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Newsletter – December 2018

Dec 12th, 2018

 

December 2018 Newsletter

From the CEO

The importance of year-end inventory housekeeping. It’s December and we would be remiss in not mentioning the importance of year-end inventory housekeeping.  As our members wrap up 2018, it is important to stress the priority of starting 2019 with an optimized inventory that is void of overstock, slow moving, and soon-to-expire items. A pharmacy’s inventory is one of its biggest budget line items, and an area that requires a high amount of attention. Managed inefficiently, it can be a drain on your staffs precious time, and most importantly, on your cash flow and profitability. 

December presents the last month of the reporting year to right-size your inventory valuation for tax purposes. Many of you will perform full physical counts and cycle counts to tie out to what is reported by your pharmacy’s inventory software system.  We highly recommend you also run a utilization report to help identify overstock and slow-moving items, and post those items to MatchRX.

As a member of MatchRX, you have the unique opportunity to quickly and easily sell what you don’t need to another independent.  Over 5,500 independents shop MatchRX to help fill a patient script. Items typically sell within a few weeks of being posted to the marketplace (sometimes within minutes when priced correctly), generating the cash you need to invest back into your pharmacy. To help you identify items in high demand from other members, click here to view the Top 100 Most Wanted Items and start posting today.

Thank you for your continued membership. As always, we remain passionate about community pharmacy and look forward to helping you and your business thrive. 

John Kello

CEO

PS – 2019 will be a big year for MatchRX members. Watch for the launch of a new marketplace and additional services to help improve your pharmacy’s operations and patient services.

Features/Functionality coming with MatchRX 3.0

Reorder Items

MatchRX maintains all of your buying history. The Reorder feature in the marketplace provides you with a quick list of items that are currently available to purchase again. You can sort the list in a variety of ways, including WAC discount, posting date, product name, and expiration date. Use the Reorder feature to quickly purchase items for patients that are on recurring fill schedules. This feature will be available in both desktop and mobile.

Monthly Activity Summary

If you are designated as a Primary User in your MatchRX account, you will have the option to receive an email at the start of every month that summarizes the activity of the previous month. Quickly view total postings, total sales, total purchases, and overall savings earned by your MatchRX activity.  A Primary User can also assign this notification to other users within the account.

Pharmacy News

posted on 11.29.2018

Communicating with patients is an integral part of any independent community pharmacist’s job. Whether you need to discuss insurance issues, doctors’ orders, or medication management, the channel you use to communicate use matters.

Pharmacists convey vitally important information every day. From doses and directions to refill details, misunderstanding (or simply missing) your message leads to adherence issues like missed or incorrect doses.

In a world where we can receive text messages on our watches and talk to our TVs, pharmacies have more communication options than ever.

Here’s how to pick the right channel for the right time and the right patient. (…read more)

posted on 12.05.2018

A bill introduced by Sens. Chuck Grassley (R-IA) and Ron Wyden (D-OR) attempts to crack down on any efforts by drug companies to overcharge taxpayers for Medicaid rebates. The bill would give HHS new authority to reclassify a drug and recoup rebates when a manufacturer deliberately misclassifies a drug in order to pay lower rebates.

A bill introduced by Sens. Chuck Grassley (R-IA) and Ron Wyden (D-OR) attempts to crack down on any efforts by drug companies to overcharge taxpayers for Medicaid rebates. The bill would give HHS new authority to reclassify a drug and recoup rebates when a manufacturer deliberately misclassifies a drug in order to pay lower rebates. (…read more)

posted on 09.14.2018

Now’s the perfect time for independent community pharmacies to go natural. (When it comes to front-end products.)

Why? Natural is the new normal. What once was merely a niche is going mainstream. The natural and organic product industry as a whole more than doubled from 2006 to 2015, reaching $180 billion and spanning nearly every category of retail product.

In particular, natural supplements grew to $39 billion. Natural beauty and personal care reached $18 billion and is predicted to grow to $25 billion by 2025. Significantly, the majority of shoppers look for these products at pharmacies and big box retailers first. (…read more)

Helpful Hints

Tip 1: Contacts, emails, and phone numbers.

Reviewing your account information is simple, quick, and important. Next time you login, verify your list of authorized contacts. Review and update contact names, email addresses, notification preferences, and cell phone numbers. Don’t hesitate to add your accountant or any other person that is authorized to inquire about your account. MatchRX customer service agents will only work with authorized individuals.

How do I update my profile?

  1. Login and click on the Manage Tab.
  2. Click on “My Profile” > “Contacts Manager”
  3. Add or edit a contact

Tip 2: Utilize your Wishlist, let it work for you.

Add as many items as you’d like to your Wishlist and use the marketplace as your personal shopper.

How does it work? Simple, at anytime click on the blue “wand” icon next to each posted item in the marketplace or add an item to your Wishlist at the time of checkout. You’ll receive an email each morning with a list of your Wishlist items posted to the marketplace from the previous day, currently available for purchase. Login and shop early in the day to ensure your Wishlist items are not purchased by another member.

Here’s a shortcut to buying items from your Wishlist. After logging in, click on the “Wishlist” tab and a column of your items will be listed, how many are available for purchase, and the date the item was added to your list. Simply click on the name or quantity to compare prices and add to your cart.

Tip 3: Postings. Postings. Postings.

Sellers – how many scripts do you have to fill to recover the money lost when a drug expires on your shelf? Expired drugs equate to lost profits. Post your overstock, short dated, and odd package sizes to MatchRX and sell them to a fellow independent that needs it to fill a script. Posting is fast and easy.

Here are a few tips to help manage your postings:

  • Use the complimentary MatchRX stickers to track what you’ve posted. Order more here.
  • Assign a tech to help track all your sales made in the marketplace.
  • Post multiple items at a time. When a Buyer adds one of your items to the cart, the marketplace will automatically display the rest of your open postings to help the buyer identify additional items and save on shipping.

We’re here to help. If you have any questions about posting, buying, shipping, MatchMoney, or need to train a staff member of your pharmacy, call us at 877-590-0808.

Need additional assistance, contact us at 877-590-0808 or email customerservice@matchrx.com. Our team is happy to answer any questions you may have.

Need more MRX stickers to quickly identify posted items? They’re free, click here to request more.

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