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.
But now, with ongoing margin shrinkage—including pan-Canadian
price reductions and provincial government cutbacks—the industry
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
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. 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.
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, call 1-855-220-6922 ext. 4.