Entity-owned pharmacies are an important consideration for hospitals, community health centers, and other 340B grantee types.
As retail pharmacy closures rise and the complexities of the 340B Drug Discount Program unfold, the advantages of having an in-house pharmacy are becoming more apparent. If your organization hasn’t explored this opportunity, now is the time to consider it.
Retail pharmacy closures (Walgreens, CVS, Rite Aid to name a few) have become a significant concern in recent years. As a result, patients often face reduced access to essential medications and pharmaceutical services, leading to potential health risks and disruptions in care continuity. The closure of retail pharmacies can adversely affect patients, particularly those in underserved or rural areas. Limited access to pharmacies means longer travel times for medication pickup, increased out-of-pocket expenses, and delays in receiving prescriptions. Vulnerable populations are disproportionately affected, leading to poorer health outcomes and increased strain on healthcare systems.
Entity-owned pharmacies allow healthcare providers to better integrate pharmaceutical services into their overall care plans for their patients. Pharmacists can work closely with medical staff to monitor patient progress and manage medication therapy, leading to more personalized and effective treatment.
Additionally, owning a retail pharmacy can offer considerable financial benefits to hospitals, community health centers, and other 340B grantee types. Entity-owned retail pharmacies can create new revenue opportunities that can be reinvested in the healthcare organization to help support various initiatives and improve overall service quality.
By leveraging the 340B Program, healthcare providers can purchase medications at reduced rates, leading to significant cost savings. These savings can be used to subsidize patient care, expand patient care offerings, and reduce the financial burden on the organization and the patients served.
Finally, integrating pharmaceutical services within the healthcare organization can streamline operations and reduce administrative overhead. Close collaboration between pharmacists and medical staff ensures efficient medication management, reduce
non-compliance often seen at traditional box store pharmacies, and potentially decreases medication errors.
Overall, the advantages are clear and can have an exceptional impact on your patients, employees, and organization as a whole. As we are seeing fewer pharmacy options in many communities, entity-owned retail pharmacies represent a strategic asset that can profoundly impact healthcare delivery and organizational sustainability.
The Pharmacy / 340B consulting team at Blue & Co., LLC is here to assist. We offer a broad range of services that can assist with an evaluation of the benefits and opportunities of an entity-owned retail pharmacy. If you are already committed to the benefits of a retail pharmacy for your organization, Blue’s team can assist you with the operational plan and implementation of getting your pharmacy started.
If you have questions or would like additional information, please contact one of the Blue Pharmacy / 340B consulting experts below:
Kyle Smith, CPA, 340B ACE
Director
kcsmith@blueandco.com // 317-713-7957
Jason Prokopik, PharmD, 340B ACE
Senior Manager – Pharmacy
jprokopik@blueandco.com // 317-713-7916
Alyssa Kramer, PharmD, 340B ACE
Manager – Pharmacy
akramer@blueandco.com // 317-275-7404
