WHY A RETAIL PHARMACY?
What are the benefits to a hospital having its own retail pharmacy?
By providing patients with an on-site retail pharmacy, a hospital can improve patient outcomes and quality, reduce readmission rates by making medications accessible and convenient and generate revenue.
How can having a retail pharmacy help a hospital reduce readmission rates?
Many patients are readmitted to the hospital within 30 days due to failure to adhere to their medication prescriptions. By making the medications readily available or providing the medications at discharge, the adherence rate will be much higher, thus keeping them healthier and making their readmission less likely.
Who will use the hospital pharmacy?
- Discharged patients
- Observation patients
- Day surgery patients
- Physican office patients
- Emergency departmet patients
- Hospital employees
Can the hospital save money by having its own pharmacy?
Yes. Hospitals, whose employees utilize the in-house retail pharmacy, will take advantage of wholesale or 340B pricing versus the retail price that is paid at a chain or independent pharmacy.
How does a hospital retail pharmacy improve chronic disease management?
Studies have shown that management of chronic diseases contributes to reduced readmission rates, improved patient outcomes and overall improvement in a patient's health status. Our pharmacy as a partner of the hospital, will works with the hospital and physicians to strengthen the chronic disease management program.
What is the advantage of utilizing Keystone Pharmacy Services versus initiating my own retail pharmacy?
Establishing a retail pharmacy requires specific knowledge and skills, as well as considerable time to plan and execute. Partnering with Keystone will allow management to focus on other critical initiatives. We will install and manage the pharmacy program and hire experienced retail pharmacists and technicians. Additionally, we can have a pharmacy operational in 60 to 90 days. Typically it will take a hospital a year or longer to implement a retail pharmacy program. With Keystone as your partner, your pharmacy objectives can be realized in a shorter period of time.
What is the capital investment for a retail pharmacy?
Minimal capital investment is required.
Why not utilize the existing pharmacy staff to establish and operate a retail pharmacy?
A retail pharmacy is a different model than an inpatient hospital pharmacy and requires a different skill set by the pharmacist. Keystone Pharmacy Services has over 40 years experience in establishing and operating retail pharmacies. We know how to acquire the appropriate licenses, hire experienced retail pharmacists, contract with PBMs and health plans, maintain a continuous and cost-effective medication inventory, and work collaboratively with physicians and patients.
What staff involvement is necessary to execute a hospital based retail pharmacy program?
Hospital staff involvement is minimal since Keystone will assume responsibility for development, installation and management of the pharmacy program.
Why not simply lease the space to a pharmacy? Wouldn't it be easier? Why not utilize a retail chain or independent pharmacy rather than Keystone Pharmacy Services?
Revenue producing hospital space is imperative for hospitals to improve operating margins and meet overall quality outcomes. Partnering with Keystone Pharmacy Services will achieve profits that exceed mere rental income. This partnership will maintain control of the pharmacy to insure that the needs of the hospital and patients are met.
More importantly, our pharmacy team will become part of your hospital team. We will respect your hospital culture and mission and make the pharmacy program an integral part of the hospital services.
WHAT OTHER QUESTIONS SHOULD BE ASKED?
Will the Keystone Pharmacy Services model work in conjunction with 340B pricing?
Yes, by using Keystone Pharmacy Services, the hospital pharmacy can fill prescriptions at 340B pricing for eligible patients and staff. This allows the hospital to retain both 340B and non-340B revenue.
What is the time frame in implementing a retail pharmacy in my hospital?
With our expertise, once a contract is signed, the pharmacy should be open within 60 to 90 days.
Can Keystone Pharmacy Services assist the hospital in the approval process of establishing a retail pharmacy?
Keystone will provide any materials or resources and will assist with presentations to boards or committees.
How soon can we execute a contract?
Keystone will provide a contract that can be executed as soon as it is reviewed and approved by the hospital. Installation can begin upon execution.
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