In our last post we discussed some of the barriers and potential benefits of better implementing a MedsCheck service in your pharmacy. Today we take a deeper dive into the numbers to show how Medscheck are an underutilised service, the considerable financial gain that can be made from effectively implementing the service in your own pharmacy, and importantly how to start.
The Numbers
Rate of Service
As of July-2022 there were 5,091 PBS approved pharmacies across Australia.[i]
Of these pharmacies, 4,786 or 94% were QCPP approved to provide professional services.[ii]
According to PBS data, 3,255 or 68% of these pharmacies actively complete at least one Medscheck per month [iii].
If you consider that most of the 1,500 or so big chain pharmacies across Australia often complete 20 Medschecks per month, it means that in reality most smaller pharmacies may only be completing as few as THREE Medschecks per month.
Finally, that leaves the remaining 1,531 or 32% of pharmacies completing ZERO MedsChecks per month.
Financials
A standard MedsCheck is worth $66.53 per patient, or $99.79 per patient for a Diabetes MedsCheck. If a pharmacy can reach its full quota, it stands to generate an additional $15,967 pa. at worst or $23,950 pa. at best, pending on the ratio of standard vs diabetes Medschecks.
In a world of 60-day dispensing and one where we are looking to make professional services a more prominent stream of revenue, why are so many pharmacies not taking advantage of CPA funded services right now? There are few services as to easy to implement that can generate revenue as easily as a MedsCheck, so what is stopping you?
Is a MedsCheck a MedsCheck?
So, you’ve tried to implement a MedsCheck service before but you found it took too long or isn’t something you could integrate easily into your existing workflow? How do the pharmacies who manage to complete 20 reviews per month do it? Is it the extra staff, resources and support or is it access to tools you may not have? Yes and no.
Yes, larger pharmacies have more staff and the facilities to complete these services but that’s not the secret. It’s how they approach and actually complete the service that distinguishes their ability to consistently and efficiently perform MedsChecks.
According to the PPA program rules, a MedsCheck needs to be conducted face to face either in a private area or at a time where a pharmacist can engage with a patient without being interrupted to complete other professional duties. This means that a pharmacy with more than one pharmacist is at a strong advantage, but it doesn’t mean that smaller single pharmacist pharmacy can’t participate.
Although seating is required, a review doesn’t have to be an entirely formal affair. Many of these larger pharmacies actually conduct the review over the counter with the patient, using software such as MedAdvisor to guide the exchange. By approaching MedsChecks in this manner, pharmacies can conduct reviews in substantially less time.
Is this as beneficial for the patient? Let’s consider the strong relationships you have developed with your patients over the years, and the fact that every time you dispense medication for them, you automatically check the dose, strength, appropriateness etc. of the drug you’re supplying. In reality you are conducting fragments of a MedsCheck over and over again. What really distinguishes the service from your general day to day goings are two things, medication reconciliation and direct patient information. A patient should walk away from a MedsCheck simply knowing what medications they take and why, and be provided with a report that details this information and more.
A MedsCheck is not a home medication review. It does not need to be an all encompassing and frankly time-consuming affair, because if we all sat down and did reviews for 30 minutes or longer, the financial viability of the service would be very questionable. If a MedsCheck can be conducted in 5 to 10 minutes, then your ability to prioritize a short amount of time to conduct one review per day, could result in a substantial increase in annual revenue.
How do I start?
Through my experience in trying to implement a new service in my own pharmacy or as part of a research team trying to help others do so themselves, I have learnt that change isn’t easy. If by now you can see that there are only positives to come from implementing a MedsCheck service but don’t know how to start, you’ve come to the right place because Pharma Assist was created with this very task in mind.
Pharma Assist is here to provide you with the tools and support necessary to implement professional services like MedsChecks in the most timely and profitable way. So, if you want to improve how patients use their medication while increasing your business revenue, contact Pharma Assist and find out how we can help you achieve this today.