Roadmap to Starting a Specialty Pharmacy | Part 2

Screen Shot 2016-04-04 at 1.44.55 PMOn the second part of CSI’s roadmap to specialty pharmacy success we’ll discuss the staff, technology and sales team set-up and the training they needed for the journey.

Choose Experienced Staff for the Trip

The right employees, who know the industry and have established relationships, can help you navigate the route—from startup to long-term success—and avoid potential potholes along the way. Seek employees who are familiar with the market and its key stakeholders as well as those with experience handling billing, claims and other operational functions. An experienced clinical team, including nurses, technicians and care coordinators, is also critical to success in the marketplace.

  • look for employees who are passionate about the industry and whose passions align with your company’s values
  • hire consultants, if needed, to help acquire valuable talent

Invest in Technology to Ensure a Smooth Ride

Screen Shot 2016-04-04 at 1.45.38 PMSteer clear of potholes by selecting technology products that are designed for the complex and specialized services of a specialty pharmacy. Platforms suitable to the specialty market should be scalable and should include an interface for prior authorizations (PA). They should also be able to handle medical billing as well as manage dispensing and inventory. Retail pharmacy software is not designed to meet these needs. In addition, your technology tools should be capable of analyzing the available data, so you are always aware of trends in your business, which will help you stay on course. The data available from your technology can also help you to equip your sales staff with marketable facts about your business and report detailed information to drug manufacturers and suppliers.

Streamline your Route with a Strong Sales Team

Screen Shot 2016-03-28 at 2.53.01 PMA sales force that can market your company and represent your team to prospective clients is an important component for both short-term and long-term business building. Some pharmacies opt for inside sales teams while others build an outside sales staff. And a hybrid version, with some inside sales staff augmented by external support, is also an option. The type of sales structure you choose depends on your specific needs.

Inside Sales

  • extensive geographic coverage
  • more accounts served compared to other models
  • less expensive to retain and can yield results equal to that of other models

Outside Sales

  • quick development of strong in-person relationships
  • more readily able to assist in the PA process
  • most costly sales model

Inside/Outside Sales

  • most effective sales results
  • compensation plans must encourage cooperation

Train Your Staff to Ensure You Arrive at Your Destination

Screen Shot 2016-04-04 at 1.50.01 PMFor every aspect of the specialty pharmacy industry, training and continuing education opportunities abound. For example, software providers offer instruction for the implementation and ongoing usage of their SPP-specific applications, and training for other staff, from operations, to clinical to sales, is available and can be tailored specifically to your needs.

By investing in training, technology and staff your specialty pharmacy is on the road to success.

Check back in the coming weeks for more insight into starting a specialty pharmacy.

Missed Part 1? Click here to read it now.

2018-02-21T07:49:27+00:00