Our Pharmacy Operations
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We provide prescription pharmaceuticals, compounded medications, tele-pharmacy services, anti-retroviral medications, medication therapy management, the supply of prescription medications to long term care facilities, contracted pharmacy services for 340B Covered Entities under the 340B Drug Discount Pricing Program, and health practice risk management.  We improve the lives of patients with complex chronic diseases through our partnerships with patients, payors, pharmaceutical manufacturers and distributors, and physicians.  We offer a broad range of innovative solutions to address the dispensing, delivery, dosing, and reimbursement of clinically intensive, high-cost drugs.  We also provide patient health risk reviews and free same-day delivery. We currently fill on average approximately 44,000prescriptions per month. We believe we are well positioned to continue expanding our market share in the pharmacy industry.

 

We offer a variety of value-added services for no additional charge that further encourage satisfaction across all medication stake holders and enhance loyalty and key performance metrics. These services include language support for broad demographics, prior authorization assistance, same-day home-medication delivery, on site provider consultation services, reporting and analytics, customized medication adherence packaging solutions, and patient advocacy. Our pharmacies accept most major insurance plans and provide access to co-pay assistance programs, discount and manufacturer coupons, and competitive cash payment options. We also offer e-commerce of over-the-counter products, certain disease testing, and vaccinations.

 

We enhance patient adherence to complex drug regimens, collect and report data, and ensure effective dispensing of medications to support the needs of patients, providers, and payors. Our patient and provider support services ensure appropriate drug initiation, facilitate patient compliance and persistence, and capture important information regarding safety and effectiveness of the medications that we dispense.

 

We have filled over 258,000prescription during the six months ended June 30, 2020, compared to 187,000prescriptions for the same period in 2019. Increases in prescriptions filled, physician referrals, and patients serviced stem from our value-added services and our performance as measured by Health Insurance Plans and PBMs. In 2019, our performance score was Five Stars with a relative ranking in the top 20% of all pharmacies in the U.S. Primary care physicians similarly are measured based on chronic care management, the results of which impact their annual revenue. This creates incentive for physicians to refer patients to pharmacies that have high performance scores. As a result of our pharmacy performance and value-added services we have helped retain customers and attract new ones and have resulted in performance incentives from PBMs of approximately$724,000 in 2019.

We provide contracted pharmacy services for 340B Covered Entities under the 340B Drug Discount Pricing Program. The drugs are owned by the 340B Covered Entity up until sale, so we do not incur out of pocket costs for this drug inventory. Under the terms of these agreements, we act as a pass through for reimbursements on prescription claims adjudicated on behalf of the 340B Covered Entities and receive a dispensing fee per prescription. These fees vary by the covered entity and the level of service we provide.

In 2015, we established a non-sterile compounding lab to support those patients looking for alternative primarily topical pain management treatments and customizable dosage forms to accommodate struggles with existing conditions. Our compounding department specializes in formularies such as non-narcotic topical pain creams, wound care creams, scar gels, hormone replacement therapies, female health, pediatrics, and sports medicine. We only use FDA approved and registered ingredients and each compounded prescription can be individually tailored for a result that fully meet the needs of the patient.  In addition to these medications, PharmCo prepares psoriasis creams, wellness vitamins, weight loss formulations and holistic capsules which are 100% Kosher and Halal certified. Compounded medications require strict compliance procedures, are highly labor intensive and as of 2020 are largely not covered by insurance. However, we continue to believe that compounded options must be available for our patients as they have proven effective in improving quality of life for patients with complex conditions and treatment regimens.

 

For our LTC customers, we providepurchasing, custom packaging and dispensing of both prescription andnon-prescription pharmaceutical products. We utilize a best practice unit-of-dose packaging system as opposed to thetraditional vials, using the same robotic packaging systems currently used bychain, mail order, and large-scale pharmacies. We also provide computerized maintenance of patient prescription histories,third party billing and consultant pharmacist services. Our consultant pharmacyservices consist primarily of evaluation of monthly patient drug therapy, aswell as monitoring the institution’s drug distribution system.

 

We also generate revenue from ourwork in MTM. MTM involves review and adjustment of prescribed drug therapies toimprove patient health outcomes for patients with multiple prescriptions. Thisprocess includes several activities such as performing patient assessments,creating medication treatment plans, monitoring the effectiveness of andadherence to prescribed therapies and delivering documentation of theseservices to the patient’s physician to coordinate comprehensive care.

We currently deliver prescriptions toFlorida’s diverse population and ship compounded medications to patients instates where we hold non-resident pharmacy licenses as well. We hold acommunity pharmacy permit in Florida and we hold non-resident pharmacy licensesthat allow us to dispense to patients in the following states: Arizona, Colorado,Connecticut,  Georgia, Illinois, Massachusetts, Minnesota, Nevada, New Jersey, New York, Pennsylvania, Texas,and Utah.

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