Financial Planning for Pharmacists

The world of the independent pharmacy owner is replete with both challenges and opportunities to be met today and beyond. In 2018 you’ll notice major differences in the way you operate your pharmacy and how you interact with your patients.

For example, you will become increasingly involved with technology and find it to be more prevalent and all-encompassing than ever. As an independent pharmacist, you will be more and more responsible for using the industry’s state-of-the-art tools to monitor and measure your patients’ medication adherence rates and identify those at the highest risk of non-adhering and falling through the cracks.

You’ll also become increasingly familiar with medication therapy management programs and those that synchronize appointment-based medication schedules. This will all fit your ongoing efforts to help gain the best possible clinical outcomes for those you serve.

Performance metrics will also continue to impact your professional life like never before. The various ways you’ll be pressured to take strategic actions to help your patients overcome barriers to adherence will, in turn, reflect your own operational and clinical metrics. Your success in this area will involve more prodding of your patients to renew such critical prescriptions as those for diabetes or high blood pressure. It’s a full-time job now.

But while you’ll invest more money and time on your pharmacy patients’ care, you’ll be challenged in collecting the revenue to pay for your expanded responsibilities. That’s because another trend that’s bedeviling the pharmacy market where it hurts worst — in its bottom line — is the drop in reimbursement rates for prescription drugs.

The rate slumped in 2017 and that trend is one that is expected to continue and perhaps to even pick up steam in 2018. The independent pharmacist can only hope that increased volume and access to greater involvement in the overall care of their patients will make up at least some of the difference.

The pharmacist will also be increasingly responsible for working in partnership with others within the healthcare environment — patients, payers and providers alike — to improve clinical outcomes while tightly controlling healthcare costs. Yes, the independent pharmacy will be an integral part of the healthcare team meeting your patients’ total care needs.

If it seems like these various trends are leading to a greater presence in the healthcare of your patients without a corresponding return on investment, you could well be reading the signs right. But as the population ages and medical care becomes increasingly expensive, more Americans than ever will rely on the guidance and advice of pharmacists like you to meet their comprehensive healthcare needs. You’ll find your pharmacy to be a more vital part of your community than it’s ever been. That’s both a challenge and an opportunity. Are you up for it?

Of course the independent pharmacy owner has a lot on his and her plate. But there are paths to profit in the trends you’ll see, as well. Look for ways to take advantage of marketplace changes and put your independent pharmacy on firm footing for 2018 and beyond.

The best news is that you’ll not have to meet these various challenges of operating an independent pharmacy alone. We’re here to offer a range of support services in tax and financial planning and effective wealth creation strategies to help smooth the way for today’s pharmacist.

BeamaLife can work with you to help you create and preserve wealth with asset protection, retirement planning and insurance. Please call one of our specialists at (877) 972-3262 or complete short “No Obligation” information request form now.