Pharmacies Closing & Shutting Down Are On The Rise!
As we discuss and celebrate the tremendous trend in Pharmacy expansions recently, it is easy to overlook the concurrent independent pharmacy closings that are also on the rise. In past blogs we have talked about the benefits that a proven Pharmacy Consulting firm such as Healthcare Consultants can provide to a pharmacy owner regarding exit strategies, yet many businessmen still find themselves forced to shut their pharmacy doors because of a lack of knowledge and/or sufficient planning. There were actually over a dozen instances of pharmacies closing their doors and filling their last prescriptions in just the last 30 days alone. Here are just a few examples:
– In Mount Airey Pennsylvania (part of Northern Philadelphia), Cooperman’s Pharmacy closed their doors after 93 years of servicing patients in their neighborhood.
– The Oak Hill Pharmacy located in Evansville, Indiana shut down last week after being what the customers called “a neighboorhood institution” for over 5 decades.
– The historic Shindler’s Pharmacy in Bandon, Oregon filled it’s last prescription on October 7th. Many local residents claim that it was the oldest Pharmacy within a 50 mile radius of Bandon.
– Main Pharmacy located in Masontown, Maine will shut it’s doors at the end of this year according to owner Lydia Main. This closing of a Pharmacy is of particular interest because it was completely avoidable and could have been averted had Ms. Main seeked out and received proper pharmacy consulting!
Declining reimbursements from insurance companies, reliance on cash purchases, mail-order pharmacies being “pushed ” by insurance companies, and big chain pharmacies moving into local neighborhoods are just a few of the reasons that the last independent community pharmacies may be forced to shut down.
Although we can all remember the corner drug store that we grew up with no longer being in business, independent community pharmacies still hold about a 30% share of the overall drugstore market as shown by industry statistics. Staying in business largely depends on having (and keeping) a devoted customer base, plus offering unique services and products.
But if you are considering closing or shutting down your pharmacy, Healthcare Consultants Pharmacy Staffing can help you do it right. There are many things to consider and items that must be addressed and taken care of. A few of these include:
– Handling the custody of the existing prescription files
– Controlled drug inventory records
– The names and addresses of who will be acquiring the legend drugs
– Documentation and destruction of all pharmacy labels and prescription pads
– Confirmation of return of DEA registration and all blank DEA 222 ordering forms
And these are just few. Plus all closing requirements are required to be performed in writing within a specified time period.
If you are considering shutting down or closing your pharmacy in the future, contact HCC today. Healthcare Consultants has helped many pharmacy owners through this tough transition. We can help make sure that you are prepared for what needs to be done and that all requirements are met and agencies satisfied. This is another example where we stress that “an ounce of prevention is worth a pound a cure”.
Keep in mind that Healthcare Consultants has been helping pharmacies since 1989. Just a few of the services that we offer include:
– Pharmacist staffing (temporary, vacation & fill-in coverage)
– Equipment needs assessment
– Audit preparation
– Compliance reviews
– Policy & Procedure review and recommendations
Contact us on line or call us today for a Free Consultation at 800-642-1652 to discuss how we can help you