In the past ten years, we have seen healthcare change drastically with most of the change coming in the later part of the decade. In 2006, CVS bought Caremark, one of the leading PBMs. This would be the start of a power struggle among all of the large chains to compete as preferred pharmacies by negotiating their drug prices with the remaining PBMs. Over the years these negotiations have led to reimbursements that have declined gradually leaving independents and some large chains to close their doors or sell out. In the last few years, Target has bowed out allowing CVS to occupy the pharmacy area within their stores to strengthen its marketshare. In the last 5 years, the importance of MTM has grown as something we can not ignore. Direct/indirect
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From complex computer systems to unlimited resources from online sources, healthcare data is almost limitless. As pharmacists, our goal is simple, take care of our patients. They depend on us to provide quality healthcare to improve patient outcomes. OutcomesMTM and Mirixa allow us to combine data from many sources to ensure patients are taking medications that have clinical efficacy, ensuring compliance to prescribed medications and are also cost-effective. Though this is something that is sometimes viewed as a burden, these services are something we owe to our patients for choosing Wal-mart as their trusted pharmacy. Value-based reimbursement (star-rating) directly affects our gross profit. These MTM services will not only increase our GP but also strengthen our relationships with our patients. While the direct reimbursement for the service itself may not be profitable, the long-term effects on preferred pharmacy selection by these PBMs will allow for sustainability.
In the next 15 years we will more than certainly have a new set of challenges to overcome in the world of healthcare. As long as we have a handful of large-chain retail pharmacies in the healthcare business there will always be challenges and flux. As the largest retailer in the world Walmart has the background to stay competitive within the healthcare system. As long as we provide the best quality healthcare to our patients, pricing, PBM partnership and acceptable star-ratings this should allow Walmart to be as sustainable giant in the healthcare industry for years to
From complex computer systems to unlimited resources from online sources, healthcare data is almost limitless. As pharmacists, our goal is simple, take care of our patients. They depend on us to provide quality healthcare to improve patient outcomes. OutcomesMTM and Mirixa allow us to combine data from many sources to ensure patients are taking medications that have clinical efficacy, ensuring compliance to prescribed medications and are also cost-effective. Though this is something that is sometimes viewed as a burden, these services are something we owe to our patients for choosing Wal-mart as their trusted pharmacy. Value-based reimbursement (star-rating) directly affects our gross profit. These MTM services will not only increase our GP but also strengthen our relationships with our patients. While the direct reimbursement for the service itself may not be profitable, the long-term effects on preferred pharmacy selection by these PBMs will allow for sustainability.
In the next 15 years we will more than certainly have a new set of challenges to overcome in the world of healthcare. As long as we have a handful of large-chain retail pharmacies in the healthcare business there will always be challenges and flux. As the largest retailer in the world Walmart has the background to stay competitive within the healthcare system. As long as we provide the best quality healthcare to our patients, pricing, PBM partnership and acceptable star-ratings this should allow Walmart to be as sustainable giant in the healthcare industry for years to