With the increasing pressures from public and private payers on dispensing revenue, pharmacies are experiencing a dip in their bottom line sustainability while struggling to develop alternative revenues.
by Amy Lamb
Compounding offers an opportunity to enhance the value of a dispensed medication with the addition of a compounding fee. Compounding pharmacies have been able to create sustainable models through efficiencies, excellence and marketing in compounding.
Compounding pharmacies have long been able to pair customized services with clinical consultations and complementary supplements. There are valuable relationships and partnerships formed in customizing medicines for practitioners and patients. There are endless opportunities for compounded solutions in drug shortages, complex cases and therapeutic optimization! In a culture where location and convenience limit your patient base, specialized service draws in those patients normally out of reach.
What are the regulations and requirements to elevate compounding in your practice? What are the financial commitments and opportunities in enhanced compounding revenue sources and the supportive framework of clinical services and additional billables that supplement the successes of compounding pharmacies in pharmacy’s dynamic landscape? Compounding is a viable opportunity pharmacists should consider adding to their community practices.
Amy Lamb is a pharmacy and health advocate practicing in Saskatoon and Prince Albert, Saskatchewan. As an undergraduate at the College of Pharmacy and Nutrition at the University of Saskatchewan, Amy was heavily involved in advocacy bodies, including the Canadian Association of Pharmacy Students and Interns (CAPSI) and the Canadian Pharmacists Association and was awarded the CPhA Centennial Leadership Award. Amy continues to be active in the pharmacy profession and has served as a board member for the Association of Compounding Pharmacists of Canada.