the new Netflix.
• 22:02
  Speaker 8: Everybody wants to be.
• 22:03
  Speaker 10: Nobody's really trying to wait any line to them.
• 22:05
  Speaker 12: And one thing that really drew me to your organization
• 22:08
  Speaker 12: was what you mentioned earlier. You were or still are
• 22:11
  Speaker 12: a pharmacy owner. You get it, you get us. That's
• 22:15
  Speaker 12: what I try to bring every day to my work
• 22:18
  Speaker 12: is I put myself back in the shoes that I
• 22:20
  Speaker 12: used to wear early in my career because if you
• 22:23
  Speaker 12: don't get it from your client's perspective, you're probably not
• 22:26
  Speaker 12: going to get it right. And so it's really great
• 22:30
  Speaker 12: to know that we have pharmacy owners that have gone
• 22:33
  Speaker 12: outside of, you know, again, that traditional comfort zone they
• 22:36
  Speaker 12: were in and creating something new and amazing for independent pharmacies.
• 22:40
  Speaker 8: Built out of necessity. For me to right great.
• 22:45
  Speaker 4: Love it, you built it, and then you passed it
• 22:47
  Speaker 4: on right and for me, that's been your whole attitude
• 22:50
  Speaker 4: can offer as long as I've known you. It's about
• 22:53
  Speaker 4: taking something that you learned, putting more tech into it,
• 22:57
  Speaker 4: refining it, and then passing it on to another owner
• 23:00
  Speaker 4: doesn't have the resources that you've developed because now you're a.
• 23:03
  Speaker 5: Tech geek and you you like that you nerd out
• 23:05
  Speaker 5: on this stuff. So it's good to share that.
• 23:08
  Speaker 4: But it's been it's been fun to watch our exmile
• 23:11
  Speaker 4: grow and it's been it's also been rewarding to what
• 23:15
  Speaker 4: you build these partnerships with organizations like Outcomes, and that's
• 23:18
  Speaker 4: so important because we're meeting we're meeting our pharmacy where
• 23:22
  Speaker 4: they are and what they've already invested in and they
• 23:24
  Speaker 4: have to bolt something in that's going to work. It's
• 23:27
  Speaker 4: going to be seamless, and they don't want to put
• 23:29
  Speaker 4: up with all of the nuances of something not being proven.
• 23:32
  Speaker 5: And you've proven it. You should be very proud of
• 23:34
  Speaker 5: what you've built.
• 23:35
  Speaker 13: I appreciate we're just getting started without Yeah, we want
• 23:38
  Speaker 13: to create the sticky factors that everything works together and
• 23:42
  Speaker 13: these pharmacies are happy. That's the key, right, They got
• 23:45
  Speaker 13: to worry about the patient, not worry about the logistics.
• 23:48
  Speaker 13: We want to make sure that we have the systems
• 23:50
  Speaker 13: in place for them to not have to think about
• 23:53
  Speaker 13: certain things and point things out to them that they
• 23:55
  Speaker 13: might not be thinking about to cut costs and bring
• 23:58
  Speaker 13: better ROI.
• 24:00
  Speaker 5: Bottom line canol vias id Pollock.
• 24:03
  Speaker 4: Thank you so much for being part of this segment
• 24:05
  Speaker 4: of our Outcomes podcast series here.
• 24:08
  Speaker 5: At thought Spot twenty twenty five. I hope to have
• 24:10
  Speaker 5: you both back on Turks someday. All right, all right,
• 24:14
  Speaker 5: talk to us in Thank you.
• 24:15
  Speaker 8: Thanks up.
• 24:17
  Speaker 3: Next, doctor Markamu on the opportunities in treatment management through
• 24:21
  Speaker 3: the Outcomes Platform.
• 24:24
  Speaker 4: Hey, we are here with doctor Marcamu farm D with
• 24:28
  Speaker 4: Outcomes and you and I just met yesterday.
• 24:31
  Speaker 5: I love pharmacists.
• 24:32
  Speaker 4: They're my favorite provider, and now you're part of the
• 24:34
  Speaker 4: outcomes clinical team. Talk to us about a little bit
• 24:37
  Speaker 4: about your background and how a farm d becomes part
• 24:40
  Speaker 4: of a technology company.
• 24:41
  Speaker 8: Yeah. Absolutely.
• 24:42
  Speaker 14: So I started out my career at Bartel Drugs, which
• 24:46
  Speaker 14: is a regional chain pharmacy based in the Northwest.
• 24:49
  Speaker 5: I see them at NACDS all the time.
• 24:53
  Speaker 14: I made it to Bartel Drugs through a community pharmacy residency,
• 24:56
  Speaker 14: did that for a year, went in staff for them,
• 24:59
  Speaker 14: do I after that, and it was brought back to
• 25:01
  Speaker 14: the corporate office to manage their adherence programs, involved with
• 25:05
  Speaker 14: some of the clinical services and medical building opportunities that
• 25:08
  Speaker 14: we had. So had a ton of fun there, a
• 25:11
  Speaker 14: great time. And then about five years into that, I
• 25:15
  Speaker 14: transitioned over to Sincora and I worked for Sincora for
• 25:18
  Speaker 14: about five years as a business coach, so doing a
• 25:22
  Speaker 14: lot of the same things that I did at Bartel's,
• 25:25
  Speaker 14: but just from the perspective now with independent pharmacies directly,
• 25:29
  Speaker 14: so helping them manage their financials, their employee development, clinical services.
• 25:34
  Speaker 14: As you know, independent owners, they wear all the hats
• 25:37
  Speaker 14: of a business and so I was just there to
• 25:39
  Speaker 14: kind of be their second sit of eis andeers and
• 25:41
  Speaker 14: help support them.
• 25:43
  Speaker 4: So if I'm a pharmacy owner, if I'm a pharmacist
• 25:45
  Speaker 4: and I get a business coach that has a farm
• 25:49
  Speaker 4: D too that can make contextual comparisons to what I'm
• 25:52
  Speaker 4: going through and running my operations, that's special because you
• 25:56
  Speaker 4: could have a business coach that has doesn't have that
• 26:00
  Speaker 4: tie into what you went through for pharmacy school, understanding
• 26:03
  Speaker 4: the pharmacology of different disease states and how that applies
• 26:07
  Speaker 4: to workflow. So talk to us a little bit about
• 26:09
  Speaker 4: leveraging your farm D and marrying that with a tech
• 26:13
  Speaker 4: platform like outcomes.
• 26:15
  Speaker 14: Oh no, absolutely, That's what I enjoy about the role
• 26:18
  Speaker 14: the most is that I get to speak from that perspective,
• 26:23
  Speaker 14: and you know, it just helps to build instant rapport
• 26:25
  Speaker 14: with with my peers, with the other owners. But then
• 26:29
  Speaker 14: I also get to give them my opinion on the platform,
• 26:33
  Speaker 14: on the services from Hey, you know, I used to
• 26:36
  Speaker 14: do a ton of cmrs and tips, and this.
• 26:39
  Speaker 8: Is how I utilize the platform.
• 26:41
  Speaker 14: This is where I see the company going now, and
• 26:43
  Speaker 14: this is how I think it's going to it's gonna
• 26:44
  Speaker 14: benefit you. So it's a lot of fun to still
• 26:47
  Speaker 14: have the same conversations, but just from a different angle.
• 26:50
  Speaker 4: If you will talk to me about roles of our
• 26:52
  Speaker 4: pharmacists now, because you know, I started in pharmacy twenty
• 26:56
  Speaker 4: years ago, and today pharmacists are doing more things than
• 27:00
  Speaker 4: I've ever seen them. Do. You're now in a part
• 27:04
  Speaker 4: of a tech platform, and you when you graduated pharmacy
• 27:07
  Speaker 4: school pharmacy school, imagine like your dad or your godfather
• 27:11
  Speaker 4: or mom or something saying hey, are you going to
• 27:13
  Speaker 4: go into technology now? And you've been like what, so
• 27:16
  Speaker 4: it talk to me about like the evolution of the farm.
• 27:18
  Speaker 8: D Yeah, definitely.
• 27:20
  Speaker 14: I You know, I think when you look at the
• 27:23
  Speaker 14: pharmacy space right now, when you talk about clinical services,
• 27:28
  Speaker 14: immunizations are probably the first thing that come to mind
• 27:32
  Speaker 14: as the number one clinical service that's being provided in
• 27:35
  Speaker 14: the pharmacies. And when we look at that now throughout
• 27:38
  Speaker 14: the country, we have so many states where tech's are
• 27:40
  Speaker 14: doing the majority of immunizations right whereas thirty years ago,
• 27:45
  Speaker 14: you know, we weren't even doing immunizations in the pharmacy.
• 27:48
  Speaker 8: So to see that progression to where now.
• 27:51
  Speaker 14: We have our technicians taking on more and more, that
• 27:54
  Speaker 14: just excites me because I know that that's going to
• 27:56
  Speaker 14: provide the pharmacists with the opportunity to take on new
• 28:00
  Speaker 14: and you know, evolve clinical services within the space. And
• 28:05
  Speaker 14: so I know clinical services is nothing new. It's something
• 28:08
  Speaker 14: that everyone has at the top of their minds as
• 28:11
  Speaker 14: an opportunity to diversify the revenue stream within the pharmacy.
• 28:15
  Speaker 14: And I just like to get folks excited for that
• 28:17
  Speaker 14: and show them how with the use of technology platforms
• 28:21
  Speaker 14: like we have at Outcomes, we can support them in
• 28:23
  Speaker 14: that journey.
• 28:24
  Speaker 5: I love it.
• 28:24
  Speaker 4: So if I'm a busy pharmacy owner I'm listening to
• 28:27
  Speaker 4: this program, the first thing that comes to mind is
• 28:30
  Speaker 4: when am I going to have time to do this
• 28:32
  Speaker 4: deep dive clinical service data collection?
• 28:36
  Speaker 5: Talk to us a little bit about the workflow.
• 28:38
  Speaker 14: Absolutely, so when it comes to the Outcomes platform, the
• 28:42
  Speaker 14: value add that I see in it, what is so
• 28:44
  Speaker 14: great for the pharmacies is that we create the workflows
• 28:48
  Speaker 14: for you, the work streams for you, and so you
• 28:52
  Speaker 14: just need to provide that clinical services and document it appropriately.
• 28:57
  Speaker 14: You're not having to worry about a memory rising ICD
• 29:00
  Speaker 14: ten code, CPT codes. We have that built out in
• 29:03
  Speaker 14: all of our workflows so that you can focus and
• 29:06
  Speaker 14: concentrate on the patient. What matters most documenting that service
• 29:10
  Speaker 14: and getting paid for it.
• 29:11
  Speaker 5: I love it.
• 29:12
  Speaker 4: What's it like being here in Vegas at the Thoughts
• 29:15
  Speaker 4: Spot this year?
• 29:16
  Speaker 8: Yeah, it's great.
• 29:17
  Speaker 14: Like I said, I previously worked for Sinkorus, so you know,
• 29:20
  Speaker 14: I've been like coming home.
• 29:21
  Speaker 8: It's like it's like coming home. Yeah.
• 29:22
  Speaker 14: So it's great to connect with old colleagues, with with
• 29:25
  Speaker 14: old former customers and continue to have those same conversations
• 29:30
  Speaker 14: that I had with them, but just with a different tool.
• 29:32
  Speaker 8: Belt, if you will.
• 29:33
  Speaker 4: Shout out to Mark Nelson who was on the show,
• 29:35
  Speaker 4: and he told me that he went after you and
• 29:38
  Speaker 4: kind of like brought you in and now you guys
• 29:40
  Speaker 4: are like the Power team, kind of like a superhero
• 29:43
  Speaker 4: team and stuff.
• 29:44
  Speaker 8: Yeah.
• 29:44
  Speaker 14: Mark is a great guy. I've known him for over
• 29:46
  Speaker 14: a decade. He went at his previous employer. We we
• 29:52
  Speaker 14: engaged quite a bit while I was at Bartel. So
• 29:54
  Speaker 14: when I saw that that, yeah, he was hiring for
• 29:56
  Speaker 14: a position, it was like, oh.
• 29:57
  Speaker 8: This is a no brander. I already know Mark is
• 29:59
  Speaker 8: a great guy.
• 30:00
  Speaker 4: He told me, he said, he said he saw your
• 30:02
  Speaker 4: name and he's like iron and I'm like like that,
• 30:05
  Speaker 4: He's like I had to put him through a process.
• 30:07
  Speaker 4: But I knew and you know what that comes with
• 30:09
  Speaker 4: passion that see, I don't want to work with people.
• 30:12
  Speaker 4: I'm looking at Brady, he's across over there doing all
• 30:14
  Speaker 4: the you know, the busy work. If he's not a
• 30:16
  Speaker 4: passionate about what he wants to do. I got of
• 30:19
  Speaker 4: like being around people that are just like clock punchers
• 30:22
  Speaker 4: and you guys, your whole team, Heiti and you and Mark,
• 30:24
  Speaker 4: like you guys are on fire.
• 30:26
  Speaker 5: So like that's fun to be around.
• 30:28
  Speaker 4: Like I've had I've had such a good time here
• 30:30
  Speaker 4: at the booth with you with your team and and
• 30:33
  Speaker 4: a shout out to Nick Bard putting us all together,
• 30:36
  Speaker 4: and a shout out to big Rick out you know,
• 30:39
  Speaker 4: you know, the commander in chief of the of the
• 30:41
  Speaker 4: marketing team.
• 30:42
  Speaker 5: But it's it's it's exciting to.
• 30:45
  Speaker 4: See what's happening here because you have people that are
• 30:49
  Speaker 4: passionate about the future of pharmacy.
• 30:51
  Speaker 5: Talk to me about why you're why you're so passionate
• 30:53
  Speaker 5: about it.
• 30:54
  Speaker 8: Yeah, oh, that's a great question for me.
• 30:57
  Speaker 14: So my dad is a pharmacist as well, and so yeah,
• 31:00
  Speaker 14: so kind of came up in the pharmacy world as
• 31:04
  Speaker 14: youth and my sister's a pharmacists, my wife is a pharmacists. Yeah, yeah,
• 31:09
  Speaker 14: so yeah, So I have always been around pharmacy and
• 31:14
  Speaker 14: I'm a I live in Seattle now but originally from Alabama,
• 31:17
  Speaker 14: and so it.
• 31:18
  Speaker 8: Was always very close to independent pharmacy.
• 31:21
  Speaker 14: And you know, I originally wanted to open up a
• 31:24
  Speaker 14: store myself until I kind of came to Seattle and
• 31:27
  Speaker 14: you know, it was exposed to more opportunities. But just
• 31:29
  Speaker 14: I think throughout school in my career, just seeing that
• 31:33
  Speaker 14: there's so much that pharmacists can do for our patients
• 31:38
  Speaker 14: and wanting to advocate for that and wanted to help
• 31:41
  Speaker 14: our profession and our peers provide those services to our patients.
• 31:46
  Speaker 8: I think that's what really drives and motivates me.
• 31:48
  Speaker 4: It's awesome, Well, doctor Marcomu, it's been great to interview
• 31:51
  Speaker 4: here at the Outcomes Booth at Thoughts Spot twenty twenty five.
• 31:54
  Speaker 4: Promise me you'll come back on a show sometimes.
• 31:57
  Speaker 14: Absolutely, absolutely, it's been a pleasure to thank Thank you.
• 32:01
  Speaker 3: Todd Uri talks with Bonnie Bond with Pikes and Company
• 32:04
  Speaker 3: accounting services for independent pharmacy owners about startups and expansion.
• 32:10
  Speaker 4: The aspect of accounting is probably the bane of my existence.
• 32:15
  Speaker 4: And I just before I started recording with Bonnie, I said,
• 32:20
  Speaker 4: my accountant must hate me. And my accountant is actually Pykes,
• 32:24
  Speaker 4: Sykes and the Pikes and Company.
• 32:26
  Speaker 5: So I'm excited to have Bonnie here.
• 32:28
  Speaker 4: Introduce yourself to our listeners and talk to talk to
• 32:31
  Speaker 4: us a little bit about.
• 32:32
  Speaker 11: Yes, I am Bonnie Bond. I work for Psychs and Company.
• 32:35
  Speaker 11: I'm a CPA shareholder NBA been working there for about
• 32:39
  Speaker 11: twenty one years, which is a long time to be
• 32:41
  Speaker 11: with the Pykes crew, right, Alin, Sikes and Scottie twenty
• 32:47
  Speaker 11: one years. But yeah, I work with pharmacies all over
• 32:51
  Speaker 11: the country. I love it. It's my favorite thing to
• 32:54
  Speaker 11: do to have build relationships with pharmacists all over the place,
• 33:00
  Speaker 11: and we have employees all over the country. But we
• 33:02
  Speaker 11: offer accounting CFO services for independent pharmacies, again all over
• 33:08
  Speaker 11: the country, so we can handle your entire back office,
• 33:12
  Speaker 11: consult with you tax lanning, tax prep of course, and
• 33:17
  Speaker 11: we also do consulting with transitions, whether it be startups
• 33:22
  Speaker 11: and then those purchasing stores and selling transactions as well.
• 33:26
  Speaker 4: So Bonnie, I'm glad you brought up startups because I
• 33:29
  Speaker 4: get excited with the whole thought of startups, because today's
• 33:33
  Speaker 4: startup is going to be so different than what the
• 33:36
  Speaker 4: startup was ten years ago, because they're going to be
• 33:39
  Speaker 4: positioned and understanding that there's ways to make money as
• 33:42
  Speaker 4: a startup from just a dispensing fee, but now it's
• 33:46
  Speaker 4: going to be tied to services.
• 33:48
  Speaker 5: By the way we're in outcomes booth.
• 33:50
  Speaker 4: That's part of it, meaning the treatment plans that you
• 33:52
  Speaker 4: have are going to make you money. The CPT codes
• 33:55
  Speaker 4: and the ICD nine codes mean that there's billable services.
• 33:59
  Speaker 4: So let's talk about startups. So there's a pharmacy owner.
• 34:03
  Speaker 4: There's a pharmacist out there that's working for a chain.
• 34:06
  Speaker 4: There's a pharmacist out there who's working for an independent.
• 34:10
  Speaker 4: Maybe they're doing a partnership, but regardless, they want to
• 34:13
  Speaker 4: start their own pharmacy. So let's let's let's talk about
• 34:16
  Speaker 4: how psych supports that process.
• 34:18
  Speaker 11: So I just want to say, we just came off
• 34:20
  Speaker 11: of one of the NCPA ownership workshops, which we speak
• 34:23
  Speaker 11: at every trimester. They do three a year, and it's
• 34:27
  Speaker 11: full of people that want to jump into ownership for
• 34:31
  Speaker 11: independent pharmacies, whether it be a startup or purchasing a
• 34:33
  Speaker 11: store and I'm always blown away by the amount of
• 34:36
  Speaker 11: people in those sessions that still even in today's environment,
• 34:39
  Speaker 11: because people feel very nervous in the independent pharmacy industry
• 34:43
  Speaker 11: sometimes that still want to do startups and so it's
• 34:48
  Speaker 11: usually half the room. So that's normally where we start
• 34:51
  Speaker 11: and meet a lot of our startup clients. We offer
• 34:55
  Speaker 11: services to help you during that process, work with you
• 34:59
  Speaker 11: from start to finish when I mean finish opening the door,
• 35:04
  Speaker 11: and we're kind of just the quarterback in that process.
• 35:07
  Speaker 11: Working with your your bank with blending, making sure you
• 35:11
  Speaker 11: have enough working capital to get everything going, looking over
• 35:16
  Speaker 11: your lease that you're looking to sign again, making sure
• 35:19
  Speaker 11: that you have the right money in place that you can,
• 35:22
  Speaker 11: work with your regulatory groups to make sure you get
• 35:25
  Speaker 11: all your contracts in place before you open. And just
• 35:28
  Speaker 11: we set up the accounting file, We help you set
• 35:30
  Speaker 11: up your entity, any kind of tax elections that is needed,
• 35:34
  Speaker 11: we do all of that. In anything, we're just kind
• 35:37
  Speaker 11: of your quarterback through that process from start to the
• 35:40
  Speaker 11: day you open. Make sure you're ready to go.
• 35:43
  Speaker 4: So if I'm starting a pharmacy, give me some like
• 35:47
  Speaker 4: bare bone stuff that if I've had this dream I
• 35:51
  Speaker 4: want to open a store I want to start up,
• 35:52
  Speaker 4: or I want to even start up a secondary location.
• 35:56
  Speaker 5: Talk to me about the bare bones. What do I
• 35:57
  Speaker 5: need to bring.
• 35:58
  Speaker 11: To you, because I want to mention that really really quick.
• 36:01
  Speaker 11: What we're having a lot of right now is current ownership.
• 36:04
  Speaker 11: And with a lot of the big box stores that
• 36:06
  Speaker 11: are closing, there's lots of opportunity for some of these
• 36:10
  Speaker 11: startups to jump in and pick up some of.
• 36:12
  Speaker 5: These patients pharmacy deserts.
• 36:15
  Speaker 11: Yes, absolutely and so but yeah, right from the get
• 36:21
  Speaker 11: our main goal is to make sure that you are
• 36:23
  Speaker 11: set up correctly as far as your entity selection, and
• 36:26
  Speaker 11: that can vary depending on state. People a lot of
• 36:30
  Speaker 11: times will start their own entity because that's not hard
• 36:32
  Speaker 11: to do to set up an LLC. But then they
• 36:35
  Speaker 11: spend maybe that's been a year or two. They don't
• 36:38
  Speaker 11: realize they've had tax filings, they don't realize all these
• 36:40
  Speaker 11: things that have should have been done from the beginning.
• 36:43
  Speaker 11: It's really great to start with a good foundation. It
• 36:48
  Speaker 11: could be cheaper in the long run to just pay
• 36:50
  Speaker 11: someone to help you do it right from the beginning
• 36:52
  Speaker 11: instead of having to go back and fix it later.
• 36:56
  Speaker 11: And then the other thing is that's really big is
• 36:59
  Speaker 11: the fine nancy or the capital injection that people bring
• 37:02
  Speaker 11: to the table. We meet with people a lot that
• 37:05
  Speaker 11: have kind of art, they're close to opening, and they
• 37:07
  Speaker 11: come to us for help and they say, we're like,
• 37:09
  Speaker 11: how much how much money do you have in the deal
• 37:11
  Speaker 11: or how much is your bank giving you? And if
• 37:14
  Speaker 11: it's not a pharmacy niche bank, a lot of times
• 37:15
  Speaker 11: it's a local bank and they say, oh, well, we
• 37:18
  Speaker 11: have one hundred and fifty thousand to get going. You
• 37:20
  Speaker 11: cannot open a pharmacy with one hundred and fifty thousand dollars,
• 37:25
  Speaker 11: So we normally see a minimum half a million to
• 37:28
  Speaker 11: six hundred is sometimes the eight hundred thousand that you
• 37:30
  Speaker 11: need to get everything going, because people forget that the
• 37:34
  Speaker 11: inherent nature of pharmacy is the receivable situation. So and
• 37:38
  Speaker 11: the growth with a startup, so you could open your
• 37:40
  Speaker 11: doors and then grow like crazy, which is a positive thing,
• 37:44
  Speaker 11: but you will run out of cash very quickly because
• 37:47
  Speaker 11: of how you're having to pay your wholesalers and you
• 37:50
  Speaker 11: are not receiving payment for sometimes twenty one days to
• 37:53
  Speaker 11: a month.
• 37:54
  Speaker 5: It's crazy.
• 37:54
  Speaker 11: So and growth just compounds that and you will run
• 37:58
  Speaker 11: out of cash. We want to make sure people are
• 38:01
  Speaker 11: using the right banks for financing. We're big on and
• 38:06
  Speaker 11: that same thing for attorneys to use a pharmacy Nish bank,
• 38:11
  Speaker 11: to use a pharmacy Nish attorney, people then understand that
• 38:14
  Speaker 11: to make sure all your contracts are done correctly and
• 38:17
  Speaker 11: on the regulatory side as well. A local bank. It
• 38:21
  Speaker 11: may be a great relationship that you have with someone
• 38:23
  Speaker 11: in your hometown.
• 38:24
  Speaker 5: And then they don't understand farmers, they.
• 38:26
  Speaker 11: Don't understand pharmacy, and they're not gonna Usually they do
• 38:29
  Speaker 11: not give you enough working capital to get the deal going.
• 38:32
  Speaker 11: And then when six months comes, you know, six months
• 38:35
  Speaker 11: down the road, you run out of cash because you're
• 38:37
  Speaker 11: growing like crazy, they're not going to give you money,
• 38:41
  Speaker 11: any additional money because they don't understand why. They're like,
• 38:43
  Speaker 11: where's the money? What happened? Where a pharmacy niche bank
• 38:46
  Speaker 11: is going to number one? They're going to make sure
• 38:48
  Speaker 11: that you are fully capitalized to begin with. But then
• 38:52
  Speaker 11: if they understand the growth, they understand what's going on,
• 38:55
  Speaker 11: they won't be more likely to help you. Love it, Yeah,
• 38:58
  Speaker 11: get more. If you need a second well.
• 38:59
  Speaker 5: I like the direction.
• 39:00
  Speaker 4: If you're listening right now to this podcast, and you're like, hey,
• 39:04
  Speaker 4: I thought of starting up. I want to talk to
• 39:07
  Speaker 4: someone that really understands the business. Reach out to the
• 39:10
  Speaker 4: Pikes company, reach out to the Sykes team, Bonnie. What
• 39:13
  Speaker 4: is the best way for a listener to reach out
• 39:15
  Speaker 4: and getting connection with you guys?
• 39:18
  Speaker 11: Check us out? Can I plug my podcast on you?
• 39:20
  Speaker 9: Oh?
• 39:20
  Speaker 5: Absolutely well your podcast is part of our.
• 39:23
  Speaker 11: Now exactly so the Sikes bottom Line Pharmacy Podcast. We
• 39:27
  Speaker 11: just throwing that out there. We have just.
• 39:30
  Speaker 4: Free information, free information visitors.
• 39:33
  Speaker 5: I'm going to actually say it all In Who's the og?
• 39:36
  Speaker 4: Yeah right, He's had a YouTube channel for ten years plus,
• 39:42
  Speaker 4: So there's so much content out there. If you don't
• 39:44
  Speaker 4: know about the Pykes content library, I want you to
• 39:48
  Speaker 4: search them on and you can put in any of
• 39:50
  Speaker 4: the social media. Austin's doing an amazing job and blowing
• 39:54
  Speaker 4: you guys up. But look look for Pykes on YouTube
• 39:58
  Speaker 4: and you could go Pykes fire if you google, if
• 40:01
  Speaker 4: you google psychs pharmacy accounting, it comics right up.
• 40:04
  Speaker 11: Yeah. Our YouTube channel is full of decades of videos
• 40:08
  Speaker 11: that is current today, but free information. If you can't
• 40:11
  Speaker 11: sleep at night, turn that bad boy on and just listen.
• 40:16
  Speaker 11: But also you can check out our website and schedule
• 40:19
  Speaker 11: a call with any of us. Again, I work a
• 40:22
  Speaker 11: lot with startups and transitions. You can see my calendar
• 40:25
  Speaker 11: live and pick a time that works great for you,
• 40:27
  Speaker 11: and we will be glad to talk with.
• 40:29
  Speaker 5: You about it and master the margin.
• 40:30
  Speaker 11: And master the margin, and we've got hopefully I think
• 40:34
  Speaker 11: July thirty. First, we are having a webinar about the
• 40:39
  Speaker 11: new tax bill and all the updates, and not just
• 40:41
  Speaker 11: a generic one like everyone's doing. It's going to be
• 40:43
  Speaker 11: all the details on how it affects independent pharmacy. So
• 40:47
  Speaker 11: we're excited about that. You can register for that as
• 40:49
  Speaker 11: well on our website.
• 40:51
  Speaker 4: Very good, all right, you heard it here at Thoughts
• 40:54
  Speaker 4: About twenty twenty five. We are excited to be here
• 40:57
  Speaker 4: and thank you so much Funny for this time.
• 40:59
  Speaker 11: Okay, I appreciate thanks Todd.
• 41:02
  Speaker 3: Todd URII talks with CEO of the Alliance for Pharmacy
• 41:06
  Speaker 3: Compounding Scott Bruner.
• 41:09
  Speaker 4: Hey, Thoughts Spot twenty twenty five. I wanted to just
• 41:11
  Speaker 4: to give a shout out to Scott Brunner. He's been
• 41:14
  Speaker 4: a contact of mine for years and we're actually the
• 41:17
  Speaker 4: veterans now.
• 41:18
  Speaker 10: Scott.
• 41:18
  Speaker 5: I don't know if I want to do you want
• 41:20
  Speaker 5: to be called a veteran, that's fair enough. Yeah, maybe
• 41:23
  Speaker 5: a subject matter expert. I'll take that, Yeah, right, all right.
• 41:26
  Speaker 4: So when I think of the plight and the struggles
• 41:31
  Speaker 4: of our independent community pharmacies, I always think how can
• 41:35
  Speaker 4: we make how can we make more money at providing
• 41:38
  Speaker 4: services that we know are needed in our communities. And
• 41:42
  Speaker 4: one of that is is going back to the very
• 41:45
  Speaker 4: beginning times of pharmacy, which was compounding. Yeah, pharmacists took
• 41:50
  Speaker 4: ingredients and grounded up with the ball and pestle and
• 41:53
  Speaker 4: literally made custom compounds for their patients and their people
• 41:58
  Speaker 4: because they knew them, they knew them by and they
• 42:00
  Speaker 4: knew what they were going through.
• 42:01
  Speaker 5: A lot of that hasn't changed.
• 42:03
  Speaker 4: What has changed is the attack on compounding, and your
• 42:09
  Speaker 4: organization APC is leading to keep compounding relevant, to keep
• 42:14
  Speaker 4: it out there and how important it.
• 42:16
  Speaker 5: Is because of that customization.
• 42:18
  Speaker 4: So introduce yourself to listeners, just in case they don't
• 42:21
  Speaker 4: know you. I'm not sure how you wouldn't know, Scott Brunner,
• 42:23
  Speaker 4: but nonetheless, introduce yourself and talk to us a little
• 42:26
  Speaker 4: bit about ap APC.
• 42:27
  Speaker 15: Yeah, we're the trade Association for pharmacy Compounding so APC
• 42:32
  Speaker 15: has been around for about thirty five years. We represent
• 42:35
  Speaker 15: about six hundred small business compounding pharmacies. Those are certainly
• 42:40
  Speaker 15: hybrid doing traditional retail dispensing in some amount of compounding,
• 42:43
  Speaker 15: and then we also have compounding only pharmacies and probably
• 42:47
  Speaker 15: a dozen or so five O three B outsourcing facilities.
• 42:51
  Speaker 15: We represent about fifty seven hundred individuals and we're the
• 42:55
  Speaker 15: advocacy organization for compounding. You are, we are in an
• 43:00
  Speaker 15: interesting period of time. We are on the tail end,
• 43:05
  Speaker 15: I guess of what has really been an extraordinary three
• 43:09
  Speaker 15: to three and a half year period in which compounding
• 43:12
  Speaker 15: pharmacies have stepped up and provided Americans access to a
• 43:17
  Speaker 15: wonder drug simply glue tide chir zeppetide, at a time
• 43:21
  Speaker 15: when the drug makers could not, and compounding pharmacies have
• 43:25
  Speaker 15: done that at a price point and with.
• 43:27
  Speaker 5: A record of safety that well price.
• 43:30
  Speaker 15: Point the patients can afford, and a record of safety
• 43:33
  Speaker 15: that's very much in line with that for the FDA
• 43:37
  Speaker 15: approved drugs. And so a lot of attention has been
• 43:40
  Speaker 15: paid to compounding. Lately, the drug makers continue to disparage us,
• 43:44
  Speaker 15: unfortunately and conflate compounding with a list of activity and
• 43:47
  Speaker 15: all that.
• 43:48
  Speaker 6: That's a bunch of nonsense. Compounding pharmacies.
• 43:50
  Speaker 15: State licensed compounding pharmacies operate within a rigorous compliance framework
• 43:55
  Speaker 15: under the standards of the US Pharmacopeia, which are appropriate
• 43:59
  Speaker 15: for prepared ring a drug for an end of one
• 44:01
  Speaker 15: for an individual patient. The interesting thing we're seeing is
• 44:04
  Speaker 15: that more pharmacies are beginning to look to compounding. They've
• 44:08
  Speaker 15: been doing traditional retail dispensing at war with the PBMs.
• 44:12
  Speaker 15: Their reimbursements are upside down. Well, compounding is generally a
• 44:17
  Speaker 15: cash only business, So we have members speaking with one
• 44:21
  Speaker 15: a couple of months ago who basically said compounding is
• 44:25
  Speaker 15: subsidizing his ability to do traditional retail dispensing because he's
• 44:29
  Speaker 15: so upside down on the traditional dispensing side, but compounding
• 44:33
  Speaker 15: provides cash flow that can support that other part of
• 44:36
  Speaker 15: his business.
• 44:37
  Speaker 4: Yep, So talk to us about being here at thoughts
• 44:40
  Speaker 4: Spot twenty twenty five. I do see other organizations that
• 44:44
  Speaker 4: are focused on compounding, which has.
• 44:46
  Speaker 5: Made me excited.
• 44:47
  Speaker 4: But it really was awesome when I ran into you
• 44:49
  Speaker 4: guys and saw that you guys are here too.
• 44:51
  Speaker 5: Yeah, this is a first for us.
• 44:53
  Speaker 15: We attended one of the big wholesale shows last year
• 44:56
  Speaker 15: and then we're fortunate to be invited to all three.
• 44:58
  Speaker 15: We see this as a recruiting opportunity. As I say,
• 45:00
  Speaker 15: we already represent somewhere north of six hundred pharmacies. There
• 45:04
  Speaker 15: are more compounding pharmacies out there, and I would make
• 45:07
  Speaker 15: the argument that being a member of our organization and
• 45:10
  Speaker 15: having employees who are members of our organization mean you
• 45:13
  Speaker 15: are going to have a much better informed team, and
• 45:15
  Speaker 15: a better informed team is going to be able to
• 45:17
  Speaker 15: comply with not only state law, but the standards of
• 45:20
  Speaker 15: FDA and the US Pharmacopeia. So that's our value proposition,
• 45:23
  Speaker 15: and we're here thanks to Sincora.
• 45:27
  Speaker 6: But we want to recruit.
• 45:28
  Speaker 15: We want members who are compounding compliantly and with high ethics.
• 45:32
  Speaker 5: That's awesome, Scott.
• 45:33
  Speaker 4: Please give us a place that we can all go
• 45:36
  Speaker 4: to learn more about the Alliance for Pharmacy Compounding.
• 45:39
  Speaker 15: Yeah, our website first of all, compounding dot com. That's
• 45:43
  Speaker 15: really more a consumer facing side a patient facing site,
• 45:46
  Speaker 15: but you'll find plenty there Compounding dot com. The APC
• 45:49
  Speaker 15: website is a for the number four a four PC
• 45:54
  Speaker 15: dot org and you'll find plenty of information about what
• 45:57
  Speaker 15: we do. We'll find best practice guy on various aspects
• 46:01
  Speaker 15: of compounding.
• 46:02
  Speaker 6: It's all there on the website.
• 46:04
  Speaker 4: And am I allowed to say that we are having
• 46:06
  Speaker 4: a podcast that's going to be coming.
• 46:08
  Speaker 6: Yeah, we're excited.
• 46:09
  Speaker 15: We're about to launch a compounding podcast and working with
• 46:14
  Speaker 15: you guys, and it'll be monthly and we'll cover a
• 46:17
  Speaker 15: range of policy issues related to compounding. Again, all aimed
• 46:20
  Speaker 15: at keeping compounders compliance.
• 46:22
  Speaker 5: I love it.
• 46:23
  Speaker 8: Scott.
• 46:23
  Speaker 4: Let us know if we can ever do anything for you.
• 46:26
  Speaker 4: Shout out to Scott Brunner and the Alliance for Pharmacy
• 46:29
  Speaker 4: Compounding team.
• 46:30
  Speaker 5: It's good to see you here in Vegas.
• 46:31
  Speaker 15: We're glad to be here and thank you for much
• 46:33
  Speaker 15: of fortune.