It’s almost that time of year: Medicare Annual Election Period. While open enrollment is only the tip of the iceberg when it comes to reaching the Medicare Part D community, it IS the time of year when plan choices are most front-of-mind for patients. As store owners ourselves, we understand that it’s not always easy to make the time to make the most of this opportunity—so we’ve put together some ideas we hope will help.
Over the past three decades, competition in pharmacy has increased exponentially. It started in the 80s, when the national chains gobbled up real estate; it continues today with many of those chains purchasing their way into limited networks through consolidation and the acquisition or creation of their own PBMs.
To help our own stores (the Sterling chain of regional pharmacies in southern Minnesota and Iowa) combat the downward pressure on margins and generally more competitive pharmacy market, we’ve been using a multi-pronged approach.