Tips for Buying a Pharmacy

There are several steps to buying a pharmacy. These include choosing a name, choosing a buying group, selecting a wholesaler, and hiring employees Buying Pharmacy Here are some tips to help you make the process smoother. Buying a pharmacy should be a rewarding experience. However, it is important to remember not to take it too lightly.

Choosing a buying group

When it comes to wholesale purchases, choosing a buying group can really pay off. For one thing, it can optimize your buying strategy and maximize your rebates. Secondly, a good buying group can help you negotiate more effectively with your wholesalers. This is important because sometimes your primary wholesaler contract won’t carry all of the drugs you need. That’s when you’ll need a buying group that has connections to secondary suppliers.

Choosing a buying group is also more convenient. For instance, if you live in a state that has several drugstores, you can easily compare prices by joining a statewide buying group. It is possible to access lower prices on prescription drugs through your preferred pharmacy network, and the purchasing group will provide you with a lower cost per prescription.

Additionally, these groups offer help in third-party contracts. Some groups manage their own PSAOs, while others support PSAOs owned by endorsed wholesalers. Make sure to learn which contracts the group supports, since coverage and reimbursement rates can vary by location. Moreover, many groups hold a yearly proprietary convention, where you can attend program-specific trainings and interact with endorsed vendors.

Before choosing a buying group, identify your desired pharmacy type, size, and location. Then, discuss these details with the group members to identify opportunities that match your preferences. It is also important to collect basic information about the pharmacy, including tax returns, payroll information, and top payers. These documents will help you determine which group can help you achieve your goals.

Buying groups can help small independent pharmacies increase their prescription volume and compete with regional chains. These groups are referred to as cooperatives or group purchasing organizations. They are comprised of several independently owned pharmacies that come together to negotiate with their wholesalers. The group will then make a multi-year commitment with the best wholesaler.

Hiring employees

Hiring employees is an important part of buying a pharmacy. It takes more than just looking at their resumes and cover letters; you have to find out if they’re the right fit for the pharmacy culture and values. When you look at a stack of resumes, it can feel like a jigsaw puzzle. With some strategies, you can find the right fit.

First, make sure to make relationships with your potential hires. Employees you know are more likely to stay with your pharmacy. It’s also helpful to start a referral program and reward employees who refer candidates. This will cut down on the time it takes you to find employees in the future. However, it can be difficult to find the right talent for independent community pharmacies.

Another factor to consider when hiring employees for buying a pharmacy is the amount of money you’ll need to hire new staff. It costs an average of $4,000 to hire a new employee and takes 52 days to train them. Also, it can be very expensive to hire an employee who doesn’t have any experience in the pharmacy industry.