Whether you’ve worked your whole career building your business, inherited or purchased from family, or more recently acquired the business, at some point all owners start to think about the next chapters of their life and selling their business. The world of pharmacy isn’t much different from other businesses in this sense, and it can be hard for an entrepreneur, visionary, and owner to start forecasting life without the business they’ve given so much of their time, energy, focus, and money.
For some reason, it seems independent pharmacies think fraud, waste, and abuse prevention compliance is difficult. While it is boring, and it clearly has some scary ramifications when not followed, it’s actually very simple and easy to implement. In this article, we will discuss why having a Fraud, Waste, and Abuse or FWA compliance program is important, things you can do to get started, examples of other people who thought they didn’t need to have all their FWA items in place, the issues they got into and, some solutions to keep you from getting into hot water with Medicare and OIG.
The past few months have probably been a blur. If you worked with a broker, they more than likely handled a lot of the negotiations, paperwork and were great at saying “Don’t worry, we’ll handle it”, “Sign Here”, “Send me this document” etc. But what happens after you sign on the dotted line and your pharmacy or your files officially become someone else’s property? What additional items do you need to complete to tie up all the loose ends? And, most importantly, what is the broker you just paid 8-15% of the sales price of your business, going to do to help you?
“My wholesaler said, my state board of pharmacy said, my PSAO said, my area president said…” We’ve been fielding a lot of questions regarding USP <800> compliance for almost a year now and one thing is for sure, pharmacists are getting mixed messages from various groups.
With so many people getting conflicting answers around when USP <800> goes into effect, who will be enforcing, and even the type of drugs; we wanted to bust the Top 5 Myths.
This is our second part of our series on preparing for USP <800> Hazardous Drugs. On our last podcast, titled: Why will USP <800> Impact My Retail and LTC Pharmacy? We addressed what each pharmacy must do first in preparation for implementing this guideline. How to identify Hazardous Drugs through the NIOSH List, segregations and special handing and finally who is going to enforce these guidelines.
The prospect of buying a pharmacy is enticing to pharmacists for a variety of reasons. The items at the top of the list are; freedom and responsibility of ownership, the chance to practice pharmacy on your own terms, do more to improve the health of your patients, and improve your earning potential. These are all realistic goals when you have your own location, however, the process of purchasing can be complicated and lengthy regardless of how well prepared you are.
A lot is happening in the pharmacy marketplace, including PBM reform and even massive layoffs. While a lot of this buzz might seem negative, there’s a feeling that positivity is on the way. Still, it’s crunch time for the pharmacy industry with USP <800> on the horizon.
Are you starting to feel that the practice of pharmacy is like the Abbot and Costello sketch “Who’s on First”? At every turn a new regulation is going into place; another merger of an insurer, chain, or healthcare system is occurring; some entity is auditing, inspecting, or reviewing your paperwork, files, and process; and someone new is dipping their hands into your pockets to take a little more of your reimbursements. Even with all those shenanigans going on, the biggest topic in pharmacy outside of DIR fees, is USP <800>.