Run Time: 26:20
Michael Tetreault, Editor of Concierge Medicine Today, met with Dr. Phil Baker, Custodian of Good Shepherd Pharmacy (GSP). GSP is a Membership Pharmacy, Where Everyone Qualifies and Prescriptions Are Made Affordable.
Good Shepherd Pharmacy is a membership pharmacy that doesn’t accept prescription insurance. Good Shepherd members pay a monthly fee to have access to medications at cost or below and for clinical pharmacy services such as annual complete medication reviews, transitional care, hospital visits and home visits. This new business model is the best answer for the problem of pharmacist reimbursement for cognitive services because it completely circumvents insurance. Our services are marketed directly to the patient.
In our first three years, we’ve dispensed more than $11 million worth of prescriptions to more than 2,500 vulnerable patients, and on any given day we’re caring for 1,000 chronically ill patients. We estimate the health care savings to our community to be in excess of $1 million per month in averted emergency room visits, hospital stays, readmission and adverse drug reactions.
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Phil’s Story … “I love serving people as a pharmacist. I enjoy getting to know them and helping them with their health issues.However, I began to be troubled by many aspects of how pharmacies run, specifically the high cost of medications for the poor. I pondered and prayed on those issues to see if there might be another way to help patients that would solve some of the problems endemic in the current system. I’m a devout Christian who loves to apply my profession to serving patients rather than trying to profit from them. I knew that my core values as a Christian had to inform my solution, but that it also had to be a working business model to survive. What I came to is a completely new business model for operating a pharmacy: a membership-based pharmacy. This model has been wildly successful for businesses like Costco and for “boutique medicine” doctors, so I knew it could work in a pharmacy setting. The customers, members of the pharmacy, pay a monthly membership fee. In return, they are able to purchase their prescriptions at cost—with no markup, saving them hundreds of dollars per month. I do not accept or bill insurance. My pharmacy includes these key components of the Christian mandate to care for others, especially the poor and needy.”
1. The pharmacy includes a nonprofit charity that dispenses prescription medications to low income uninsured members for free.
2. The charity pharmacy is paid for by the paying customers who are members of the pharmacy.
This new business model is the best answer for the problem of pharmacist reimbursement for cognitive services because it completely circumvents insurance. Our services are marketed directly to the patient.
If you’re interested in learning more about how you can use this new business model, I’d love to connect. If you are an investor looking for a solid business opportunity that blesses the lives of everyone involved with the project, let’s chat.
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