LAS VEGAS — Good Neighbor Pharmacy and parent company Cencora are tackling the issues that confront independent drug stores head on. In addition to keeping the pressure up on legislators to enact meaningful reimbursement reform and other measures that would create conditions that allow pharmacies to thrive, they are helping members of the profession take on a bigger role in health care delivery.
“The landscape of pharmacy is changing rapidly, and it’s no secret these changes bring challenges,” Tim Cernohous, senior vice president and president of community, retail and long-term-care pharmacy at Cencora, told attendees at Good Neighbor Pharmacy’s annual ThoughtSpot conference. “From shifting market economics to a tough regulatory environment, we’re seeing the impact on everyone from large chains that are closing stores to pharmacies searching for alternative financial support. It’s clear that we need to accelerate the exploration of new and innovative solutions that address the challenges you are all facing.”
While acknowledging that pharmacies today are not fairly compensated for the services they provide, he called on members of the profession to actively engage in building a more sustainable paradigm — one that goes well beyond dispensing medications. “The reality is that pharmacy of today is being challenged,” noted Cernohous, who was trained as a pharmacist and, on occasion, still practices at a drug store in western Wisconsin. “We can’t change those circumstances overnight; what we can do is evolve and prepare for the future that we want. But here’s what sets you all apart: Community pharmacies have always been able to adapt more quickly, thanks to your independence, your connection to your patients, passion for the profession and connection to the community.”
Cernohous urged independent pharmacists to explore three areas that many of their colleagues have leveraged to their benefit — understanding financial levers that will enable them to grow, expanding services to improve cashflow and closing gaps in care. “Some of the most common areas of diversification that we’ve seen are the implementation of functional medicine programs, custom compounding services, enhancing patient care services such as medication administration, implementing and, in some cases, re-implementing 340B programs, and then also embracing long-term care at home for their patients and appropriate patient populations,” he said.
To help Good Neighbor Pharmacy members seize such opportunities, Cencora is making its own changes. The company is enhancing its digital technology initiatives, rolling out a new team-based care model, entering contracts based on clinical performance, and working to make the ThoughtSpot experience more productive.
Cernohous closed by encouraging independent pharmacists to capitalize on their inherent strengths: “You can do this more quickly than anyone else. It’s the true differentiator of community-based care that no one else can replicate.”
