Pharmacy Transition Services: Buying, Selling, and Closing
January 8th, 2021
If you’re buying, selling, or closing a pharmacy, you’ll need help planning for the future. Explore our pharmacy transition services.
Pharmacy is a large enterprise in the U.S. In such a market, hundreds change ownership each year or completely close. The buying, selling, and closing of pharmacies prompt the need for specific services. We define them as pharmacy transition services and include data conversions, analytics, archiving, and print and mail solutions.
Learn about the solutions we offer for pharmacies in transition.
Acquisition Analytics: Valuate with a Third-Party Report
Before you make a pharmacy purchase, you’ll certainly want to evaluate the operations and profitability. However, sometimes, this view isn’t as transparent as you’d like. Seeing this was a challenge in the industry, we developed Acquisition Analytics.
We take the selling pharmacy’s data, and create a non-biased report, redacted to follow HIPAA guidelines. The report offers greater visibility around revenue and volume. With this, you can make a better determination of future profitability and the ability to retain patients.
Data Conversions: Migrating Data to New Platforms
If you’re buying a pharmacy, whether just the patients or the complete location, you’ll likely need a data conversion. Pharmacy data conversions are very common and consist of moving data from one software platform to another. We make them as pain-free as possible with a thorough process that ensures accuracy, security, and compliance.
Data Archiving: Store Healthcare Records Compliantly
If you’re buying, selling, or closing a pharmacy, you should understand your data archiving options. Patient record retention requirements require you to maintain files for at least seven years, even if they are no longer active.
If you are buying a pharmacy, you should consider only migrating current records to your software platform. You can archive the rest with a web-based solution that offers easy access and robust security, including encryption and backup.
If you’re the seller or closing a pharmacy, you may be responsible for maintaining the records as a custodian. It’s too expensive and complicated to keep them on legacy systems. The decision to archive satisfies regulations and is very low-cost.
Print and Mail Services: Tell Patients the News
The previous pharmacy transition services have been data-focused, but you still need communication solutions, too. Our pharmacy print and mail services can take care of spreading the news. We’ll send first-class letters to patients, based on the data in the pharmacy system, notifying them of the pharmacy change. These letters can inform patients no matter the situation. As a buyer, let them know you’ll still be able to serve them. If closing, thank them for their business and direct them to a new provider. They are completely customizable with your branding, maps, and more.
Further, we have large format and exterior signage capabilities. If you’re closing the purchased location, purchase signage for the old site to point them to the new one. If you’re taking over the store, we can develop a turnkey rebrand package for every signage need.
Buying, Selling, or Closing in 2021? Let Us Help with the Transition
Is a pharmacy transition in your future? If so, you can trust our pharmacy experts to support you through the journey. Get started by downloading our transition services spec sheet.