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Dec 30 2021

4 Benefits of a PSAO Partner

Benefits of a PSAO Partner

PSAO And Independent Pharmacists Together For Success

The role of pharmacy services administrative organizations (PSAO) has changed over the years to become an essential part of an independent pharmacies' success. PSAOs have always been a significant factor in many independent pharmacy companies to help with everything from billing support to information technology implementation. PSAOs partners help gain a competitive edge, navigate the complexities of the market, and influence the way pharmacists do business. At Micro Merchant Systems, we love to share the benefits of a PSAO partner to help businesses thrive. Technology and partnerships go hand-in-hand with the success of independent pharmacies.

Balancing Competition And Care

Independent pharmacists are often competing with big-box retailers in a losing situation. Staying on top of innovation and change and other responsibilities takes a toll on the independent pharmacist. Forming beneficial partnerships and introducing new policies full of positive change is essential to the life of independent pharmaceutical companies. Customers crave the personal feel of an independent pharmacy, but they need to be able to provide the same top-notch services. Independent pharmacies make their own rules, so they know what works best for their patients. They can work for their patients by strengthening their ability to compete. PSAOs walk hand-in-hand with independent pharmacies to help them negotiate better pricing, increase volume, and remain favorable in the competitive market. 

Increasing Reimbursement Opportunities

Many independent pharmacies struggle with declining profits and shrinking reimbursements. PSAO partners can help these pharmacies by pushing to increase increased reimbursement opportunities. Direct and indirect remuneration (DIR) fees have dramatically increased over the last decade. It doesn't help that many pharmacies have closed their doors due to rising costs. Reducing these fees and increasing reimbursement opportunities are essential to the livelihood of many pharmaceutical companies. 

A Band Of Independent Pharmacies

Joining forces with PSAOs often means bringing independent pharmacies together to create a powerful group. This group can negotiate contracts and function as a virtual chain together. They can gain leverage and power above retail pharmacies. Independent pharmacies can stand together to expand their access to other networks of pharmacy benefit managers (PBMs) and healthcare plans. Pharmacy revenue is increased because this band of pharmacies increases the patient load with more prescriptions and services.

A Boost of Negotiating Power

One of the most important ways that PSAOs can help independent pharmacies is by boosting their negotiating power. A PSAO specializes in managing contracts with PBMs and payers for the pharmacist. A strong PSAO pharmacy network includes negotiating payment terms, negotiating contracts with third-party payers, and favorable reimbursement rates. Centralized administration benefits independent pharmacies by allowing them to work more efficiently.

Micro Merchant Systems Encourages Partnerships

We believe partnerships help pharmacists succeed. As a market leader in the pharmacy software industry for over 30 years, we understand the changing needs of the pharmacy system industry. PSAOs standing beside independent pharmacists ensure success and a healthy partnership in this industry. Our company motto, "Software without Limits," shows that innovation is always happening, and it's important to grow with these changes. We help provide technology pharmacy solutions to meet your unique needs. Contact us today to schedule a demonstration.