It is time for Canadian pharmacies to start thinking in terms of value, independent of volume.
Historically in Canada, pharmacies were rewarded for filling prescriptions. The more you filled, the more you profited. In fact, if the participating U.S. pharmacy achieves a five-star rating they will get higher compensation for better health outcomes. Pharmacists have the opportunity to lower the health expenditure cost curve for governments and other third-party payers by helping their patients control their disease states.
But now, with ongoing margin shrinkage—including pan Canadian price reductions and provincial government cutbacks—the industry has changed.
The amount of compensation pharmacies receive for filling prescriptions has been dramatically reduced.
The reality of an aging population comes with increased use of medications, some of which can be very expensive. Simply put, governments just won’t be able to fund their drug budgets.
Although this all seems rather concerning, pharmacists continue to play a vital role in the dispensing of prescribed medications. I would argue that the Canadian healthcare system needs pharmacists now more than ever.
Green Shield is taking this idea one step further by introducing a value-based pharmacy program for plan sponsors and their membership.
With the use of EQuIPP (Electronic Quality Improvement Platform for Plans and Pharmacies) web-based technology, Green Shield has the ability to measure performance indicators, including patient medication adherence, disease management and safety.
To see where the future may lie consider that in the U.S., approximately half of Medicare Part D pharmacy claims are attached to a value-based payment model.
It’s time for pharmacists to generate value that payers can see.
An important first step is to engage patients using an Appointment Based Model (ABM).
By using MEDSYNC® and proactive workflow processes, pharmacies can begin to transition their business towards a clinical practice. Improved medication adherence leads to more time with patients which creates a winning formula for the future of your pharmacy.
If you would like more information about medication synchronization, ABM, or Central Fill services, visit www.medsync.ca.