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Newsletter – January 2019

Jan 14th, 2019

 

January 2019 Newsletter

From the CEO

Happy new year! 2019 looks to be a promising year of positive change in the pharmacy industry, especially for independents. There is a lot of momentum in Washington DC related to combating DIR fees targeting independents and improved PBM transparency, just to name a few topics.  We will continue to monitor developments and communicate to you as necessary.

With January comes the dreaded annual drug price increase, this year estimated at 8% on average, many of which are generic drugs. Click here to read more. Unfortunately, these price increases do not typically run parallel to an increase in insurance reimbursements, which will drive down your profitability per script even lower than in 2018. This is all the more reason why you should buy for your patient script through MatchRX. Members that purchase through the MatchRX marketplace save on average 36% below WAC, while at the same time help a fellow independent turn overstock into cash. It’s a win-win. Independent pharmacies must work together to maximize profitability and patient services, which is why MatchRX was created almost nine years ago by an independent pharmacist.

January also marks the perfect time to perform inventory housekeeping. Rid your shelves of items that are short-dated, odd quantities, slow moving, and/or special purchases that are no longer needed by your patients. Post them to MatchRX. Other MatchRX members want what you don’t need. Turn excess inventory into cash and use the cash to grow your business. Let’s make 2019 a banner year for independent pharmacy! 

John Kello

CEO

Features/Functionality coming with MatchRX 3.0

User Names and Passwords

Sharing a single login to your MatchRX account will be a thing of the past. Each MatchRX user will login with a user name consisting of the users first initial and last name (John Smith = jsmith), unique password, and pharmacy DEA number. This allows your staff to work independently when posting, confirming, buying, etc. Primary users will be able to manage all user profiles, while other users can manage their individual profile. The first time you log into MatchRX 3.0, a simple user profile tool will launch to build your user name and password. To assist in successfully converting all of your existing users, we highly recommend you review each user profile for your pharmacy today to ensure accuracy of names, email addresses, mobile numbers, and notifications. Simply login, go to the Manage Tab, click on My Profile, Contacts Manager to verify.

Membership Status

With the launch of MatchRX 3.0 comes a new Membership Status classification for your pharmacy. Will your pharmacy be a Platinum, Gold, Silver, or Bronze member? Well…. the answer to that depends on how often you are using MatchRX each month. Each status level (Platinum being the highest) will come with incentives to help drive additional profit and cash flow to your pharmacy. Watch for more details, coming soon!

Pharmacy News

posted on 12.13.2018

Is your independent pharmacy still stuck behind the counter?

Even amid paltry reimbursements and unpredictable clawbacks, prescription sales still make up 95 percent of independent pharmacy business on average.

That leaves a measly 5 percent for the front end. Pharmacies with such a significant imbalance are leaving a lot of profit on the table. If pharmacies devoted more time and money to their front end, they could get a nice return on investment that they aren’t getting behind the counter. (…read more)

posted on 12.122018

A pharmacy’s inventory is one of its biggest budget line items, and an area that requires daily attention. As such it can be one of two things. Managed poorly, it’s a drain on your time and cash flow. Managed intelligently, there is a wide range of positives. From finding the cash you need to invest back in your pharmacy, to ensuring the highest levels of patient service, pharmacists who look for ways to manage their inventory more intelligently are seeing gains. We’ll find out how three pharmacies are using advanced analytics, their pharmacy management systems, automation, and other services to ensure that their inventory is a valuable resource and not just bottles on the shelf. (…read more)

posted on 01.10.2019

Sen. Chuck Grassley (R-IA), the new chair of the Senate Finance Committee, has attached his name to a trio of bills meant to lower drug costs, many of which have stalled in past sessions but that now enjoy renewed enthusiasm. One is a Grassley proposal with Sen. Amy Klobuchar (D-MN) that would allow Americans to import drugs from Canada for personal use. Grassley said Wednesday that he would bring back two other bills on the topic with Democrats: the CREATES Act, which aims to crack down on anti-competitive behavior from brand-name manufacturers, and a bill to ban the practice of “pay-for-delay,” (…read more)

Helpful Hints

Tip 1: Do you have shipping supplies readily available?

Is your pharmacy prepared to ship items for express orders? Frozen/Refrigerated items?

Did you know….

  • MatchRX will send your pharmacy free FedEx Express boxes to keep on hand for items needing express shipping.
  • MatchRX supplies frozen/refrigerated stickers to add to the exterior of boxes, allowing your buyers to quickly identify items requiring additional attention. Order more here.
  • Keep smaller boxes and shipping supplies on hand in your pharmacy for a smooth selling experience. Remember to add cotton to the top of pill bottles, add tissue paper or bubble wrap to the inside of your box to prevent damage when shipped.

If you need additional items, contact our customer service team at 877-590-0808 or email us at customerservice@matchrx.com.

Tip 2: 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 3: 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.

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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