How to Improve Your Contract Pharmacy Relationships
Want to improve your contract pharmacy relationships? Would you like to maximize your 340B savings while staying 340B compliant each year?
If you answered ‘yes’ to these questions, stick with me. We’ll explain why it’s important to build strong relationships with your pharmacies. Plus, tips on how to do it.
First, let’s look at some benefits of contracting with outside pharmacies. Contracting with pharmacies will help your organization to:
● Take part in the 340B program without needing to operate an in-house pharmacy.
● Make low-cost drugs more accessible to patients.
● Cut the costs associated with running an in-house pharmacy.
But what are the downsides? A few downsides include:
● A potential reduction in 340B savings because you’ll share the profit
● The need to use tracking software
● The increased likelihood for compliance issues
But, the upsides of contracting with outside pharmacies are clear. That’s why many organizations are opting into these relationships these days.
What can your organization do to improve your contract pharmacy relationships?
Your goal should be to form long-lasting relationships. To improve your patients’ healthcare access and increase revenue.
Focus on these three key areas to build successful contract pharmacy relationships. The three key areas include:
● Proactive communication
Proactive communication involves staying up-to-date on any current or future changes. Examples include changes to your pharmacies’ inventory and operations. Plus, proactively learning about their day-to-day challenges, and then working together to find solutions. In this way, you both win.
Transparency will help you set clear expectations. In that way, you won’t over-promise and under-deliver. So be upfront about potential setbacks and challenges your pharmacies can expect. And let them know the benefits they and their patients can receive from doing business with you.
Trust involves not only seeking your own interest but the interest of others. Take note of both of your preferences to work towards solutions that will benefit you both.
Want more advice on how to improve your contract pharmacy relationships? Reach out to Lyssa@optimal340b.com with your questions.